IMEIK(300896) 中泰证券·2024-11-06 16:50Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [2] Core Views - The company's Q3 performance was under pressure, with revenue of 720 million yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 465 million yuan, up 2.1% year-on-year [2][3] - The overall market environment for medical aesthetics is weak, impacting terminal institutions and customer acquisition due to stricter marketing regulations [3] - The company has a robust pipeline with several products in clinical trials and approvals, indicating potential for future growth [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.38 billion yuan, a year-on-year increase of 9.5%, and a net profit of 1.59 billion yuan, up 11.8% year-on-year [2] - The projected revenue for 2024 is 3.16 billion yuan, with a growth rate of 10% year-on-year, and net profit is expected to reach 2.06 billion yuan, reflecting an 11% year-on-year increase [2] - The gross margin for Q3 was 94.55%, showing a slight decline of 0.5 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 64.65% [3] Pipeline and Product Development - The company successfully obtained approval for its second-generation Bonida product in October 2024, aimed at improving moderate chin retrusion [4] - The company is advancing its weight loss pipeline, with Liraglutide entering clinical trials and Semaglutide set to begin trials soon [4] - The company has expanded its medical device portfolio through partnerships and acquisitions, enhancing its market position in the medical aesthetics sector [4]