IMEIK(300896) 海通国际证券·2025-03-28 14:33Investment Rating - The report maintains an "Outperform" rating for the company [1][2][7] Core Views - The company achieved steady growth in 2024, with revenue of Rmb 3.03 billion (+5.5%) and net profit of Rmb 1.96 billion (+5.3%), maintaining a gross profit margin of 94.6% [3][11] - The company is focusing on overseas mergers and acquisitions, particularly the proposed acquisition of REGEN in South Korea, which is expected to significantly contribute to revenue and profits in 2026 [4][16] Financial Performance - Revenue and profit growth for 2024: Revenue of Rmb 3,026 million, net profit of Rmb 1,958 million, with a gross profit margin of 94.6% [3][11] - Q4 2024 performance showed a revenue decline of 7.0% to Rmb 650 million and a net profit decline of 15.5% to Rmb 370 million [12] - Revenue by product category: Solution-based products Rmb 1.74 billion (+4.4%), Gel-based products Rmb 1.22 billion (+5.0%), Facial implant threads Rmb 6.804 million (+15.0%), Other revenue Rmb 59.192 million (+68.5%) [13][14] Research and Development - Increased R&D investment with a ratio of 10.0% in 2024, focusing on new product pipelines and clinical trials [4][15] - The company has received clinical trial approvals for several new products, indicating a commitment to innovation [15] Acquisition Strategy - The proposed acquisition of REGEN for US$190 million is expected to enhance the company's product offerings and production capacity, with the second factory in South Korea expected to start production in Q2 2025 [4][16] - The target company reported revenue of Rmb 72.23 million and net profit of Rmb 29.5 million from January to September 2024 [16] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are Rmb 3.30 billion and Rmb 3.60 billion, respectively, with year-on-year growth of 9.2% and 9.1% [5][17] - The target price is set at Rmb 299.47 per share, corresponding to a P/E ratio of 45x for 2025 and 42x for 2026 [7][17]