IMEIK(300896) 华创证券·2024-10-28 04:13Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 262 yuan, compared to the current price of 216.79 yuan [1]. Core Insights - In the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%. The gross profit was 2.252 billion yuan, with a gross margin of 94.80%, down 0.5 percentage points year-on-year. The net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year, with a net profit margin of 66.74%, an increase of 1.39 percentage points year-on-year [1]. - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year growth of 1.10%. The gross profit was 679 million yuan, with a gross margin of 94.55%, down 0.52 percentage points year-on-year and 0.71 percentage points quarter-on-quarter. The net profit attributable to the parent company was 465 million yuan, up 2.13% year-on-year, with a net profit margin of 64.65%, an increase of 0.65 percentage points year-on-year. The net profit excluding non-recurring items was 442 million yuan, down 4.35% year-on-year [1][2]. - The company is expected to benefit from new product pipelines in the coming year, including a product similar to "Bonida" that has received medical device registration and is suitable for injection to improve moderate chin retrusion. Additionally, a clinical trial for a semaglutide injection has been approved [2]. Financial Summary - For 2023, the total revenue is projected at 2.869 billion yuan, with a year-on-year growth rate of 48.0%. The net profit attributable to the parent company is expected to be 1.858 billion yuan, with a growth rate of 47.1% [5]. - The financial forecasts for 2024 to 2026 indicate that the net profit attributable to the parent company will be 2.079 billion yuan in 2024, 2.638 billion yuan in 2025, and 3.155 billion yuan in 2026, with respective growth rates of 11.8%, 26.9%, and 19.6% [5].