Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in revenue and profit for the year 2024, with total revenue reaching 3.026 billion yuan, up 5.45% year-on-year, and net profit attributable to the parent company at 1.958 billion yuan, up 5.33% year-on-year [1][4]. - The company is actively expanding its product lines through mergers and acquisitions, enhancing its market position in the aesthetic medicine sector [3][4]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Financial Performance Summary - In Q4 2024, the company experienced a decline in revenue and net profit, with revenue down 7.00% and net profit down 15.47% compared to the previous year [1]. - The gross profit margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company’s R&D expenses increased to 10.04% of revenue, reflecting a 1.32 percentage point rise year-on-year [1]. Product Category Performance - Revenue from solution-type injection products was 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume rising by 23.44% [2]. - Revenue from gel-type injection products reached 1.216 billion yuan, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several that have received clinical trial approvals and registration certificates [3]. - A significant acquisition is planned, with the company aiming to acquire 85% of the Korean REGEN Biotech, which is expected to enhance its product offerings in regenerative aesthetic medicine [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55 yuan, 8.45 yuan, and 9.26 yuan for the years 2025, 2026, and 2027, respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company reported a revenue of 3.03 billion yuan for 2024, reflecting a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion yuan, also up by 5.3% [5][8]. - The fourth quarter of 2024 saw a decline in revenue to 650 million yuan, down 7.0% year-on-year, and a net profit of 370 million yuan, down 15.5% year-on-year [5][8]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares to all shareholders [5]. Summary by Sections Financial Performance - Revenue from solution products and gel products for 2024 was 1.74 billion yuan and 1.22 billion yuan, respectively, with year-on-year growth of 4.4% and 5.0% [6]. - The sales volume for solution products was 634.6 thousand units, up 23.4%, while gel products saw a decline in sales volume by 11.2% to 89.4 thousand units [6]. - The overall gross margin for the company decreased by 0.5 percentage points to 94.6%, while the net profit margin decreased by 0.1 percentage points to 64.7% [6][8]. R&D and Product Development - The company increased its R&D investment, completing 57 patent applications and engaging in 21 research projects with various medical institutions [7]. - New products are expected to enhance the gel product line, including a medical gel for chin augmentation and other injectable products that have received clinical trial approvals [7][8]. M&A and Market Expansion - The company plans to acquire AestheFill's source company, REGEN Biotech, Inc., which is expected to enhance its competitive advantage in the global regenerative market and strengthen its overseas market expansion capabilities [8]. - The report anticipates that the combination of mergers and acquisitions along with overseas expansion will provide new growth points for the company [8]. Financial Projections - Revenue projections for 2025 and 2026 have been adjusted to 3.213 billion yuan and 3.837 billion yuan, reflecting downward revisions of 15% and 17% respectively [8]. - The expected net profit for 2025 and 2026 is projected to be 2.062 billion yuan and 2.448 billion yuan, also down by 15% for both years [8]. - The report introduces a new revenue and net profit forecast for 2027 at 4.425 billion yuan and 2.814 billion yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 202.76 CNY [3][6]. Core Views - The company faces short-term challenges but is expected to achieve long-term growth through both internal and external initiatives [1][6]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 being 2.166 billion, 2.452 billion, and 2.817 billion CNY respectively [2][6]. Financial Performance Summary - **Revenue**: - 2023A: 2,869 million CNY, 2024A: 3,026 million CNY, 2025E: 3,411 million CNY, 2026E: 3,952 million CNY, 2027E: 4,639 million CNY - Year-on-year growth: 48.0% in 2023, 5.4% in 2024, 12.8% in 2025, 15.8% in 2026, and 17.4% in 2027 [2][11]. - **Net Profit**: - 2023A: 1,858 million CNY, 2024A: 1,958 million CNY, 2025E: 2,166 million CNY, 2026E: 2,452 million CNY, 2027E: 2,817 million CNY - Year-on-year growth: 47.1% in 2023, 5.3% in 2024, 10.6% in 2025, 13.2% in 2026, and 14.9% in 2027 [2][11]. - **Gross Margin**: - 2023A: 95.1%, 2024A: 94.6%, 2025E: 93.2%, 2026E: 91.2%, 2027E: 88.7% [2][11]. - **Net Margin**: - 2023A: 64.8%, 2024A: 64.7%, 2025E: 63.5%, 2026E: 62.1%, 2027E: 60.7% [2][11]. - **Return on Equity (ROE)**: - 2023A: 30.5%, 2024A: 27.7%, 2025E: 23.8%, 2026E: 22.4%, 2027E: 23.1% [2][11]. Strategic Developments - The company is expanding its product pipeline, including new products aimed at various medical applications, which are expected to launch in the second half of 2025 [5][6]. - The acquisition of REGEN Biotech is part of the company's strategy to accelerate international expansion, with a purchase price of 190 million USD for 85% of the company [5][6].

核心观点 爱美客 300896.SZ 公司研究 | 年报点评 短期有挑战，内生+外延并举推动中长期增 长 盈利预测与投资建议 ⚫ 根据年报，暂不考虑收购带来的效益，同时考虑消费复苏的波动性，我们调整盈利 预测并引入 2027 年的盈利预测，预计公司 2025-2027 年归母净利润为 21.66 亿、 24.52 亿和 28.17 亿（原 25-26 年为 24.89 亿和 30.3 亿），DCF 目标估值 202.76 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求持续减弱、储备管线拿证上市及拓展不及预 期 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,869 | 3,026 | 3,411 | 3,952 | 4,639 | | 同比增长 (%) | 48.0% | 5.4% | 12.8% | 15.8% | 17.4% | | 营业利润(百万元) | 2,158 | 2,291 | 2,526 | 2,859 | 3,28 ...

基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 6.50 | | --- | --- | | 摊薄每股收益(元)： | 6.50 | | 每股净资产(元)： | 26.27 | | 净资产收益率(%)： | 24.61 | 资料来源：最闻 分析师： 医疗器械 爱美客（300896.SZ） 买入-B(维持) 在研产品储备丰富，外延收购加速国际化布局 2025 年 3 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 3 | 年 月 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 190.10 | | 年内最高/最低（元）： | | | 350.99/132.81 | | 流通 A | 股/总股本（亿股）： | | 2.09/3.03 | | 流通 A | 股市值（亿元）： | | 396.53 | | 总市值（亿元）： | | | 575.23 | 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 张晓霖 执业登记编码：S0760521010001 邮箱： ...

医疗器械 爱美客（300896.SZ） 买入-B(维持) 在研产品储备丰富，外延收购加速国际化布局 2025 年 3 月 21 日 公司研究/公司快报 事件描述 公司发布 2024 年财务报告，期内实现营收 30.26 亿元/+5.45%，归母净 利润 19.58 亿元/+5.33%，扣非归母净利润 18.92 亿元/+2.2%，EPS6.5 元。其 中 2024Q4 实现营收 6.5 亿元/-7%，归母净利润 3.72 亿元/-15.47%，扣非归 母净利润 3.41 亿元/-21.67%。拟向全体股东每 10 股派发现金股利 38 元（含 税），现金分红占归母净利润 58.51%。 事件点评 公司近一年市场表现 | 市场数据：2025 月 3 | 年 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 190.10 | | 年内最高/最低（元）： | | | 350.99/132.81 | | 流通 股/总股本（亿股）： A | | | 2.09/3.03 | | 流通 股市值（亿元）： A | | | 396.53 | | 总市值（亿元）： | | ...

谢您的关注。 4、请问 25 年各大股东还有减持计划吗？ 答：尊敬的投资者您好，公司目前未收到相关股东减持计划的通知。 感谢您的关注。 5、你好，面对业绩增速下滑，公司有没有应对措施？后续有没有计 划在电商平台销售产品？ 答：尊敬的投资者您好，随着公司经营体量基数加大，增速有一定 程度下降，公司从 2025 年开始，研发完成交付上市的产品会渐次投放市 场，形成对公司发展和业绩的支撑；公司主销产品为三类植入医疗器械， 不能在普通的无三类医疗器械经营资质的电商平台开展销售服务。感谢 关注。 爱美客技术发展股份有限公司 投资者关系活动记录表 编号：2025-001 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 通过全景网"投资者关系互动平台"(http://ir.p5w.net)参与 2024 年 | | 人员姓名 | 度网上业绩说明会的投资者 | | 时间 2025 | 年 3 月 21 日 15: ...

证券研究报告·公司点评报告·医疗美容 爱美客（300896） 2024 年报点评：盈利水平保持高位，在研储 备与海外并购保障长期增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2869 | 3026 | 3333 | 3659 | 4024 | | 同比（%） | 47.99 | 5.45 | 10.17 | 9.76 | 9.97 | | 归母净利润（百万元） | 1858 | 1958 | 2141 | 2359 | 2602 | | 同比（%） | 47.08 | 5.33 | 9.38 | 10.19 | 10.30 | | EPS-最新摊薄（元/股） | 6.14 | 6.47 | 7.08 | 7.80 | 8.60 | | P/E（现价&最新摊薄） | 32.03 | 30.41 | 27.80 | 25.23 | 22.88 | zhangjx@dwzq.com.cn [Table_Tag] ...

爱美客（300896） 2024 年报点评：盈利水平保持高位，在研储 备与海外并购保障长期增长 证券研究报告·公司点评报告·医疗美容 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2869 | 3026 | 3333 | 3659 | 4024 | | 同比（%） | 47.99 | 5.45 | 10.17 | 9.76 | 9.97 | | 归母净利润（百万元） | 1858 | 1958 | 2141 | 2359 | 2602 | | 同比（%） | 47.08 | 5.33 | 9.38 | 10.19 | 10.30 | | EPS-最新摊薄（元/股） | 6.14 | 6.47 | 7.08 | 7.80 | 8.60 | | P/E（现价&最新摊薄） | 32.03 | 30.41 | 27.80 | 25.23 | 22.88 | [Table_Tag] [Table_Summary] 投资要 ...

[Table_Title] 证券研究报告 / 公司点评报告 Q4 业绩暂时承压，丰富管线奠定长期发展基础 报告摘要： [Table_Summary] 事件： 爱美客发布 2024 年报，2024 年公司实现营收 30.26 亿元/+5.45%，归母 净利润 19.58 亿元/+5.33%，扣非归母净利润 18.72 亿元/+2.20%，非经 常性损益 0.86 亿元，主要来自公允价值变动损益和委托投资损益。Q4 单季度公司实现营收 6.50 亿元/-7.00%，归母净利润 3.72 亿元/- 15.47%，扣非归母净利润 3.41 亿元/-21.67%。拟每 10 股派发现金红利 38 元（含税）。 点评： "嗨体"渗透率进一步提高，濡白天使市场地位稳固。2024 年公司实 现营收 30.26 亿元/+5.45%，分产品看：1）溶液类产品营收 17.44 亿/占 比 57.64%/+4.40%，销量 634.63 万支/+23.44%，单价 275 元/-15.43%； "嗨体"或继续享受市场下沉红利，销量稳步增长；截至 2024 年末， 公司营销网络覆盖全国 31 个省、市、自治区，销售人员达 542 名/ ...