IMEIK(300896) 国泰君安·2024-11-04 05:11Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's revenue and profit are under short-term pressure due to weaker-than-expected terminal demand recovery in Q3, but the pipeline is progressing, indicating potential for long-term growth [3][4]. - Revenue for Q1-Q3 2024 reached 2.376 billion yuan, a year-on-year increase of 9.46%, while net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year [4]. - Q3 revenue was 719 million yuan, a year-on-year increase of 1.10%, and net profit was 465 million yuan, up 2.13% year-on-year, with profit growth below expectations due to the traditional off-season for medical aesthetics and insufficient recovery in terminal demand [4]. - The EPS forecast for 2024-2026 has been revised down to 6.79/8.22/9.74 yuan from the previous 8.03/10.59/13.51 yuan, with a target price adjusted to 271.26 yuan from 304.72 yuan, based on a PE of 33X for 2025 [4]. Financial Performance - The gross margin for Q1-Q3 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the Q3 gross margin was 94.55%, down 0.52 percentage points year-on-year [4]. - The net profit margin improved to 66.73%, an increase of 1.5 percentage points year-on-year, supported by optimized expense ratios [4]. - The company has a robust pipeline with 10 Class III medical device product registration certificates and 4 Class II medical device certificates as of H1 2024, with several products in various stages of research and registration [4]. Market Data - The current stock price is 211.02 yuan, with a target price of 271.26 yuan, indicating potential upside [5]. - The company's market capitalization is 63.82 billion yuan, with a total share capital of 302 million shares [6].