爱美客(300896) / 医疗美容 / 公司点评 / 2024.08.22 Q2 高基数下增长承压，毛发、减重管线布局中 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 164.07 | | 流通股本(亿股) | 2.08 | | 每股净资产(元) | 23.07 | | 总股本(亿股) | 3.02 | 最近 12 月市场表现 -48% -37% -26% -15% -4% 7% 爱美客 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《肉毒 Hutox 获注册受理，管线布局 稳步扩展》 2024-07-03 2. 《Q1 业绩接近预告上沿，增持彰显 长期信心》 2024-04-25 3. 《 Q1 延续快速增长，多元产品矩阵 驱动长期发展》 2024-04-09 证券研究报告 事件：公司发布 2024 年半年报。2024H1 公司实现营 ...

业绩简评 2024 年 8 月 21 日，公司发布 2024 年半年度报告。2024H1 公司实 现收入 16.57 亿元（同比+14%）；实现归母净利润 11.21 亿元（同 比+16%）；实现扣非归母净利润 10.89 亿元（+17%）。 单季度来看，2024 年 Q2 公司实现收入 8.49 亿元（同比+2%），归 母净利润为 5.93 亿元（同比+8%），扣非归母净利润为 5.60 亿元 （同比+2%）。 经营分析 在研管线储备丰富，肉毒进入审评阶段。2024H1 公司销售费用率 为 8.52%（同比-1.67pct），管理费用率为 4.09%（同比-1.41pct）, 研发费用率为 7,59%（同比+0.4pct）。公司整体经营指标较为健康， 同时持续扩大研发投入。在研产品包括用于治疗颏部后缩的医用 含聚乙烯醇凝胶微球的修饰透明质酸钠凝胶、用于去除动态皱纹 的 A 型肉毒毒素、用于软组织提升的第二代面部埋植线、用于慢 性体重管理的司美格鲁肽注射液、用于溶解透明质酸可皮下注射 的注射用透明质酸酶等。其中，公司"注射用 A 型肉毒毒素"研发 项目获得国家药监局药品注册上市许可受理通知，进入审评阶段。 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 H1 performance met expectations, with revenue reaching 16.6 billion yuan, a year-on-year increase of 13.5%, and net profit attributable to shareholders of 11.2 billion yuan, a year-on-year increase of 16.4% [4] - The company's core products, including solution-based and gel-based products, showed significant growth, with solution-based products contributing 59% of revenue and gel-based products contributing 39% [4] - The company has a rich pipeline of products under development, including Hutox (botulinum toxin), Baonida 2.0, and others, expected to contribute to growth from 2025 onwards [4] - The company is expanding its presence in the medical aesthetics equipment sector through strategic investments and partnerships, such as the acquisition of Aimeichuang Medical Technology [4] Financial Performance Summary - 2024 H1 revenue: 16.6 billion yuan, up 13.5% YoY [4] - 2024 H1 net profit attributable to shareholders: 11.2 billion yuan, up 16.4% YoY [4] - 2024 H1 gross margin: 94.9%, down 0.5 percentage points YoY [4] - 2024 H1 net profit margin: 67.7%, up 1.7 percentage points YoY [4] - Sales expense ratio: 8.5%, down 1.7 percentage points YoY [4] - Management expense ratio: 4.1%, down 8.5 percentage points YoY [4] - R&D expense ratio: 7.6%, up 0.5 percentage points YoY [4] Product and Market Analysis - Solution-based products: 9.8 billion yuan in revenue, up 12% YoY, accounting for 59% of total revenue [4] - Gel-based products: 6.5 billion yuan in revenue, up 15% YoY, accounting for 39% of total revenue [4] - The company holds 10 Class III medical device certificates, indicating a strong position in the domestic medical aesthetics market [5] - The company's product portfolio includes high-margin products such as the "Angel Needle" series, which is driving the second growth curve [5] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 23.61 billion yuan in 2024, 29.66 billion yuan in 2025, and 36.80 billion yuan in 2026, with corresponding P/E ratios of 21x, 17x, and 13x [5] - The company's long-term growth is supported by the increasing penetration rate of the medical aesthetics industry and the continuous release of new products [5] Financial Projections - 2024E revenue: 37.44 billion yuan, up 30.5% YoY [6] - 2025E revenue: 48.30 billion yuan, up 29.0% YoY [6] - 2026E revenue: 60.54 billion yuan, up 25.3% YoY [6] - 2024E net profit attributable to shareholders: 23.61 billion yuan, up 27.1% YoY [6] - 2025E net profit attributable to shareholders: 29.66 billion yuan, up 25.6% YoY [6] - 2026E net profit attributable to shareholders: 36.80 billion yuan, up 24.1% YoY [6]

| 控股股东、实 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 际控制人及其 | | | | | | | | | | | 附属企业 | 北京诺博特生物科技有限公司 | 全资子公司 | 其他应收款 | 7,800.00 | 500.00 | | 8,300.00 | 借款 | 非经营性往来 | | 上市公司的子 | | | | | | | | | | | | 北京全轩新媒信息技术有限公司 | 全资子公司 | 其他应收款 | 390.00 | 10.00 | | 400.00 | 借款 | 非经营性往来 | | | Imeik（HK）Limited | 全资子公司 | 其他应收款 | 3,862.21 | | | 3,862.21 | 借款 | 非经营性往来 | | | 长沙市爱美客科技有限公司 | 全资子公司 | 其他应收款 | 1,040.00 | | | 1,040.00 | 借款 | 非经营性往来 | | 公司及其附属 | 厦门爱美客投资有限公司 | 全资子公司 | 其他应收款 | | ...

证券代码：300896 证券简称：爱美客 公告编号：2024-030 号 爱美客技术发展股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 经深圳证券交易所创业板上市委员会 2020 年第 2 次会议审议，并经中国证 券监督管理委员会证监许可[2020]1937 号文注册，爱美客技术发展股份有限公司 （以下简称"本公司"）由主承销商中信证券股份有限公司于 2020 年 9 月 23 日 向社会公众公开发行普通股（A 股）股票 3,020 万股，每股面值 1 元，每股发行 价人民币118.27元，共募集资金3,571,754,000.00元，扣除发行费用136,620,230.77 元，募集资金净额 3,435,133,769.23 元。本公司上述发行募集的资金业经大华会 计师事务所（特殊普通合伙）以"大华验字[2020]000553 号"验资报告验证确认。 截止 2024 年 6 月 30 日，本公司对募集资金项目累计投入人民币 2,009,349,720.82 元，其中：2020 年 9 月 24 日起至 2023 年 12 月 31 日止会计期 间使用募集资金人民币 1 ...

爱美客技术发展股份有限公司（以下简称"公司"）第三届董事会第十三次 会议于2024年8月21日在公司会议室以现场与通讯表决相结合的方式召开。本次会 议应到董事9人，实到董事9人。会议通知已于2024年8月11日通过邮件和电话的方 式送达各位董事。 证券代码：300896 证券简称：爱美客 公告编号：2024-026号 爱美客技术发展股份有限公司 第三届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 本议案已经过董事会审计委员会审议通过。 表决结果：同意9票，反对0票，弃权0票。 2、审议通过了《关于<公司2024年半年度募集资金存放与使用情况的专项报 告>的议案》 《公司2024年半年度募集资金存放与使用情况的专项报告》详见公司2024年8 月22日披露于中国证监会指定信息披露媒体的相关公告。 本次会议的召开符合《中华人民共和国公司法》《公司章程》以及有关法律、 法规的规定。会议由公司董事长简军主持，监事和高级管理人员列席了会议。 二、董事会会议审议情况 与会董事对本次会议的议案进行了充分讨论，审议通过了以下 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-027 号 爱美客技术发展股份有限公司 第三届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 爱美客技术发展股份有限公司（以下简称"公司"）第三届监事会第十次会 议于 2024 年 8 月 21 日在公司会议室以现场与通讯表决相结合的方式召开。会议 通知已于 2024 年 8 月 11 日通过邮件和电话的方式送达各位监事。本次会议应到 监事 3 人，实到监事 3 人。本次会议的召开符合《中华人民共和国公司法》《公 司章程》以及有关法律、法规的规定。会议由公司监事会主席陈重主持。 二、监事会会议审议情况 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）的《2024 年半年度报告》及《2024 年半年度报告摘要》。 表决结果：同意3票，反对0票，弃权0票。 2、审议通过了《关于<公司 2024 年半年度募集资金存放与使用情况的专项 报告>的议案》 监事会专项审核意见：公司的募集资金存放与使用严格按照《上市公司监管 指引第 2 号 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of RMB 500 million, representing a growth of 25% compared to the same period last year[8]. - The company's operating revenue for the reporting period reached ¥1,656,909,962.41, representing a year-on-year increase of 13.53%[13]. - Net profit attributable to shareholders was ¥1,120,906,084.06, up 16.35% compared to the same period last year[13]. - The net profit after deducting non-recurring gains and losses was ¥1,088,820,685.62, reflecting a growth of 16.58% year-on-year[13]. - The company reported a net profit of 1,077,873.45 RMB from its subsidiary Beijing Aimeike Technology Development Co., Ltd.[70]. - The company’s subsidiary Beijing Nobot Biotechnology Co., Ltd. reported a net loss of 12,885,130.77 RMB during the reporting period[70]. - The company reported a total revenue of 1,670,440,351.05 CNY from sales of goods and services in the first half of 2024, compared to 1,419,666,117.50 CNY in the same period of 2023, representing an increase of approximately 17.6%[134]. - The net profit for the first half of 2024 was approximately CNY 1.14 billion, compared to CNY 970 million in the first half of 2023, reflecting an increase of around 17.2%[130]. Market Expansion and Product Development - User data indicates that the active user base has expanded to 1.2 million, marking a 30% increase year-over-year[8]. - New product launches include the "Hi-Body" series, which is expected to contribute an additional RMB 100 million in revenue by the end of 2024[8]. - Market expansion efforts are underway, targeting new regions in Southeast Asia, with an expected market entry by Q4 2024[8]. - The company is investing in R&D for innovative medical beauty technologies, with a budget allocation of RMB 50 million for the upcoming year[8]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence[8]. - The company has a rich pipeline of products under development, including a modified hyaluronic acid gel for chin correction and a second-generation facial implant line, with several products in various stages of registration and clinical trials[44]. - The company is focusing on expanding its market share and revenue through diversified product offerings and strategic collaborations[41]. Financial Management and Investments - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[3]. - The company experienced a significant increase in cash flow from investment activities, totaling ¥1,150,199,968.63, up 17.76% from ¥976,694,129.07 in the previous year[49]. - The company reported a net cash increase of ¥-365,831,511.03, a decline of 134.84% compared to the previous year, primarily due to increased financial product purchases[49]. - The company has a total of 357.25 million RMB in entrusted financial management, with 312.25 million RMB remaining unexpired[67]. - The company has invested RMB 85,565.26 million in acquiring a partial stake in Huons BioPharma Co., Ltd. as part of its fundraising strategy[63]. - The company plans to use up to 1.2 billion RMB of temporarily idle raised funds for cash management, with 1,050 million RMB already allocated to structured deposits[64]. Research and Development - The company completed 33 patent applications and obtained 9 patent authorizations during the reporting period, indicating a strong focus on research and development[21]. - The company is advancing the research project for "Injectable Type A Botulinum Toxin," which has received acceptance for drug registration from the National Medical Products Administration[21]. - The company has undertaken key national R&D projects, contributing to industry standards and enhancing its innovation capabilities[33]. - The company is advancing the injectable deoxycholic acid and hyaluronidase, both in preclinical research stages, with plans to submit clinical trial applications[38]. - The company has completed Phase I clinical trials for the liraglutide injection, targeting chronic weight management for adults with a BMI of 30 kg/m² or higher[37]. Corporate Governance and Compliance - The company emphasizes the importance of maintaining accurate financial reporting and transparency in its operations[2]. - The company has a mature governance structure, holding multiple board meetings and ensuring compliance with legal regulations[91]. - The company has not engaged in any related party transactions during the reporting period, indicating a focus on operational integrity[98]. - The company has not faced any penalties or rectification issues during the reporting period, reflecting good compliance practices[97]. - The company has published its annual corporate social responsibility report for four consecutive years, enhancing its image in the capital market[91]. Environmental and Social Responsibility - The company has implemented an energy management system (ISO5001) and an environmental management system (ISO14001) to enhance energy savings and improve emission controls[90]. - The company is actively working on reducing carbon emissions through various measures, although specific results were not disclosed[89]. - The company has expanded its wastewater treatment capacity from 100 tons per day to 200 tons per day to reduce water pollution[85]. - The company has implemented low-noise equipment and basic noise reduction measures, ensuring compliance with the industrial noise emission standards (GB12348-2008) for Class 3[86]. - The company is conducting voluntary clean production audits to promote energy conservation and emission reduction, with ongoing progress in the audit process[90]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 58,782[111]. - The largest shareholder, Jian Jun, holds 31.10% of the shares, totaling 94,062,420 shares[111]. - The total number of shares held by the top 10 shareholders includes significant increases, with Jian Jun increasing his holdings by 26,874,977 shares during the reporting period[115]. - The company has maintained a "green factory" standard and is actively implementing energy-saving and emission-reduction projects[91]. - The company has committed to not reducing its shareholdings from October 10, 2023, to April 9, 2024, to maintain market stability[93].

爱美客 20240816_原文 2024 年 08 月 17 日 20:38 发言人 00:00 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用。国海证券不会因接收人 收到本次会议相关通知或参加本次会议而视其为客户。本次会议内容不构成任何投资建议。据此做出的任 何投资决策与国海证券、国海证券员工或者关联机构无关。本次会议只是转发国海证券已发布研究报告的 部分观点，仅反映国海证券研究人员于发布完整报告当日的判断，相关内容请以研究所以公开发布报告为 准。 发言人 00:32 会议严禁录音或转发，任何人不得对本次会议的任何内容进行发布、复制、编辑、改编、转载、播放、展 示或以其他任何方式非法使用本次会议的部分或者全部内容，否则将承担相应的法律责任。国海证券就此 保留一切法律权利。在任何情况下，国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间 接损失概不负责。市场有风险投资需谨慎。 发言人 01:05 各位领导，大家晚上好，我是国海商社研究员周玉。今天和大家分享的是医美龙头爱美客的深度报告。继 上次我们做了医美行业的框架性梳理，本次爱美客属于医美产业链中最核心的产品部门当中的这个注 ...

爱美客 20240816_原文 2024 年 08 月 17 日 20:38 发言人 00:00 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用。国海证券不会因接收人 收到本次会议相关通知或参加本次会议而视其为客户。本次会议内容不构成任何投资建议。据此做出的任 何投资决策与国海证券、国海证券员工或者关联机构无关。本次会议只是转发国海证券已发布研究报告的 部分观点，仅反映国海证券研究人员于发布完整报告当日的判断，相关内容请以研究所以公开发布报告为 准。 发言人 00:32 会议严禁录音或转发，任何人不得对本次会议的任何内容进行发布、复制、编辑、改编、转载、播放、展 示或以其他任何方式非法使用本次会议的部分或者全部内容，否则将承担相应的法律责任。国海证券就此 保留一切法律权利。在任何情况下，国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间 接损失概不负责。市场有风险投资需谨慎。 发言人 01:05 各位领导，大家晚上好，我是国海商社研究员周玉。今天和大家分享的是医美龙头爱美客的深度报告。继 上次我们做了医美行业的框架性梳理，本次爱美客属于医美产业链中最核心的产品部门当中的这个注 ...