IMEIK(300896) 光大证券·2025-04-26 10:42Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Views - The company's Q1 2025 performance showed a decline in revenue and net profit due to a high base from the previous year and a structural differentiation in product sales, particularly a decrease in the overall selling price of solution products [1][2]. - The gross margin slightly decreased to 93.9%, down by 0.7 percentage points year-on-year, while the net profit margin increased to 66.9%, up by 1.6 percentage points year-on-year [2]. - The company is expected to achieve long-term growth through overseas expansion and strengthening its new product lineup, with the acquisition of REGEN Biotech, Inc. enhancing its regenerative product system and facilitating international market entry [3]. Financial Performance Summary - Q1 2025 revenue was 660 million yuan, a year-on-year decrease of 17.9%, and net profit was 440 million yuan, down 15.9% year-on-year [1]. - The company’s operating expenses increased by 4.1 percentage points year-on-year to 21.9% [2]. - Other income rose significantly by 559.6% year-on-year to 21.71 million yuan, mainly due to increased government subsidies [2]. Earnings Forecast and Valuation - Revenue and net profit forecasts for 2025-2027 are maintained, with expected EPS of 6.84, 8.10, and 9.30 yuan respectively, corresponding to P/E ratios of 25, 21, and 19 times [3][4]. - The company is projected to achieve revenue of 3.213 billion yuan in 2025, with a growth rate of 6.18% [4]. - The net profit for 2025 is estimated at 2.071 billion yuan, reflecting a growth rate of 5.77% [4]. Profitability and Financial Ratios - The gross margin is projected to be 94.2% in 2025, with a slight decrease from previous years [13]. - The return on equity (ROE) is expected to decline gradually from 29.28% in 2023 to 22.29% in 2027 [13]. - The company maintains a strong liquidity position, with a current ratio projected at 26.22 in 2025 [13].