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研報掘金丨國信證券:愛美客Q2增長環比提速,維持“買入”評級
格隆匯8月4日丨國信證券研報指出,愛美客(300896.SZ)二季度預計實現歸母淨利潤5.21-5.81億元,同比去年二季度增長67.4%-86.68%(追溯調整後),增速環比一季度的51.17%實現提速,各產品線系列在二季度均實現了更好地恢復性增長。具體品類來看,預計嗨體系列憑藉品牌勢能仍實現穩健增長,濡白天使繼續放量增長,進一步增厚公司業績。此外,公司近期發佈上線了新品“如生天使”,進一步豐富再生材料系列的產品供給,為公司銷售提供增量。總體上,醫美行業中長期滲透率仍有較大提升空間,合規監管趨勢下龍頭企業的優勢也將進一步凸顯。公司將進一步強化研發及優質合規產品供給,渠道端進一步覆蓋終端醫美機構,夯實醫美龍頭地位。維持公司2023-2025年歸母淨利潤預測為19.12/27.14/36.25億元,對應PE分別為50.6/35.6/26.7倍,維持“買入”評級。
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