IMEIK(300896) 长江证券·2025-04-14 12:44Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 3.026 billion yuan for 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, which is a 5.33% increase year-on-year. A cash dividend of 38 yuan (including tax) is proposed for every 10 shares held [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company experienced revenue pressure, achieving 650 million yuan, a year-on-year decline of 7%, and a net profit of 372 million yuan, down 15.5% year-on-year. The annual revenue breakdown for 2024 was 810 million, 850 million, 720 million, and 650 million yuan for Q1 to Q4, respectively, with changes of +28%, +2.35%, +1.1%, and -7% [12]. - For the entire year, the solution and gel products maintained stable growth, with revenue from solution products at 1.7 billion yuan (up 4.4% year-on-year) and gel products at 1.2 billion yuan (up 5% year-on-year). Direct sales channels generated approximately 2 billion yuan in sales (up 12.4%), while distribution channels saw a decline of 6% to about 1 billion yuan [12]. - The company maintained a gross margin of 95% for the year, with the gross margin for solution products narrowing by 0.72 percentage points and for gel products increasing by 0.49 percentage points. The R&D expense ratio rose to 10% [12]. Product Development and Market Outlook - The company has a rich pipeline of products in development, including a medical-grade polyvinyl alcohol gel for correcting chin retraction, which has received a Class III medical device registration certificate. Other products are in various stages of approval [12]. - The company plans to acquire a controlling stake in South Korea's REGEN, which is expected to enhance its regenerative materials product line and expand its global market presence [12]. - EPS forecasts for 2025, 2026, and 2027 are 7.12, 7.92, and 8.68 yuan, respectively, supporting the "Buy" rating [12].