IMEIK(300896) 财信证券·2024-10-31 05:15Investment Rating - The investment rating for the company is "Buy" [1][9] Core Insights - The company reported a revenue of 2.376 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.46%. The net profit attributable to shareholders was 1.586 billion yuan, up 11.79% year-on-year [4][6] - The company is facing pressure on growth in Q3 2024, with revenue of 719 million yuan, a slight increase of 1.10%, and a net profit of 465 million yuan, up 2.13% [4][6] - The company maintains a strong market position as a compliant leader in the medical aesthetics sector, with significant research reserves and a first-mover advantage [6][7] Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 31.56 billion yuan, 2025E at 35.92 billion yuan, and 2026E at 41.02 billion yuan [4][7] - The net profit attributable to shareholders is projected to be 20.95 billion yuan in 2024E, 23.69 billion yuan in 2025E, and 26.84 billion yuan in 2026E [4][7] - Earnings per share (EPS) are expected to be 6.93 yuan in 2024E, 7.83 yuan in 2025E, and 8.87 yuan in 2026E [4][7] Operational Analysis - The company experienced a slowdown in growth for solution products, with a year-on-year increase of 11.65% in the first half of 2024, down 24.25 percentage points from the previous year. Gel products saw a year-on-year increase of 14.57%, down 124.43 percentage points [5] - The gross margin for the first three quarters of 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the net margin improved to 66.73%, an increase of 1.5 percentage points [5] - The company has effectively managed its expenses, with a sales expense ratio of 8.66%, a management expense ratio of 3.85%, and a research and development expense ratio of 7.89% for the first three quarters of 2024 [5] Future Outlook - Despite challenges such as slower consumer recovery and intensified industry competition, the overall industry remains in a growth phase, with increasing penetration rates and domestic production rates [6] - The company has received approvals for new products, including clinical trials for semaglutide injection and the launch of a new gel product, which are expected to contribute to future growth [6][7]