IMEIK(300896) 国信证券·2025-04-25 09:30Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9]. Core Views - The company's overall performance in Q1 2025 faced pressure, with revenue of 664 million yuan, down 17.9% year-on-year, and net profit attributable to shareholders of 444 million yuan, down 15.87% year-on-year. The decline is attributed to the overall pressure on the aesthetic medicine terminal market, but future overseas acquisitions are expected to open new growth opportunities [1][5]. - The company announced plans to acquire 59.5% of Korean REGEN Biotech to strengthen its regenerative aesthetic product layout and leverage the acquisition to expand international market sales [1][5]. - The gross profit margin slightly decreased to 93.85%, down 0.7 percentage points year-on-year, influenced by changes in product structure. R&D investment intensity has increased, with R&D expense ratio at 8.82%, up 1.7 percentage points year-on-year [1][7]. Financial Performance and Forecast - The company forecasts revenue growth from 2,869.35 million yuan in 2023 to 4,377.70 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.74% [3]. - Net profit is projected to grow from 1,858.48 million yuan in 2023 to 2,802.90 million yuan in 2027, reflecting a CAGR of about 15.34% [3]. - The earnings per share (EPS) is expected to increase from 8.59 yuan in 2023 to 9.28 yuan in 2027 [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 2,123 million yuan, 2,430 million yuan, and 2,803 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.6, 21.5, and 18.6 [2][9].