研報掘金丨方正證券:維持愛美客“強烈推薦”評級,韓國工廠有望成爲公司“全球化跳板
方正證券研報指出,愛美客(300896.SZ)擬通過持股70%的愛美客國際以1.9億美金收購韓國REGENBiotech 85%股權。REGEN Biotech爲韓國再生醫美龍頭。韓國工廠有望成爲愛美客的“全球化跳板。REGEN Biotech具備34國註冊資質(覆蓋歐美、東南亞)+韓國本土超20%市佔率,相比於同業長海外註冊週期,愛美客可藉助其現有渠道加全球化,成爲國產醫美龍頭拓展海外版圖的領軍者。市場此前對於愛美客有新增量驅動的擔憂,因此在當前公司進行重磅收購的當下,我們認爲愛美客作爲龍頭的估值溢價有望被市場重新審視,建議把握估值重塑機會。預計25-26年歸母淨利潤爲23/27.3億,對應PE爲26/22x,維持“強烈推薦”評級。
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