复锐医疗科技（1696.HK）是复星医药的大医美核心平台，收入主要来自于能量源设备业务。按区域划分，公司收入主要来自于北美、亚太区。 受销售费用率上升等因素影响，公司近年来业绩有所承压。2024年上半年，公司归母净利润同比下降约42%。 值得注意的是，2024年以来，复星系两家港股上市公司复宏汉霖、复星旅游文化接连公告私有化提案。  复星医药旗下大医美核心平台  公开资料显示，复锐医疗科技于2017年在港股上市。公司拥有多元化的产品和服务组合，包括能量源设备、注射填充、美容及数字牙科、个人护理等。 2024年上半年，复锐医疗科技收入主要来自于医疗美容，收入占比达到88.5%，同比增长1.3%。来自注射填充、牙科业务的收入占比较小，2024年上半年均不足5%。                       从销售区域来看，北美、亚太区是公司最主要的收入来源，2024年上半年收入占比分别达到39.7%、33.3%。其中，2024年上半年来自北美的收入同比下降15.7%，公司表示主要是因为高利率导致信贷成本上升影响客户的购买决定。对比来看，公司同期来自亚太区的收入同比上升15.5%，公司表示增长主要归因于Alma China直销办公室的能量源医美设备业务表现强劲。 此外，公司2024年上半年来自欧洲、中东及非洲的收入占比分别为14.2%、9.1%。  销售费用上升，业绩承压  从财务表现来看，复锐医疗科技近年来业绩表现欠佳。 数据显示，公司2023年营收同比增速降至1.4%，2024年上半年出现营收同比小幅下滑。利润方面，公司2023年归母净利润同比下降21%，2024年上半年进一步同比下降约42%。 不过，复锐医疗科技在

4. Competitor analysis 4.1 Beauty Optoelectronic Device Market Competitive Landscape The global market has seen increasing market concentration among the top equipment. By 2016, the market share of the top 3 optoelectronic medical aesthetic device manufacturers was 40.7%, with notable acquisitions including the merger of Syneron with Hologic, the acquisition of Zeltiq by Allergan, and the acquisition of Syneron-Candela by Apax. Sisram’s Alma took up 5.9% of the global market share In China, 80% of optoelectronic devices are imported, primarily from United States, Israel, and Germany. In 2016, the market share of the top three optoelectronic medical aesthetic device manufacturers in China (CR3) was 40.5%, with Alma from Israel, Qizhi Laser, and Sciton from the United States. However, most d

1. Sisram Medical 2. Executive summary Sisram Medical is a leading international aesthetic medical company that designs, develops, manufactures, and distributes optoelectronic aesthetic medical device and aesthetic beauty equipment to medical institutions and retail customers. Sisram’s aesthetic medical devices utilize laser and RF technologies to achieve skin rejuvenation, hair removal, anti-aging, and various other beauty effects. It also produces injectables and provides dental services. This report initiates a BUY recommendation on Sisram Medical (1696.HK) on the basis of the following theses: (a) Organic growth of aesthetic cosmetic market in the US and Asia, (b) Expanding product matrix, and (c) Stronger customer engagement through direct sales expansion. We believe that Sisram’s pro