Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [2] Core Views - The company's Q3 performance was under pressure, with revenue of 720 million yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 465 million yuan, up 2.1% year-on-year [2][3] - The overall market environment for medical aesthetics is weak, impacting terminal institutions and customer acquisition due to stricter marketing regulations [3] - The company has a robust pipeline with several products in clinical trials and approvals, indicating potential for future growth [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.38 billion yuan, a year-on-year increase of 9.5%, and a net profit of 1.59 billion yuan, up 11.8% year-on-year [2] - The projected revenue for 2024 is 3.16 billion yuan, with a growth rate of 10% year-on-year, and net profit is expected to reach 2.06 billion yuan, reflecting an 11% year-on-year increase [2] - The gross margin for Q3 was 94.55%, showing a slight decline of 0.5 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 64.65% [3] Pipeline and Product Development - The company successfully obtained approval for its second-generation Bonida product in October 2024, aimed at improving moderate chin retrusion [4] - The company is advancing its weight loss pipeline, with Liraglutide entering clinical trials and Semaglutide set to begin trials soon [4] - The company has expanded its medical device portfolio through partnerships and acquisitions, enhancing its market position in the medical aesthetics sector [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's revenue and profit are under short-term pressure due to weaker-than-expected terminal demand recovery in Q3, but the pipeline is progressing, indicating potential for long-term growth [3][4]. - Revenue for Q1-Q3 2024 reached 2.376 billion yuan, a year-on-year increase of 9.46%, while net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year [4]. - Q3 revenue was 719 million yuan, a year-on-year increase of 1.10%, and net profit was 465 million yuan, up 2.13% year-on-year, with profit growth below expectations due to the traditional off-season for medical aesthetics and insufficient recovery in terminal demand [4]. - The EPS forecast for 2024-2026 has been revised down to 6.79/8.22/9.74 yuan from the previous 8.03/10.59/13.51 yuan, with a target price adjusted to 271.26 yuan from 304.72 yuan, based on a PE of 33X for 2025 [4]. Financial Performance - The gross margin for Q1-Q3 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the Q3 gross margin was 94.55%, down 0.52 percentage points year-on-year [4]. - The net profit margin improved to 66.73%, an increase of 1.5 percentage points year-on-year, supported by optimized expense ratios [4]. - The company has a robust pipeline with 10 Class III medical device product registration certificates and 4 Class II medical device certificates as of H1 2024, with several products in various stages of research and registration [4]. Market Data - The current stock price is 211.02 yuan, with a target price of 271.26 yuan, indicating potential upside [5]. - The company's market capitalization is 63.82 billion yuan, with a total share capital of 302 million shares [6].

Investment Rating - The investment rating for the company is "Buy" [1][9] Core Insights - The company reported a revenue of 2.376 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.46%. The net profit attributable to shareholders was 1.586 billion yuan, up 11.79% year-on-year [4][6] - The company is facing pressure on growth in Q3 2024, with revenue of 719 million yuan, a slight increase of 1.10%, and a net profit of 465 million yuan, up 2.13% [4][6] - The company maintains a strong market position as a compliant leader in the medical aesthetics sector, with significant research reserves and a first-mover advantage [6][7] Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 31.56 billion yuan, 2025E at 35.92 billion yuan, and 2026E at 41.02 billion yuan [4][7] - The net profit attributable to shareholders is projected to be 20.95 billion yuan in 2024E, 23.69 billion yuan in 2025E, and 26.84 billion yuan in 2026E [4][7] - Earnings per share (EPS) are expected to be 6.93 yuan in 2024E, 7.83 yuan in 2025E, and 8.87 yuan in 2026E [4][7] Operational Analysis - The company experienced a slowdown in growth for solution products, with a year-on-year increase of 11.65% in the first half of 2024, down 24.25 percentage points from the previous year. Gel products saw a year-on-year increase of 14.57%, down 124.43 percentage points [5] - The gross margin for the first three quarters of 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the net margin improved to 66.73%, an increase of 1.5 percentage points [5] - The company has effectively managed its expenses, with a sales expense ratio of 8.66%, a management expense ratio of 3.85%, and a research and development expense ratio of 7.89% for the first three quarters of 2024 [5] Future Outlook - Despite challenges such as slower consumer recovery and intensified industry competition, the overall industry remains in a growth phase, with increasing penetration rates and domestic production rates [6] - The company has received approvals for new products, including clinical trials for semaglutide injection and the launch of a new gel product, which are expected to contribute to future growth [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [3][9]. Core Views - The company reported a 12% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with revenue reaching 2.376 billion and net profit at 1.586 billion [1]. - The company is expected to continue leveraging its existing product base while introducing growth-oriented products and ongoing research pipelines to drive revenue growth [2]. - The approval of the botulinum toxin product and the recent approval for the Baonida chin indication are seen as significant milestones that will enhance the company's market position in the medical aesthetics sector [1][2]. Financial Data Summary - For Q1-Q3 2024, the company achieved a gross margin of 94.8%, slightly down by 0.5 percentage points year-on-year, while the gross margin for Q3 2024 was 94.55%, down by 0.52 percentage points [1]. - The company’s revenue projections for 2024-2026 are adjusted to 31.7 billion, 39.2 billion, and 47.8 billion respectively, with net profit estimates revised to 20.6 billion, 24.8 billion, and 30.0 billion [2]. - The company’s earnings per share (EPS) is projected to be 6.82, 8.21, and 9.93 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32.59, 27.06, and 22.37 [2][5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 262 yuan, compared to the current price of 216.79 yuan [1]. Core Insights - In the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%. The gross profit was 2.252 billion yuan, with a gross margin of 94.80%, down 0.5 percentage points year-on-year. The net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year, with a net profit margin of 66.74%, an increase of 1.39 percentage points year-on-year [1]. - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year growth of 1.10%. The gross profit was 679 million yuan, with a gross margin of 94.55%, down 0.52 percentage points year-on-year and 0.71 percentage points quarter-on-quarter. The net profit attributable to the parent company was 465 million yuan, up 2.13% year-on-year, with a net profit margin of 64.65%, an increase of 0.65 percentage points year-on-year. The net profit excluding non-recurring items was 442 million yuan, down 4.35% year-on-year [1][2]. - The company is expected to benefit from new product pipelines in the coming year, including a product similar to "Bonida" that has received medical device registration and is suitable for injection to improve moderate chin retrusion. Additionally, a clinical trial for a semaglutide injection has been approved [2]. Financial Summary - For 2023, the total revenue is projected at 2.869 billion yuan, with a year-on-year growth rate of 48.0%. The net profit attributable to the parent company is expected to be 1.858 billion yuan, with a growth rate of 47.1% [5]. - The financial forecasts for 2024 to 2026 indicate that the net profit attributable to the parent company will be 2.079 billion yuan in 2024, 2.638 billion yuan in 2025, and 3.155 billion yuan in 2026, with respective growth rates of 11.8%, 26.9%, and 19.6% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to maintain stable performance during the off-season in Q3, with a year-on-year revenue growth of 9.5% for the first three quarters of 2024, and a net profit growth of 11.8% [6] - The company anticipates a marginal improvement in customer traffic during the peak season in Q4 due to multiple promotional events [6] - The company has a rich pipeline of products under development, enhancing its brand influence through various academic promotion activities [6] Financial Performance Summary - For Q3 2024, the company reported a revenue of 719 million yuan (up 1.1% year-on-year) and a net profit of 465 million yuan (up 2.1% year-on-year) [6] - The comprehensive gross margin for Q3 2024 was 94.6% (down 0.52 percentage points year-on-year), with a net profit margin of 64.65% (up 0.65 percentage points year-on-year) [6] - The company expects revenues of 32.53 billion yuan, 39.10 billion yuan, and 47.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 13.4%, 20.2%, and 20.8% [6][7] Product Pipeline and Brand Influence - As of H1 2024, the company has several products at different stages of development, including botulinum toxin and minoxidil solution in the registration phase, and various injectables in clinical trials [6] - The company is actively enhancing its brand influence through academic forums and competitions aimed at industry professionals [6] Valuation Metrics - The company’s earnings per share (EPS) are projected to be 7.11 yuan, 8.56 yuan, and 10.25 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 29x, 24x, and 20x [6][7]

Q3 增速放缓，储备管线稳步推进保障未来 增长 核心观点 ⚫ 公司前三季度实现营业收入 23.76 亿，同比增长 9.5%，实现归母净利润 15.9 亿， 同比增长 11.8%。单 Q3 来看，营业收入和归母净利润分别同比增长 1%和 2%，低 于市场预期。 ⚫ 根据中报披露，24H1 溶液类产品收入同比增长 11.7%，凝胶类产品收入同比增长 14.6%。我们预计 24Q3 溶液类产品增长依旧稳健，而凝胶类产品由于定位偏高端在 目前中高端消费整体偏弱的大背景下，收入短期承压，从而影响三季度业绩表现。 ⚫ 在收入表现不利的背景下，公司毛利率保持相对稳定的高水平，同时公司严控费 用，保障盈利能力。24Q3 管理费用率同比下降 1.2pct 至 3.3%，是推动 24Q3 归母 净利率同比提升 1pct 的一个重要原因。 ⚫ 储备管线产品逐步获批，为未来增长提供持续动力。根据 10 月 9 日公告，医用含聚 乙烯醇凝胶微球的交联透明质酸钠凝胶（宝尼达 2.0）已获批，适用于成人骨膜上层 注射填充以改善轻中度的颏部后缩。根据 10 月 14 日公告，全资子公司北京诺博特 生物司美格鲁肽注射液获得《药物临床试验批准通 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 爱美客 沪深300 [Table_Title] 爱美客（300896）2024年三季报点评 收入业绩位于预期区间偏下缘，平台型 经营策略的转变为后续观察要点 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 从行业趋势来看，今年明显看到部分医美细分赛道逐步从原有的卖方 市场进入买方市场，无论是颈纹产品还是再生产品均有产品相继获 批，未来逐步进入到考验品牌商运营能力阶段。我们认为：（1）首先， 再生系列可能进入到扩张价格带实现更广泛人群获取阶段，可关注天 使系列相关产品新动作带来人群规模扩张；（2）其次，头部公司可能 逐步从卖货思维切换到卖解决方案思维，但实现进化需要时间、需要 组织架构调整配合，且在完成切换的过程中，可能会先经历费率提升 再到营收规模提升（费用投入带来营收增长、费率降低）的阶段，因 而当前在尚未看到消费好转、后续新品还未开始上市/放量，且上述动 作仍在起步阶段时间点，仍在基本面偏左侧阶段。但一旦公司完成进 化，我们认为公司将具备穿越周期的能力，并享有平台型逻辑估值。 净 ...

上 市 公 司 美容护理 证 券 研 究 报 告 2024 年 10 月 24 日 爱美客 (300896) —— 业绩低于预期，期待后续在研产品接力 报告原因：有业绩公布需要点评 买入（维持）投资要点： | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 23 日 | | 收盘价（元） | 216.98 | | 一年内最高/最低（元） | 358.00/132.81 | | 市净率 | 9.4 | | 息率（分红/股价） | 1.07 | | 流通 A 股市值（百万元） | 45,233 | | 上证指数/深证成指 | 3,302.80/10,576.41 | | --- | --- | |----------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 24.57 | | ...

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 [Table_TargetPrice] 爱美客(300896)公司点评报告 2024 年 10 月 24 日 [Table_Title] 单季度收入利润小幅增长，多品类布局静待新品 ——爱美客(300896)2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 收入利润个位数增长，三季度业绩增速依然承压 公司发布 2024 年三季度报告，前三季度公司实现营业收入 23.76 亿元，同 比增长 9.46%，实现归母净利润 15.86 亿元，同比增长 11.79%。前三季度 公司毛利率为 94.80%，归母净利润率为 66.74%。单三季度来看，公司实 现营业收入 7.19 亿元，同比增长 1.10%，归母净利润 4.65 亿元，同比增长 2.13%，归属于上市公司扣非后净利润 4.42 亿元，同比下滑 4.35%，单季 度业绩增速依然承压。盈利能力方面，三季度公司销售毛利率 94.55%，销 售费用/管理费用/研发费用/财务费用分别为 8.99%/3.30%/8.58%/-0. ...