IMEIK(300896) 海通国际·2024-11-10 07:26Investment Rating - The report maintains an "Outperform" rating for the company [1][4][7] Core Insights - The company's revenue and profit showed steady growth in the first three quarters of 2024, with total revenue reaching CNY 2.38 billion (+9.5%) and net profit attributable to the parent company at CNY 1.59 billion (+11.8%) [4][5] - In Q3 2024, the company achieved revenue of CNY 720 million (+1.1%) and net profit of CNY 460 million (+2.1%), with a net profit margin of 66.7% (+1.5%) [4][5] - The growth rate of core products has slowed, influenced by the consumer environment [4][5] - Cost optimization has led to improved profit quality, with a gross margin of 94.8% (-0.5pp) and an operating profit margin of 78.4% (+2.4pp) [5][6] - The company is optimistic about new product launches, particularly Bonita 2.0, expected to enhance its competitive advantage [6][7] Financial Performance and Forecast - Revenue forecasts for 2024 and 2025 are CNY 3.13 billion and CNY 3.64 billion, representing year-on-year increases of 9.2% and 16.2% respectively [7] - Net profit forecasts for the same period are CNY 2.05 billion and CNY 2.38 billion, with year-on-year increases of 10.4% and 16.1% [7] - The company is valued at a 2025 PE of 38X, with a target price adjusted to HKD 299.47 per share [7]