IMEIK(300896) 国元证券·2025-03-12 04:25Investment Rating - The report maintains a "Buy" rating for the company, projecting a price increase of over 15% compared to the benchmark index [5][11]. Core Views - The company plans to acquire 85% of REGEN Biotech, Inc. for $190 million, marking a significant step in its international expansion strategy [2][4]. - REGEN Biotech is recognized for its innovative aesthetic products, particularly AestheFill, which has received approval in 34 countries and regions, enhancing the company's market position [3][4]. - The acquisition is expected to strengthen the company's global presence and improve its profitability through enhanced product offerings and distribution channels [4]. Financial Summary - The company is projected to achieve earnings per share (EPS) of 6.91, 8.31, and 10.00 CNY for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 29, 24, and 20 [5][6]. - Revenue is expected to grow from 3,247.22 million CNY in 2024 to 4,750.24 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.84% [6][10]. - The net profit is forecasted to increase from 2,091.91 million CNY in 2024 to 3,028.88 million CNY in 2026, indicating a strong growth trajectory [6][10].