金吾财讯 | 国海证券发研报指，医美行业上游为原材料和药械生产商，准入壁垒高，毛利率达80%-95%；中游为经销商和医美机构，格局分散且利润较低；下游为获客平台，毛利率约60%-80%。医美行业兼具“医疗”和“消费”属性，具有医疗行业高投入、高产出、高风险等特点，同时作为可选消费行为，受人均可支配收入、主观意愿等因素影响。该行指，复锐医疗科技(01696)为能量源医美龙头，能量源医美、注射填充、数字牙科与个人护理四大业务构建“大医美”生态平台。该行预计公司2024-2026年实现营业收入3.70/4.21/4.73亿美元，同比+3.1%/+13.7%/+12.2%，归母净利润0.34/0.39/0.43亿美元，同比+7.4%/+16.6%/+9.7%，2024年9月9日收盘价3.19港元，对应2024-2026年PE为5.7X/4.9X/4.5X。公司低估值，股息率在同业可比公司中较高，公司业绩修复可期，目前位置具有性价比，首次覆盖，给予“买入”评级。
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