IMEIK(300896) 天风证券·2025-03-12 13:20Investment 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 Korean REGEN Biotech, Inc. for approximately $190 million, which is a significant step in its internationalization strategy and crucial for the development of its medical aesthetics business [1][2]. - REGEN Biotech is a leading company in Korea specializing in medical materials and devices, with its flagship products AestheFill and PowerFill already registered in 34 countries, showcasing strong global influence [2]. - The acquisition is expected to enhance the company's market position in injectable filling products, leveraging synergies in R&D, production, and sales to boost international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at 31.7 billion RMB, 39.2 billion RMB, and 47.8 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 20.6 billion RMB, 24.8 billion RMB, and 30.0 billion RMB [3][9]. - The company’s earnings per share (EPS) are projected to grow from 6.81 RMB in 2024 to 9.93 RMB in 2026, reflecting a strong growth trajectory [9][11]. - The report highlights a stable financial position with a low debt ratio of 4.34% and a significant increase in cash reserves projected to reach 10.65 billion RMB by 2026 [4][10]. Market Position - The company is positioned as a leader in the medical aesthetics sector, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The report emphasizes the company's strong competitive edge and market leadership, supported by its innovative product offerings and successful integration of acquisitions [3][9].