美容护理/医疗美容 公 司 研 爱美客（300896.SZ） 2023 年营收及利润高增，濡白天使延续良好增长 究 2024年03月20日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（联系人） 张思敏（联系人） huangzepeng@kysec.cn yangbowei@kysec.cn zhangsimin@kysec.cn 证 书编号：S0790519110001 证书编号：S0790122040052 证书编号：S0790123070080 日期 2024/3/19 当前股价(元) 352.91  事件：公司2023年营收同比+48.0%，归母净利润同比+47.1% 公 一年最高最低(元) 595.08/263.21 公司发布年报：2023 年实现营收 28.69 亿元（同比+48.0%）、归母净利润 18.58 司 信 总市值(亿元) 763.56 亿元（同比+47.1%）；其中单 Q4 实现营收 6.99 亿元（同比+55.6%）、归母净利 息 流通市值(亿元) 526.67 润4.40亿元（同比+59.0%），保持高增。考虑市场竞争趋激烈，我们下调2024-2025 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 03 月 20 日 爱美客(300896.SZ) 2023 业绩维持高增，差异化产品矩阵 不断丰富 公司发布 2023 年年度报告： 1）2023 年全年，公司实现营业收入 28.69 亿元/同比+47.99%，归母 净利润 18.58 亿元/同比+47.08%，扣非归母净利润 18.31 亿元/同比 +52.95%。 2）单四季度，公司实现营业收入 6.99 亿元/同比+55.55%/环比1.66%，归母净利润 4.40 亿元/同比+62.20%/环比-3.25%，扣非归母 净利润 4.36 亿元/同比+87.73%/环比-5.65%。 3）公告利润分配预案，拟向全体股东每 10 股派发现金股利 23.23 元，预计合计 5.00 亿元，占全年归母净利润的 26.90%；拟以资本公 积金转增股本，向全体股东每 10 股转增 4 股，合计 8607.77 万股， 本次不送红股。 盈利能力不断加强，管理效率显著提升： 1）2023 年全年，公司归母净利率 64.77%/-0.40pct，毛利率 95.09%/+0.25pct，销售费用率 9.0 ...

· [Table_Main] 证券研究报告 | 公司点评 爱美客(300896.SZ) 2024年03月20日 爱美客：归母净利同增 47%，管 买入（维持） 所属行业：美容护理/医疗美容 线成长持续验证 当前价格(元)：342.24 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002 净利润同增 47%，业绩持续兑现：公司 2023 全年实现营收 28.69 亿元  邮箱：zhaoyn＠tebon.com.cn （yoy+48.0%），归母净利 18.58 亿元（yoy+47.1%），扣非归母净利 18.31 亿元 张望 （yoy+52.9%），受益于同期消费环境改善与客流回暖，Q4单季度实现收入 6.99 资格编号：S0120524010002 亿元（yoy+55.6%），归母净利4.40亿元（yoy+62.2%）。高端产品发力带动全年 邮箱：zhangwang＠tebon.com.cn 整体毛利率同增0.25pcts至95.1%，期间销售团队扩充与营销费用增加致使销售 研究助理 费用率同增 0.68pcts 至 9.07%，管理/研发费用率同减 1.44pcts/0.21pcts 至 ...

Financial Performance - The company's operating revenue for 2023 reached ¥2,869,347,231.89, representing a 47.99% increase compared to ¥1,938,838,363.70 in 2022[15]. - The net profit attributable to shareholders for 2023 was ¥1,858,475,302.54, up 47.08% from ¥1,263,558,415.71 in 2022[15]. - The basic earnings per share for 2023 was ¥8.60, a 47.26% increase from ¥5.84 in 2022[15]. - The total assets at the end of 2023 amounted to ¥6,852,360,636.01, reflecting a 9.49% increase from ¥6,258,547,700.17 at the end of 2022[15]. - The company reported a cash flow from operating activities net amount of ¥1,954,070,643.13 for 2023, which is a 63.67% increase from ¥1,193,935,203.61 in 2022[15]. - The weighted average return on equity for 2023 was 30.09%, an increase of 6.36 percentage points from 23.73% in 2022[15]. - The company's total profit reached 2,155.55 million yuan, with a year-on-year increase of 44.83%[28]. - Net profit for the year was 1,854.92 million yuan, reflecting a growth of 46.33% compared to the previous year[28]. Market Position and Strategy - The medical beauty market in China is expected to exceed ¥200 billion in 2023, with a year-on-year growth rate of approximately 20%[23]. - The company is positioned in the medical device manufacturing industry, specifically focusing on Class III medical devices used in the medical beauty sector[22]. - The company has maintained the leading market share in the sodium hyaluronate-based dermal filler market, holding the top position among domestic enterprises since 2018[45]. - The company is actively enhancing its R&D capabilities to meet the diverse and personalized needs of domestic consumers in the medical beauty market[23]. - The company is focusing on the development of biomedicine and biopharmaceuticals, including recombinant proteins and peptides, to establish itself as a leading enterprise in the medical beauty sector[101]. - The company is positioned as a leading player in the domestic medical beauty market, with an increasing market share amid high industry concentration[100]. Research and Development - The company is actively engaged in research and development of new products, particularly in the field of medical aesthetics[9]. - The company's R&D investment accounted for 8.72% of revenue, with a year-on-year increase of 44.49%[31]. - The company completed 42 patent applications and received 22 patent authorizations during the reporting period, with a total of 74 authorized patents[32]. - The company has accumulated 74 patents, including 35 invention patents, showcasing its strong R&D capabilities and technological barriers[48]. - The company is developing a hyaluronic acid enzyme for ophthalmic surgery and drug diffusion, which will enhance its product line and core competitiveness[66]. - The company is focusing on weight management with the development of liraglutide and semaglutide injections[73]. Corporate Governance and Compliance - The company has established a robust corporate governance framework, ensuring accountability and transparency in its operations[5]. - The board of directors consists of 9 members, including 3 independent directors, meeting the requirement of one-third independence[118]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[120]. - The company has implemented strict internal audit systems to ensure financial integrity and independence from controlling shareholders[131]. - The company has a complete and independent research, production, sales, and management system, allowing for autonomous business operations[126]. - The company emphasizes the importance of product quality and has maintained a strict quality control system, achieving ISO13485 and ISO9001 certifications without major adverse events since its establishment[111]. Environmental Responsibility - The company has received environmental impact approval for the expansion of the implantable medical device production line in January 2023, and the project is currently in the environmental acceptance stage[183]. - The company has implemented regular monitoring and maintenance of wastewater treatment equipment, ensuring that the discharge concentration meets the standards set by the "Comprehensive Discharge Standards for Water Pollutants" (DB11/307-2013)[182]. - The company has committed to using low-noise equipment and has implemented basic noise reduction measures to comply with the "Industrial Enterprise Boundary Environmental Noise Emission Standards" (GB12348-2008)[182]. - The company was awarded the national "Green Factory" honor in 2023, emphasizing its commitment to green production and sustainable development[186]. - The company is undergoing ISO 50001 energy management system certification and ISO 14001 environmental management system certification to enhance energy savings and environmental control[186]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of 23.23 RMB per 10 shares to all shareholders, based on a total of 215,194,126 shares[4]. - The company distributed a cash dividend of 28 CNY per 10 shares, totaling 605.81 million CNY for the 2022 fiscal year, and a cash dividend of 18.48 CNY per 10 shares, totaling 398.95 million CNY for the first half of 2023[165]. - The company has ensured that minority shareholders have the opportunity to express their opinions and that their legal rights are fully protected[166]. Future Outlook and Goals - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[143]. - The company aims to enhance its R&D investment and strengthen brand management to achieve its main operational goals for 2024[102]. - For 2024, the company aims for a revenue growth rate of at least 103% or a net profit growth rate of at least 89% compared to 2022[172]. - The company plans to invest 810 million in the "Beautiful Health Industrialization Innovation Construction Project" in Changping, Beijing, to increase production capacity and meet market demand for aesthetic medical products[107].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 352.91 RMB [1] Core Views - The company's flagship products, "Hi Body" and the high-end regenerative product "Roumei Angel," continue to drive growth despite industry pressures [4] - The company's product portfolio has expanded, covering 31 provinces, municipalities, and autonomous regions in China, with approximately 7,000 medical beauty institutions [4] - The company's direct sales and distribution model revenues were 1.787 billion RMB and 1.083 billion RMB, respectively, with year-on-year growth of 43.1% and 56.9% [4] - The company's gross margin improved to 95.1% in 2023, driven by the growth of high-end products like "Roumei Angel" [5] - The company has a robust pipeline of products, including "Botulinum Toxin Type A for Injection" and "Bonita 2.0," which are in the registration application stage [6] Financial Performance - In 2023, the company achieved revenue of 2.869 billion RMB, a year-on-year increase of 48.0%, and net profit attributable to the parent company of 1.858 billion RMB, a year-on-year increase of 47.1% [4] - In Q4 2023, the company achieved revenue of 699 million RMB, a year-on-year increase of 55.5%, and net profit attributable to the parent company of 440 million RMB, a year-on-year increase of 62.2% [4] - The company's operating cash flow in 2023 was 1.954 billion RMB, a year-on-year increase of 63.7% [4] - The company's R&D expenses in 2023 were 250 million RMB, a year-on-year increase of 44.5%, with R&D personnel accounting for 26.7% of the total workforce [5] Product Performance - In 2023, the company's solution-based and gel-based products achieved revenues of 1.671 billion RMB and 1.158 billion RMB, respectively, with year-on-year growth of 29.2% and 81.4% [4] - The sales volume of solution-based and gel-based products in 2023 was 5.1413 million units and 1.0068 million units, respectively, with year-on-year growth of 48.9% and 36.1% [4] - The average unit price of solution-based products decreased by 13.2% to 325 RMB, while the average unit price of gel-based products increased by 33.3% to 1,150 RMB [4] Future Outlook - The company is expected to achieve revenues of 4.049 billion RMB, 5.487 billion RMB, and 6.892 billion RMB in 2024, 2025, and 2026, respectively [6] - The company's net profit attributable to the parent company is expected to be 2.522 billion RMB, 3.321 billion RMB, and 4.153 billion RMB in 2024, 2025, and 2026, respectively [6] - The company's EPS is expected to be 11.66 RMB, 15.35 RMB, and 19.19 RMB in 2024, 2025, and 2026, respectively [6] - The company's PE ratio is expected to be 30x, 23x, and 18x in 2024, 2025, and 2026, respectively [6]

上 市 公 司 美容护理 2024年03月20日 爱美客 (300896) 公 司 研 究 ——业绩符合市场预期，顺利完成 23 年股权激励目标 / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 买入 （维持） ⚫ 公司发布2023年年报，业绩符合市场预期。据公司公告（下同）：1）23年实现营收28.7 亿元，同比增长48%；归母净利润18.7亿元，同比增长47.1%；扣非净利润18.3亿元， 同比增长53%。23Q4单季度营收7亿元，同比增长55.6%，归母净利润4.4亿元，同比 证 市场数据： 2024年03月19日 券 增长59%；扣非净利润4.4亿元，同比增长87.7亿元。拟向全体股东每10股派发现金股 收盘价（元） 352.91 研 一年内最高/最低（元） 595.08/263.21 利23.23元（含税），以资本公积金转增股本，每10股转增4股，合计转增8608.8万股。 究 市净率 12.0 报 息率（分红/股价） 0.52 ⚫ 高单价“双生天使”带动综合毛利率持续提升，研发与管理费用率控制得力，小幅回调， 告 流通A股市值（百万元） 52667 疫后营销活动重启，带高销售费用率，综 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-015 号 爱美客技术发展股份有限公司 关于举行2023年度网上业绩说明会的公告 特此公告。 为便于广大投资者更深入、全面的了解公司情况，公司定于 2024 年 3 月 26 日（星期二）15:00-16:00 在全景网举办 2023 年度业绩说明会，本次年度业绩 说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长简军女士、董事兼总经理石 毅峰先生、董事兼财务总监张仁朝先生、董事兼董事会秘书简勇先生、独立董事 陈刚先生。 为充分尊重投资者、提升公司与投资者之间的交流效率及针对性，现就公司 2023 年度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建 议。公司欢迎广大投资者于 2024 年 3 月 25 日（星期一）15:00 前，将关注的问 题通过 http://ir.p5w.net/zj 界面的提问通道进行提问，或扫描下方二维码， 进入问题征集专题页面提问。 1 公司将在 2023 年度业绩说明会上，对投 ...

公司报告 | 公司深度研究 爱美客（300896） 证券研究报告 2024年03月19日 投资评级 复苏时代强者恒强，看好龙头平台化思路延续兑现 行业 美容护理/医疗美容 6个月评级 买入（维持评级） 当前价格 345.6元 医美行业：供需阶段性波动不改景气赛道势能延续。 目标价格 453.59元 （1）需求端：复苏进行时，长期提升空间广阔。①短期维度：22 年受疫 情反复影响需求提升阶段性放缓，年初以来随客流恢复逐渐释放；②长期 基本数据 维度：国内医美渗透率仍较低市场远未饱和，作为中高端可选项目，消费 A股总股本(百万股) 216.36 需求及消费群体或将随居民人均可支配收入及中产比例提升而持续扩容。 流通A股股本(百万股) 149.39 （2）供给端：盈利恢复期，长期或向头部集中。①短期维度：22 年行业 A股总市值(百万元) 74,774.02 普遍承压，终端机构进入阶段性存量时代重视利润运营爬坡；23 年以来客 流通A股市值(百万元) 51,627.62 流恢复拉动机构端逐步复苏，产品端胶原、再生热度及高端产品需求延续， 每股净资产(元) 29.99 后续有望进入供需两旺阶段。②长期维度：机构端在监 ...

爱美客技术发展股份有限公司（以下简称"爱美客""本公司"或"公司"） 为践行中央政治局会议提出的"要活跃资本市场、提振投资者信心"的会议精神， 以及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加 有力有效措施，着力稳市场、稳信心"的指导思想，结合公司发展战略、经营情 况及财务情况，基于维护公司全体股东利益、增强投资者信心、促进公司长远健 康可持续发展的目标，拟定"质量回报双提升"行动方案如下： 证券代码：300896 证券简称：爱美客 公告编号：2024-003 号 爱美客技术发展股份有限公司 关于"质量回报双提升"行动方案的公告 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。 一、聚焦主业，持续创新，打造民族品牌 优化公司长期战略有助于公司的可持续发展，有助于促进公司的持续创新能 力，提高运营效率，满足市场需求，保持核心竞争力，从而提升上市公司质量和 投资价值。 （一）主动把握国产替代的契机，不断提升市场占有率 爱美客作为国内最早开展医疗美容生物医用材料自主研发与应用的企业，以 "让生命有更高的质量和尊严"为使命，秉持"用科技成人之美"的 ...

2、增持计划的实施情况：截至本公告披露日，本次增持计划时间已过半，简 军女士累计增持公司股份199,100股，占截至目前公司总股本（如无特别说明，为 215,194,126股，即目前总股本216,360,000股剔除公司回购账户中的1,165,874股， 下同）的0.0925％，累计增持金额为6,253.78万元（不含交易费用）。 证券代码：300896 证券简称：爱美客 公告编号：2024-002号 爱美客技术发展股份有限公司 关于公司实际控制人增持时间过半的进展公告 简军女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、增持计划的基本情况：爱美客技术发展股份有限公司（以下简称"公司"） 于2023年10月25日披露了《关于公司实际控制人增持公司股份计划的公告》（公 告编号2023-058），公司实际控制人、董事长简军女士计划以自有资金自公告披 露之日起6个月内通过包括但不限于集中竞价或大宗交易等方式增持公司股份，增 持金额不低于人民币5,000.00万元且不超过10,000.00万元。 ...