IMEIK(300896) Guoyuan Securities·2024-10-25 00:08Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a slight increase in revenue and profit in Q3 2024, with a year-to-date revenue of 2.376 billion yuan, representing a 9.46% year-on-year growth, and a net profit of 1.586 billion yuan, up 11.79% year-on-year [3]. - The gross margin for the first three quarters was 94.80%, and the net profit margin was 66.74%. However, the Q3 performance showed a revenue of 719 million yuan, a modest 1.10% increase year-on-year, and a net profit of 465 million yuan, up 2.13% year-on-year, indicating ongoing pressure on growth [3]. - The company is expanding its product portfolio, with recent approvals for new medical aesthetic products, including a gel for injection and a clinical trial for a weight management drug, which will enhance its strategic positioning in the market [4]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.376 billion yuan and a net profit of 1.586 billion yuan, with a gross margin of 94.80% and a net profit margin of 66.74% [3]. - The Q3 revenue was 719 million yuan, with a year-on-year growth of 1.10%, and a net profit of 465 million yuan, reflecting a 2.13% increase year-on-year [3]. - The company forecasts EPS for 2024-2026 to be 6.91, 8.31, and 10.00 yuan respectively, with corresponding PE ratios of 31, 26, and 22 times [4][5].