IMEIK(300896) 光大证券·2025-03-12 02:10Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of REGEN Biotech, Inc. will enhance the company's position in the domestic regenerative market, allowing for a more comprehensive aesthetic medical product system [6][7] - The acquisition price corresponds to a PE ratio of 32.5 times based on REGEN Biotech, Inc.'s 2023 net profit, indicating a strategic investment in a high-demand product [8] - The new factory's production is expected to alleviate current capacity constraints, facilitating further market growth for AestheFill in both domestic and international markets [8] Summary by Sections Acquisition Details - AestheFill, a leading product from REGEN Biotech, Inc., has been approved for sale in China and is expected to significantly contribute to the company's revenue [6] - The acquisition involves a cash payment of $190 million, with the company holding a 59.5% stake post-transaction [6] Financial Projections - The company forecasts net profits of 2.06 billion, 2.41 billion, and 2.89 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.80, 7.97, and 9.56 yuan [8][10] - Revenue is projected to grow from 2.87 billion yuan in 2023 to 4.63 billion yuan in 2026, reflecting a compound annual growth rate [10] Market Position - AestheFill has gained regulatory approval in 34 countries, showcasing its international market potential and the company's capability to expand overseas [7] - The report highlights the importance of integrating resources with REGEN Biotech, Inc. to enhance product offerings and market reach [7]