证券代码：300896 证券简称：爱美客 公告编号：2024-025 号 爱美客技术发展股份有限公司 关于被动形成对外提供财务资助的公告 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。 重要内容提示： 1、本次财务资助的形成系爱美客技术发展股份有限公司（以下简称：公司） 增资下属联营企业艾美创医疗科技（珠海）有限公司（以下简称：艾美创）而形 成，增资后公司对其持股比例由 40%提高至 52%。在增资前艾美创自然人股东罗 清从艾美创借款 200 万元人民币，该行为因本次增资后公司将艾美创纳入合并报 表范围而被动形成对外财务资助。 本次被动提供财务资助的对象为罗清，其系公司新增控股子公司艾美创的少 数股东之一，持有艾美创 26.4%的股权。罗清与上市公司不存在关联关系，其不 是失信被执行人。 三、财务资助协议的主要内容 2、公司对艾美创的增资事项分两期完成，增资金额共 4,000 万元，根据《公 司章程》，该增资事项的审批在董事长审批权限之内，不需要经过董事会审议。 3、根据罗清 2024 年 7 月 23 日向艾美创出具的还款承诺，其已于 2024 年 7 月 ...

-60% -50% -40% -30% -20% -10% 0% 10% 2023/07/04 2023/11/04 2024/03/04 2024/07/04 推荐(首次) 证券分析师 主要数据 | 行业 | 社会服务 | |----------------------------|---------------------------| | 公司网址 | https://www.imeik.net/cn/ | | 大股东 / 持股 | 简军 /31.05% | | 实际控制人 | 简军 | | 总股本 ( 百万股 ) | 302 | | 流通 A 股 ( 百万股 ) | 208 | | 流通 B/H 股 ( 百万股 ) | 0 | | 总市值 ( 亿元 ) | 484 | | 流通 A 股市值 ( 亿元 ) | 334 | | 每股净资产 ( 元 ) | 22.75 | | 资产负债率 (%) | 3.90 | 行情走势图 | | 2022A | 2023A | 2024E | 2025E | 2026E | |---------------------|-----------|-----------|- ...

证券代码：300896 证券简称：爱美客 公告编号：2024-024 号 爱美客技术发展股份有限公司 随着行业的不断发展，公司通过差异化定位，加大研发力度，形成了不同产 品间的优势互补，满足不同层次的客户的需求。注射用 A 型肉毒毒素上市后将与 公司现有医疗器械产品相互协同，提供更完善的医疗美容产品供应，满足日益多 元化的市场需求，提升品牌影响力和核心竞争力。 上述药品上市许可目前正处于审评阶段，后续仍需相关机构进一步核准认证， 审评在各阶段所需的时间和结果均具有一定的不确定性。公司目前尚无法预测其 1 对公司未来业绩的影响，敬请广大投资者注意投资风险。 关于境外生产药品注册上市许可获得受理的公告 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。 爱美客技术发展股份有限公司（以下简称"公司"）近日收到国家药品监督 管理局下发的《受理通知书》（受理号：JXSS2400051），获悉公司申请的境外 生产药品注册上市许可已获受理，产品名称为注射用 A 型肉毒毒素，现将相关内 容公告如下： 一、本次上市申请的主要内容 | 申请主体 | 申请事项 | 产品名称 | 受理号 ...

投资评级:增持(维持) 核心观点 | 基本数据 | 2024-07-02 | |------------------------|--------------| | 收盘价 ( 元 ) | 170.55 | | 流通股本 ( 亿股 ) | 2.08 | | 每股净资产 ( 元 ) | 31.81 | | 总股本 ( 亿股 ) | 3.02 | | 最近 12 月市场表现 | | -47% -37% -26% -15% -5% 6% 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. 《Q1 业绩接近预告上沿,增持彰显 长期信心》 2024-04-25 2. 《 Q1 延续快速增长,多元产品矩阵 驱动长期发展》 2024-04-09 3. 《23 年稳定兑现高增,医美龙头持续 精进》 2024-03-20 事件:独家代理 A 型肉毒毒素 Hutox 国内获受理。爱美客注射用 A 型肉 毒毒素于 6 月 27 日正式获国家药监局注册受理,适应症为中重度眉间纹。该 肉毒为韩国药企 Hu ...

证券研究报告 | 公司动态点评 2024 年 04月 26日 爱美客（300896.SZ） 24Q1 归母净利润增长 27%， 管理费用率显著下降 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 1,939 2,869 3,914 5,130 6,421 股票信息 增长率yoy（%） 33.9 48.0 36.4 31.1 25.2 归母净利润（百万元） 1,264 1,858 2,542 3,317 4,113 行业 医药 增长率yoy（%） 31.9 47.1 36.8 30.5 24.0 2024年4月26日收盘价（元） 297.01 ROE（%） 21.3 28.6 29.7 30.1 28.6 总市值（百万元） 64,261.08 EPS最新摊薄（元） 5.84 8.59 11.75 15.33 19.01 流通市值（百万元） 44,324.63 P/E（倍） 55.4 37.7 27.5 21.1 17.0 总股本（百万股） 216.36 P/B（倍） 12.0 11.0 8.3 6.4 4.9 流通股本（百万股） 149.24 资料来源 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 2024 revenue of 808 million yuan, a year-on-year increase of 28%, and a net profit attributable to shareholders of 527 million yuan, up 27% year-on-year. The non-recurring net profit attributable to shareholders was 528 million yuan, reflecting a 36.5% year-on-year growth [4]. - The company's strong growth in Q1 2024 is attributed to its product and channel advantages, with a slight decrease in gross margin by 0.7 percentage points due to changes in product structure. Sales expenses increased year-on-year, but the growth in revenue led to a decline in the sales expense ratio. Management expenses decreased by 3.9 percentage points year-on-year, primarily due to last year's listing expenses, while R&D expense ratio saw a slight increase [4]. - The company has established a strong sales team with over 400 personnel covering approximately 7,000 medical beauty institutions across China. It has also enhanced its academic brand through various training and conferences, which helps to strengthen its brand influence in the medical institutions [4]. - Future growth is supported by a rich pipeline of internal R&D and external collaborations, with several projects in different stages of development, including products for aesthetic treatments and partnerships with other companies to expand its product offerings [5]. - The company is expected to benefit from the rising trend of light medical beauty consumption and the increasing brand influence of its products, with projected EPS of 11.24, 14.64, and 18.15 yuan for 2024-2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on the last closing price of 297.01 [1][4]. Core Insights - The company's Q1 2024 financial results met expectations, with a revenue growth of 27% year-on-year, driven primarily by the stable growth of the "Hi Body" series and the rapid expansion of the "Ruh White Angel" product line [2][3]. - The gross profit margin and net profit margin for Q1 2024 were reported at 94.55% and 65.27% respectively, indicating strong profitability [2]. - The company is expected to continue benefiting from a robust product pipeline, with several new products in the approval stage, which will contribute to sustained revenue growth [2][3]. Financial Performance Summary - Q1 2024 revenue was 8.1 billion yuan, reflecting a year-on-year increase of 28% [2]. - The company forecasts a revenue of 38.33 billion yuan for 2024, with a growth rate of 34% [2]. - The projected net profit for 2024 is 2.445 billion yuan, with a growth rate of 32% [2]. - The diluted earnings per share for 2024 is estimated at 11.3 yuan, with a corresponding PE ratio of 26.3 [2].

[Table_Stock] 爱美客（300896） 证 24Q1 归母净利润 yoy+27.38%，业绩符 券 合预期 研 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu美 st容ry]护 理 公司发布2024年第一季度报告。24Q1公司实现营收8.08亿元，同比 日期: s 20h2z4q年da0t4e月m2a8r日k +28.24%；归母净利润5.27亿元，同比+27.38%；扣非归母净利润 5.28亿元，同比+36.53%。 [T分ab析le师_A: utho梁r]瑞 Tel: 021-53686409 分析与判断 E-mail: liangrui@shzq.com 盈利能力保持稳健。24Q1公司毛利率为94.55%，同比-0.74pcts；净 SAC编号: S0870523110001 利率为65.35%，同比-0.19pcts。费用端，公司销售费用率为8.34%， 同比-2.07pcts；管理费用率为4.07%，同比-3.92pcts；研发费用率为 [基Ta本bl数e_据Ba seInfo] 7. ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 429.30 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's profitability remains high, and the pipeline is expected to deliver results gradually, indicating a positive long-term growth outlook [1][2]. Financial Summary - In Q1 2024, the company reported revenue of 8.08 billion CNY, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 5.27 billion CNY, up 27.38%, while the net profit excluding non-recurring items was 5.28 billion CNY, reflecting a 36.53% increase [1][2]. - The forecasted EPS for 2024-2026 is 11.31 CNY, 14.92 CNY, and 19.03 CNY respectively [1][2]. - The gross margin for Q1 2024 was 94.55%, showing a quarter-on-quarter increase of 0.1 percentage points [1][2]. Pipeline and Growth Potential - The company has a comprehensive pipeline that is expected to yield results, including exclusive agency agreements for two non-invasive anti-aging devices in China [1][2]. - The pipeline includes various products at different stages, such as injectable botulinum toxin and medical-grade hyaluronic acid, which are in the registration application phase [1][2]. Financial Projections - The projected revenue for 2024 is 3,855 million CNY, with a growth rate of 34% compared to 2023 [2]. - The net profit for 2024 is expected to reach 2,447 million CNY, maintaining a growth rate of 33% [2]. - The company’s operating profit margin is projected to remain stable around 71.3% for 2024 [2]. Market Position - The company is positioned as a leading innovator in the field of biomedical soft tissue repair materials, focusing on the development and commercialization of biomaterials for medical applications [2].

医疗器械 爱美客（300896.SZ） 买入-B(维持) 盈利水平稳定，费用改善明显 2024年4月28日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2024年一季度财报，期内实现营收8.08亿元/+28.24%，归母 净利润5.27亿元/+27.38%，扣非归母净利润5.28亿元/+36.53%，EPS2.45元。 期内扣非归母净利润增速快于营收增速，公司品牌效应凸显。 事件点评  年内嗨体继续引领公司销售增量基本盘，再生类产品贡献业绩持续爬 坡。2023年溶液类产品高基数下取得近30%增速，嗨体等溶液类产品深耕医 美市场多年，拥有广泛消费基础和认可度，今年有望继续奠定公司主要销量 市场数据：2024年4月26日 增长；再生产品濡白天使渗透率持续提升、濡白+如生产品组合提供更丰富 收盘价（元）： 297.01 面部治疗解决方案。 年内最高/最低（元）： 550.00/263.21  盈利水平稳定，费用端改善明显。期内公司毛利率94.55%/-0.75pct，净 流通A股/总股本（亿股）： 1.49/2.16 利率 65.35%/-0.19pct。整体费用率 17.84%/-4.98p ...