IMEIK(300896) 国盛证券·2025-03-12 01:34Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has made significant progress in its internationalization strategy by planning to acquire 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company [1][2] - The acquisition is expected to enhance the company's competitive edge in the medical aesthetic injection market and facilitate the integration of R&D, production, and sales resources, thereby driving future growth [3] - The financial forecasts have been adjusted, with projected revenues for 2024, 2025, and 2026 expected to be 31.7 billion, 37.1 billion, and 43.9 billion RMB respectively, and net profits expected to be 20.4 billion, 23.7 billion, and 27.6 billion RMB, reflecting year-on-year growth rates of 9.5%, 16.4%, and 16.6% [3] Financial Summary - The company's revenue for 2022 was 1,939 million RMB, with a projected increase to 2,869 million RMB in 2023 and further growth to 3,172 million RMB in 2024, representing a year-on-year growth rate of 33.9% in 2022 and 48.0% in 2023 [4] - The net profit for 2022 was 1,264 million RMB, expected to rise to 1,858 million RMB in 2023 and 2,035 million RMB in 2024, with growth rates of 31.9% and 9.5% respectively [4] - The company's earnings per share (EPS) is projected to be 6.73 RMB in 2024, increasing to 7.83 RMB in 2025 and 9.13 RMB in 2026 [4] Acquisition Details - The acquisition of REGEN Biotech, Inc. will be executed through a cash payment of 190 million USD, with the company holding a 59.5% stake post-acquisition [1][3] - REGEN Biotech, Inc. has established a strong distribution network and has received regulatory approvals for its products in multiple countries, including China [3][4]