一直以来,爱美客技术发展股份有限公司(下称爱美客)因为毛利率高被称为“女人的茅台”。近日,爱美客披露了2023年度报告,核心产品毛利率再增长,同时年报提及利润分配预案。
据“V观财报”(微信号ID:VG-View)计算,爱美客2023年一共派发的现金股利8.99亿元,占归属于上市公司股东的净利润的比例为48.39%。作为实控人,同时又是爱美客第一大股东的简军,在2023年狂揽2.8亿元现金红利。
实控人分红2.8亿元
2023年年报显示,爱美客全年实现营业收入28.69亿元,同比增长47.99%;归属于上市公司股东的净利润18.58亿元,同比增长47.08%。
同时,爱美客在2023年年报中表示,拟以2.15亿股为基数,向全体股东每10股派发现金红利23.23元(含税),送红股0股(含税),以资本公积金向全体股东每10股转增4股。
据“V观财报”计算,以上述利润分配预案,爱美客2023年合计派发4.99亿元,占归属于上市公司股东的净利润的比例为26.86%。
爱美客的实控人是现年60岁的简军,清华大学工商管理硕士毕业,2016年至今担任爱美客董事长,也是爱美客的第一大股东,持股比例高达31.05%。
另外,在2023年半年报中,爱美客的利润分配预案为以2.16亿股为基数,向全体股东每10股派发现金红利18.48元(含税),送红股0股(含税),不以公积金转增股本。
“V观财报”将爱美客2023年年中向全体股东每股派发现金股利1.85元,合计派发4亿元计算在内,则其2023年一共派发的现金股利达到8.99亿元,占归属于上市公司股东的净利润的比例为48.39%。
以截至2023年中与年末简军分别持股6698.84万股与6718.74万股计算,简军两次分别分得1.24亿元(含税)与1.56亿元(含税)的现金红利,两次累计分得2.8亿元现金红利。
不过,截至21日收盘,爱美客股价跌2.15%,收334.88元/股。根据Wind数据统计,2023年1月1日至2024年3月21日,爱美客的股价累计跌幅40.23%。
核心产品毛利率再上涨
年报显示,爱美客是一家从事生物医用材料及生物医药产品研发与转化的企业,目前的主要产品为凝胶类注射产品、溶液类注射产品以及面部埋植线产品。
从具体的产品来看,2023年年报显示,以嗨体为核心的溶液类注射产品共销售514.13万支,营收达到16.71亿元,同比增长29.22%,营收占比58.22%。
嗨体又称注射用透明质酸钠复合溶液,用于皮内真皮层注射填充,以纠正颈部中重度皱纹。
实际上,虽然溶液类注射产品的营收还在增长,但增速已明显放缓。2022年,溶液类注射产品实现营收12.93亿元,但营收增速从2021年的133.84%降至23.57%,营收占比也从2021年的72.25%下滑至66.68%。
2020年至2022年,爱美客溶液类注射产品的毛利率分别为92.85%、93.82%、94.23%,凝胶类注射产品的毛利率分别为92.27%、94.55%、96.52%。
虽然2023年溶液类注射产品的营收放缓,但其毛利率仍增长0.25%至94.48%。凝胶类注射产品的毛利率也增长了0.97%,达到97.49%。
与溶液类注射产品相比,凝胶类注射产品的营收增速较为强劲。
2023年,凝胶类注射产品共销售100.68万支,实现营业收入11.58亿元,营收增速从2022年的65.61%增长至2023年的81.43%,营收占比也从2022年的32.91%增长至2023年的40.35%。
在凝胶类注射产品中,濡白天使是国产及世界首款获批的含左旋乳酸-乙二醇共聚物微球的皮肤填充剂,于2021年6月获得国家药品监督管理局批准上市。该产品用于真皮深层、皮下浅层及深层注射填充纠正中、重度鼻唇沟皱纹。
对于溶液类与凝胶类注射产品营收的增长,爱美客在2023年年报中表示,近年来,医美项目持续精细化,轻医美消费热度持续攀升,国人抗衰和皮肤管理的需求旺盛。经过长期的临床验证,“嗨体”的安全性和有效性得到了下游医疗机构与终端消费者的认可,品牌价值日益增长。
另外,爱美客称,凝胶类产品中,濡白天使成为公司构筑现象级产品矩阵的有力支撑点。报告期内,公司继续采取医生认证制度,将培训与认证制度结合,助力濡白天使在全国范围内、不同类型机构之间进行快速渗透。
不过,在濡白天使快速渗透的同时,同类竞品正在增多。西南证券在2023年12月发布的研报中指出,目前市场上已上市的“童颜针”产品有爱美客旗下濡白天使,圣博玛旗下艾薇岚,具有刺激自身胶原蛋白再生功效,注射后可使面部年轻化,故名“童颜针”。
今年1月,江苏吴中旗下的“童颜针”产品AestheFill获得国家药品监督管理局颁发的《医疗器械注册证》,预计将于2024年上半年在中国大陆正式上市销售。
寻找新增长曲线
截至2023年年底,爱美客医疗器械注册证数量共9个,较上年末增加了2个。为了开拓新产品,爱美客近年来进入多个新赛道,最引人注目的是在光电抗衰仪器、肉毒素和体重管理领域。
在光电抗衰仪器领域,为扩充公司医美方向的产品管线,丰富医美皮肤科产品品类,2023年11月,爱美客成为韩国Jeisys Medical Inc.在中国内地独家经销商,将两款在韩国已处于商业化阶段的皮肤无创抗衰仪器引入中国国内,待注册完成及商业化销售后,有望与现有产品联合推出综合化解决方案。
在体重管理领域的布局上,爱美客在2023年年报中披露,公司利拉鲁肽注射液已完成I期临床试验,临床用途为慢性体重管理。司美格鲁肽注射液项目处于临床前在研阶段,2024年预期提交临床试验申请。司美格鲁肽注射液是利拉鲁肽的升级产品,延长代谢周期,降低使用频率,体重管理效果更好。
爱美客曾在2022年年报表示,公司与北京质肽生物医药科技有限公司(下称质肽生物)签订了司美格鲁肽注射液项目的独家合作协议。
爱美客在2023年年报中再次披露称,在前述合作基础上,以总金额5000万元投资持有质肽生物4.89%股权。质肽生物拥有丰富的多肽药物研发经验,围绕GLP-1类似物形成了管线矩阵并具备持续创新迭代能力。
“体重管理市场空间巨大,此项投资将进一步发挥双方各自在技术和商业化的优势。”爱美客在2023年年报中指出。
另外,爱美客也在2023年年报中披露,用于改善眉间纹的注射用A型肉毒毒素处于注册申报阶段。2021年,爱美客以74倍高溢价收购韩国肉毒素公司Huons Bio公司的部分股权,一度引起市场关注。
不过,目前中国市场中已有5款获批的肉毒毒素产品,分别为美国艾尔建的保妥适、中国兰州生物的衡力、英国Ipsen的吉适、韩国Hugel的乐提葆和德国Merz的Xeomin。
财通证券在今年3月发布的研报中指出,目前在中国国内上市的五款肉毒毒素产品覆盖高中低端,价格在800元-5000元/100U(单位)不等。
西南证券在2023年12月发布的研报中预测,爱美客的Hutox将于2024年在中国国内获批,而预测同年获批的肉毒毒素产品还有复星医药的Daxibotulinumtoxin A型肉毒杆菌毒素。
复星医药在2023年半年报中透露,Daxibotulinumtoxin A型肉毒杆菌毒素医美适应症(暂时性改善成人因皱眉肌/或降眉间肌活动引起的中度至重度皱眉纹)在中国境内的上市注册申请已于2023年4月获受理。
厂商间你追我赶日益胶着,爱美客又能分到多少蛋糕?
(文中观点仅供参考,不构成投资建议,投资有风险,入市需谨慎。)
封面、导语图来源包图网
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