IMEIK(300896) 东吴证券·2025-03-14 07:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is acquiring 85% of REGEN Biotech for $190 million, enhancing its position in the regenerative medical aesthetics sector and facilitating international expansion [6] - REGEN Biotech is a leading South Korean company in medical aesthetics, known for its innovative products like AestheFill, which has a strong market presence in 34 countries [6] - The acquisition is expected to strengthen the company's market leadership in high-end regenerative medical aesthetics and optimize costs through synergies in R&D and supply chain management [6] - The company has a robust pipeline of products, including a recently approved medical-grade hyaluronic acid gel and various injectables, which supports its sustainable growth [6] Financial Summary - The company's total revenue is projected to grow from 2,869 million RMB in 2023 to 3,987 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 12.35% [1][7] - Net profit attributable to the parent company is expected to increase from 2,084 million RMB in 2024 to 2,656 million RMB in 2026, with a CAGR of about 12.97% [1][7] - The earnings per share (EPS) is forecasted to rise from 6.14 RMB in 2024 to 8.78 RMB in 2026, indicating a positive trend in profitability [1][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29 times in 2024 to 22.81 times in 2026, suggesting an attractive valuation as earnings grow [1][7]