IMEIK(300896) 天风证券·2025-04-28 04:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 17.90% year-over-year in Q1 2025, with total revenue of 663 million yuan and a net profit of 444 million yuan, down 15.87% year-over-year [1]. - The gross margin remained stable at 93.85%, with a slight decrease of 0.70 percentage points year-over-year, while the net profit margin increased by 1.61 percentage points to 66.88% [2]. - The company is pursuing growth through acquisitions and international expansion, notably a planned acquisition of a Korean company for 190 million USD, which is expected to enhance its sales capabilities and open up overseas markets [3]. - The company has a robust pipeline of internal R&D projects, with 11 Class III medical device products already available, and several others in various stages of development, which is expected to support a return to growth [4]. Financial Summary - The company forecasts revenues of 3.29 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.13 billion yuan, 2.40 billion yuan, and 2.73 billion yuan for the same years [4][10]. - The company’s financial metrics indicate a PE ratio of 25x for 2025, decreasing to 20x by 2027, reflecting an expected improvement in profitability [4][10].