愛美客(300896):童顏針獲批 成長空間再打開
事件公司申請的含左旋乳酸-乙二醇共聚物微球的交聯透明質酸鈉凝膠(俗稱“童顏針”)獲得國家食藥監局註冊審批,批准日期6月24 日,註冊證編號20213130460。簡評“童顏針”獲批,公司醫美產品管線再添新兵。公司此次獲批的產品為國內第二款NMPA 認證的含聚左旋乳酸的三類械字號注射填充劑(第一款為長春聖博瑪申請註冊的“聚乳酸面部填充劑”,已於2021 年4 月19 日獲批,註冊證號:國械注準20213130276)。童顏針主要通過刺激膠原蛋白再生實現面部凹陷/抗衰功效,維持時間多在1.5 年以上,國內三類械字號合規產品極少(瑞博Reborn/2019 和仙諾德/2020 均為一類械字號產品),市場流通水貨包括Sculptra、DermaVeil、Galderma。美國“童顏針”市場份額不高,公司童顏針產品做了升級創新,有望成為新爆款。美國市場童顏針主要為Sculptra,2016 年在美國注射案例約8.3 萬,佔注射類比例為1.1%。Sculptra 產品為凍幹瓶裝粉末,使用前需要預溶,並不方便,公司此次獲批的童顏針在產品層面做了進一步創新,通過直接罐裝在針劑中降低了醫生操作難度,有望進一步帶動收入增長。差異化產品管線是公司最大競爭優勢,未來有望比全球醫美巨頭肩艾爾建。國內注射用玻尿酸市場獲得NMPA 審批通過的三類醫療器械產品超過40 個,競爭相對比較充分,公司的高速成長核心是依靠差異化產品管線贏得市場認可,如2015 年國內首款獲NMPA 批准的含利多卡因的愛芙萊、2016 年獲批的國內唯一一款用於頸紋修復的嗨體,2020 年中發佈的嗨體熊貓針(淚溝黑眼圈填充)、2021 上半年推出的冭活泡泡針(雙抗水光)。對標國際醫美上游巨頭艾爾建2019 年醫美業務43 億美金收入,公司仍處於成長早期,公司近期公吿擬在港股上市、投資韓國肉毒企業Hunos股25%股權,海外併購剛剛啟動,後續有望複製艾爾建的成長路徑,通過自研和併購持續擴充醫美領域產品管線。盈利預測:上調盈利預測,預計2021-2023 營收分別為12.75、19.25、27.09 億元,分別同增79.7%、51.0%、40.8%;歸母淨利潤分別為7.89、11.59、16.45 億元,分別同增79.5%、46.8%、41.9%,對應PE 分別為206、141、99 倍,基於對醫美行業空間的看好和公司穩固的龍頭地位,維持“買入”評級。風險提示:醫美監管政策趨嚴
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