IMEIK(300896) 天风证券·2025-03-12 12:51Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][16]. Core Insights - The company announced plans to acquire 85% of the shares of REGEN Biotech, Inc. for approximately $190 million, marking a significant step in its internationalization strategy and enhancing its medical aesthetics business [1][2]. - REGEN Biotech is a leading South Korean company in the medical aesthetics sector, known for its AestheFill and PowerFill products, which have received regulatory approval in 34 countries [2]. - The acquisition is expected to strengthen the company's position in the injectable filler market, leveraging synergies in research, production, and sales to enhance international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at RMB 31.7 billion, RMB 39.2 billion, and RMB 47.8 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 20.6 billion, RMB 24.8 billion, and RMB 30.0 billion [3][9]. - The company’s earnings per share (EPS) are projected to grow from RMB 6.81 in 2024 to RMB 9.93 in 2026, reflecting a strong growth trajectory [9][11]. - The report anticipates a steady decline in the price-to-earnings (P/E) ratio from 28x in 2024 to 19x in 2026, indicating improving valuation metrics as the company grows [3][9]. Market Position - The company is positioned as a leader in the medical aesthetics industry, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The acquisition of REGEN Biotech is expected to solidify the company's competitive edge and expand its market presence internationally [1][3].