IMEIK(300896) 长江证券·2024-11-11 09:04Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 719 million yuan in Q3 2024, representing a year-on-year growth of 1.1%, while the net profit attributable to the parent company was 465 million yuan, up 2.13% year-on-year [3][4] - The company maintains a good profitability despite a slowdown in revenue growth due to terminal demand, with a gross margin of 94.6%, a slight decrease of 0.5 percentage points year-on-year [4] - The approval of the "Bonida No. 2" product and the ongoing development of weight management products are expected to diversify the company's product structure and enhance its market position [4][5] - The company is actively advancing its product registration processes and expanding its presence in the medical aesthetics equipment sector, which is expected to enrich its product portfolio and strengthen its competitive edge [5] - The company is projected to have EPS of 6.87, 7.91, and 9.17 yuan for 2024, 2025, and 2026 respectively, indicating a positive growth outlook [5] Financial Summary - In 2023, the total revenue was 2,869 million yuan, with projections of 3,108 million yuan for 2024, 3,565 million yuan for 2025, and 4,247 million yuan for 2026 [9] - The net profit attributable to the parent company is expected to grow from 2,074 million yuan in 2024 to 2,770 million yuan in 2026 [9] - The company's operating profit margin is projected to remain stable, with a slight increase in operating profit from 2,411 million yuan in 2024 to 3,221 million yuan in 2026 [9]