愛美客：擬H股上市
本文來自格隆匯專欄：中泰家電鄧欣，作者：鄧欣
事件要點
公司週五晚間發佈公吿，根據發展戰略及運營需要，公司擬籌備H股上市，目前處於與相關中介機構商討階段。
1
事件解讀
我們認為①境外上市有望提升公司海外知名度和曝光度，可助力海外研發合作；②藉助H股打開海外融資平台，助力公司長期國際化佈局和資產整合。若發行成功，公司有望成為首個“A+H”上市的醫美標的。
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近期跟蹤
強產品力及優格局支撐已有產品提價。根據同花順財經，公司旗下高端產品寶尼達（年銷量約2萬支）零售指導價將於6月1日起從1.28萬元/支上調至1.68元/支，提價幅度約30%，我們預計出廠價隨之略有上調。不同於紅海短效玻尿酸，目前長效骨性材料競爭格局較優，國內合規產品僅進口愛貝芙與公司寶尼達兩款，且公司產品顯著優於競品愛貝芙（愛貝芙易產生肉芽腫），看好寶尼達持續搶佔高端長效產品市場。
新品持續升級拉昇盈利。公司發佈新品冭活泡泡針：①定位抗衰&修復中胚層美塑（水光），為輕醫美以及護膚領域熱門概念；②相比嗨體2.5配方升級：高濃度L-肌肽（抗糖抗氧化）、雙分子透明質酸（補水）；③操作易上手：3排小針均勻出液，無需設計注射層次，預計出廠價約450元/支高於原嗨體頸紋系列（報表口徑平均約360元/支）。此外20Q3新品熊貓針出廠價估計700+，配合嗨體頸紋組合銷售今年放量有望加速；童顏針有望21H1上市，預計出廠價1000元左右，高定價新品接連推出結構性拉昇毛利率。
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盈利預測與投資建議
醫美消費高粘性屬性優質，行業高景氣空間廣，上游針劑高壁壘高盈利投資價值較高。公司作為稀缺性針劑龍頭，嗨體-熊貓-童顏-肉毒-纖體接連構築增長曲線，下一步成長與盈利邏輯清晰，正持續加固產品矩陣以及渠道、品牌建設的競爭壁壘。
我們預計公司2021-23年歸母淨利7.98、12、16.89億元，同比+81%、50%、41%，當前股價對應2022年104X，考慮公司競爭優勢、成長及盈利能力突出，以及純醫美標的稀缺性，維持“買入”評級，持續重點推薦。
風險提示：市場空間不及預期、產品審批結果及進展不及預期、行業競爭加劇。
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