IMEIK(300896) 天风证券·2024-10-30 09:18Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [3][9]. Core Views - The company reported a 12% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with revenue reaching 2.376 billion and net profit at 1.586 billion [1]. - The company is expected to continue leveraging its existing product base while introducing growth-oriented products and ongoing research pipelines to drive revenue growth [2]. - The approval of the botulinum toxin product and the recent approval for the Baonida chin indication are seen as significant milestones that will enhance the company's market position in the medical aesthetics sector [1][2]. Financial Data Summary - For Q1-Q3 2024, the company achieved a gross margin of 94.8%, slightly down by 0.5 percentage points year-on-year, while the gross margin for Q3 2024 was 94.55%, down by 0.52 percentage points [1]. - The company’s revenue projections for 2024-2026 are adjusted to 31.7 billion, 39.2 billion, and 47.8 billion respectively, with net profit estimates revised to 20.6 billion, 24.8 billion, and 30.0 billion [2]. - The company’s earnings per share (EPS) is projected to be 6.82, 8.21, and 9.93 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32.59, 27.06, and 22.37 [2][5].