IMEIK(300896)2024-08-22 02:08Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 H1 performance met expectations, with revenue reaching 16.6 billion yuan, a year-on-year increase of 13.5%, and net profit attributable to shareholders of 11.2 billion yuan, a year-on-year increase of 16.4% [4] - The company's core products, including solution-based and gel-based products, showed significant growth, with solution-based products contributing 59% of revenue and gel-based products contributing 39% [4] - The company has a rich pipeline of products under development, including Hutox (botulinum toxin), Baonida 2.0, and others, expected to contribute to growth from 2025 onwards [4] - The company is expanding its presence in the medical aesthetics equipment sector through strategic investments and partnerships, such as the acquisition of Aimeichuang Medical Technology [4] Financial Performance Summary - 2024 H1 revenue: 16.6 billion yuan, up 13.5% YoY [4] - 2024 H1 net profit attributable to shareholders: 11.2 billion yuan, up 16.4% YoY [4] - 2024 H1 gross margin: 94.9%, down 0.5 percentage points YoY [4] - 2024 H1 net profit margin: 67.7%, up 1.7 percentage points YoY [4] - Sales expense ratio: 8.5%, down 1.7 percentage points YoY [4] - Management expense ratio: 4.1%, down 8.5 percentage points YoY [4] - R&D expense ratio: 7.6%, up 0.5 percentage points YoY [4] Product and Market Analysis - Solution-based products: 9.8 billion yuan in revenue, up 12% YoY, accounting for 59% of total revenue [4] - Gel-based products: 6.5 billion yuan in revenue, up 15% YoY, accounting for 39% of total revenue [4] - The company holds 10 Class III medical device certificates, indicating a strong position in the domestic medical aesthetics market [5] - The company's product portfolio includes high-margin products such as the "Angel Needle" series, which is driving the second growth curve [5] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 23.61 billion yuan in 2024, 29.66 billion yuan in 2025, and 36.80 billion yuan in 2026, with corresponding P/E ratios of 21x, 17x, and 13x [5] - The company's long-term growth is supported by the increasing penetration rate of the medical aesthetics industry and the continuous release of new products [5] Financial Projections - 2024E revenue: 37.44 billion yuan, up 30.5% YoY [6] - 2025E revenue: 48.30 billion yuan, up 29.0% YoY [6] - 2026E revenue: 60.54 billion yuan, up 25.3% YoY [6] - 2024E net profit attributable to shareholders: 23.61 billion yuan, up 27.1% YoY [6] - 2025E net profit attributable to shareholders: 29.66 billion yuan, up 25.6% YoY [6] - 2026E net profit attributable to shareholders: 36.80 billion yuan, up 24.1% YoY [6]