IMEIK(SZ:300896) Guoxin Securities·2025-03-20 07:45Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve revenue growth of 5.45% year-on-year in 2024, reaching 3.0267 billion yuan, with a net profit of 1.9576 billion yuan, reflecting a growth of 5.33% [1][7]. - The company is actively expanding its product lines and international business through acquisitions, including a recent planned acquisition of South Korean REGEN Biotech to enhance its regenerative materials and open international sales channels [1][12]. - The medical beauty industry has significant long-term growth potential, and the company's strategy of combining self-research with external acquisitions is expected to provide new growth drivers for performance [3][15]. Financial Performance - In 2024, the gross profit margin is projected to be 94.64%, slightly down by 0.46 percentage points year-on-year, indicating stability despite increased industry price competition [2][13]. - The company maintains a stable operating cash flow of 1.927 billion yuan, reflecting good cash flow conditions [2][13]. - The revenue from solution and gel injection products is expected to grow at around 5%, maintaining their respective revenue shares of 57.64% and 40.18% [9][10]. Earnings Forecast - The forecast for net profit in 2025 and 2026 has been revised down to 2.237 billion yuan and 2.618 billion yuan, respectively, with a new estimate for 2027 at 3.017 billion yuan [3][16]. - The company’s earnings per share (EPS) is projected to be 6.47 yuan in 2024, increasing to 7.41 yuan in 2025 [4][19].