IMEIK(300896) 国元证券·2025-03-12 03:51Investment Rating - The report maintains a "Buy" rating for the company, projecting a price increase relative to the benchmark index of over 15% [5][11]. Core Views - The company is set to enhance its international strategy by acquiring 85% of REGEN Biotech, Inc. for $190 million, which is expected to strengthen its global presence in the regenerative aesthetic medicine sector [2][4]. - REGEN Biotech is recognized for its innovative products, including AestheFill, which has received approval in 34 countries and regions, indicating strong market acceptance [3][4]. - The acquisition is anticipated to bolster the company's revenue and profitability, with projected earnings per share (EPS) of 6.91, 8.31, and 10.00 CNY for 2024, 2025, and 2026 respectively [5][6]. Financial Summary - The company reported revenues of 1,938.84 million CNY in 2022, with a projected increase to 3,247.22 million CNY in 2024, reflecting a year-on-year growth of 13.17% [6]. - The net profit for 2022 was 1,263.56 million CNY, expected to rise to 2,091.91 million CNY by 2024, with a net profit margin of approximately 64.42% [6][10]. - The company's return on equity (ROE) is projected to be 25.10% in 2024, indicating strong profitability and efficient use of equity [6][10].