报告公司投资评级 - 行业为美容护理/医疗美容，6个月评级为买入（维持评级），当前价格193元 [3] 报告的核心观点 - 爱美客全资子公司与首瑞香港共同设立爱美客国际，拟以1.90亿美元现金收购韩国REGEN Biotech, Inc.85%股权，是国际化战略关键举措，对医美业务发展意义重大 [1] - 标的公司是韩国领先医美产品公司，旗下AestheFill和PowerFill主要成分均为PDLLA微球和羧甲基纤维素钠，AestheFill已获全球34个国家和地区注册批准，2024年1 - 9月收入7223.11万人民币，净利润2950.03万人民币 [2] - 收购有助于巩固爱美客在医美注射填充产品市场领先地位，整合资源发挥协同效应，有望提升国际市场收入，扩大资产规模并增强盈利能力与核心竞争力 [3] - 看好公司医美龙头地位，预计2024 - 2026年营收为31.7/39.2/47.8亿元，归母净利润为20.6/24.8/30.0亿元，对应PE28/24/19x，维持“买入”评级 [3] 根据相关目录分别进行总结 基本数据 - A股总股本302.59百万股，流通A股股本208.62百万股，A股总市值58,400.27百万元，流通A股市值40,263.41百万元，每股净资产24.57元，资产负债率4.34%，一年内最高/最低358.00/132.81元 [4] 财务数据和估值 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入(百万元)|1,938.84|2,869.35|3,170.63|3,922.07|4,784.92| |增长率(%)|33.91|47.99|10.50|23.70|22.00| |EBITDA(百万元)|1,617.64|2,361.22|2,336.13|2,804.81|3,371.47| |归属母公司净利润(百万元)|1,263.56|1,858.48|2,061.78|2,483.32|3,003.64| |增长率(%)|31.92|47.08|10.94|20.44|20.95| |EPS(元/股)|4.18|6.14|6.81|8.21|9.93| |市盈率(P/E)|46.22|31.42|28.33|23.52|19.44| |市净率(P/B)|9.99|9.20|6.66|5.21|4.13| |市销率(P/S)|30.12|20.35|18.41|14.88|12.20| |EV/EBITDA|73.05|24.92|21.86|17.38|13.55| [9] 财务预测摘要 资产负债表(百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |货币资金|3,139.59|2,433.85|5,476.28|7,702.59|10,649.35| |应收票据及应收账款|127.76|206.07|100.56|312.91|195.04| |预付账款|20.86|33.40|26.50|56.97|76.49| |存货|46.72|49.77|84.78|90.07|184.66| |其他|798.81|1,528.21|1,369.11|1,378.59|1,427.44| |流动资产合计|4,133.73|4,251.30|7,057.22|9,541.14|12,532.98| |长期股权投资|935.14|950.70|950.70|950.70|950.70| |固定资产|195.02|219.48|197.16|174.84|152.52| |在建工程|5.01|14.72|15.72|16.52|17.02| |无形资产|116.64|114.92|107.05|99.17|91.30| |其他|873.01|1,301.24|907.87|1,013.27|1,058.70| |非流动资产合计|2,124.82|2,601.06|2,178.49|2,254.50|2,270.23| |资产总计|6,258.55|6,852.36|9,235.71|11,795.64|14,803.21| |短期借款|0.00|0.00|0.00|0.00|0.00| |应付票据及应付账款|19.34|44.70|9.49|71.03|65.71| |其他|190.12|202.35|256.86|308.64|382.49| |流动负债合计|209.46|247.04|266.35|379.67|448.20| |长期借款|0.00|0.00|0.00|0.00|0.00| |应付债券|0.00|0.00|0.00|0.00|0.00| |其他|88.60|69.65|71.61|76.62|72.63| |非流动负债合计|88.60|69.65|71.61|76.62|72.63| |负债合计|312.77|367.32|337.96|456.29|520.83| |少数股东权益|99.65|137.10|137.63|138.88|137.73| |股本|216.36|216.36|302.44|302.44|302.44| |资本公积|3,411.59|3,459.41|3,459.41|3,459.41|3,459.41| |留存收益|2,215.37|3,069.09|5,130.88|7,614.19|10,617.84| |其他|2.81|(396.92)|(132.60)|(175.57)|(235.03)| |股东权益合计|5,945.78|6,485.04|8,897.75|11,339.35|14,282.38| |负债和股东权益总计|6,258.55|6,852.36|9,235.71|11,795.64|14,803.21| [10] 利润表(百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |营业收入|1,938.84|2,869.35|3,170.63|3,922.07|4,784.92| |营业成本|99.91|140.77|185.24|235.32|376.49| |营业税金及附加|9.50|15.37|16.98|21.00|25.63| |销售费用|162.67|260.32|286.31|352.99|430.64| |管理费用|125.43|144.27|159.48|196.10|239.25| |研发费用|173.11|250.13|259.99|349.06|425.86| |财务费用|(45.22)|(54.19)|(95.12)|(117.66)|(153.12)| |资产/信用减值损失|(2.65)|(4.51)|(3.58)|(4.05)|(3.81)| |公允价值变动收益|29.41|(16.08)|6.90|(31.00)|17.00| |投资净收益|33.13|39.67|36.40|38.03|37.22| |其他|(134.67)|(64.60)|0.00|0.00|0.00| |营业利润|1,488.20|2,158.21|2,397.47|2,888.24|3,490.58| |营业外收入|0.31|1.23|0.77|1.00|0.89| |营业外支出|0.20|3.89|0.20|0.20|0.20| |利润总额|1,488.31|2,155.55|2,398.04|2,889.04|3,491.26| |所得税|220.72|300.64|335.73|404.47|488.78| |净利润|1,267.58|1,854.92|2,062.32|2,484.57|3,002.49| |少数股东损益|4.03|(3.56)|0.53|1.26|(1.16)| |归属于母公司净利润|1,263.56|1,858.48|2,061.78|2,483.32|3,003.64| |每股收益（元）|4.18|6.14|6.81|8.21|9.93| [10] 现金流量表(百万元) |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |净利润|1,267.58|1,854.92|2,061.78|2,483.32|3,003.64| |折旧摊销|15.98|37.13|30.19|30.19|30.19| |财务费用|3.15|2.34|(95.12)|(117.66)|(153.12)| |投资损失|(33.13)|(39.67)|(36.40)|(38.03)|(37.22)| |营运资金变动|(406.33)|(287.44)|418.60|(244.77)|33.37| |其它|346.69|386.79|7.43|(29.74)|15.84| |经营活动现金流|1,193.94|1,954.07|2,386.49|2,083.30|2,892.72| |资本支出|322.60|95.96|(0.96)|(4.21)|4.49| |长期投资|(65.89)|15.56|0.00|0.00|0.00| |其他|(1,200.43)|(1,390.64)|214.97|71.37|(44.53)| |投资活动现金流|(943.71)|(1,279.13)|214.01|67.16|(40.04)| |债权融资|48.58|57.89|91.53|118.82|153.54| |股权融资|(598.44)|(1,250.75)|350.40|(42.97)|(59.46)| |其他|175.68|(186.99)|0.00|0.00|0.00| |筹资活动现金流|(374.18)|(1,379.85)|441.93|75.85|94.08| |汇率变动影响|0.00|0.00|0.00|0.00|0.00| |现金净增加额|(123.96)|(704.90)|3,042.43|2,226.31|2,946.76| [10] 主要财务比率 |项目|2022|2023|2024E|2025E|2026E| |----|----|----|----|----|----| |成长能力| | | | | | |营业收入|33.91%|47.99%|10.50%|23.70%|22.00%| |营业利润|32.09%|45.02%|11.09%|20.47%|20.86%| |归属于母公司净利润|31.92%|47.08%|10.94%|20.44%|20.95%| |获利能力| | | | | | |毛利率|94.85%|95.09%|94.16%|94.00%|92.13%| |净利率|65.17%|64.77%|65.03%|63.32%|62.77%| |ROE|21.61%|29.28%|23.54%|22.17%|21.24%| |ROIC|111.95%|121.87%|130.51%|162.9