IMEIK(300896) Xinda Securities·2024-04-25 11:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong revenue growth of 28.2% year-on-year in Q1 2024, achieving a total revenue of 808 million yuan. The net profit attributable to the parent company was 527 million yuan, reflecting a year-on-year increase of 27.4% [2] - The report highlights the company's excellent performance in return on equity (ROE), which reached over 30% in 2023, and the entry of its botulinum toxin product into the registration phase [1][2] - The company is expected to continue benefiting from new product approvals and gradual market penetration, with projections indicating net profits of 2.45 billion yuan, 3.18 billion yuan, and 4.06 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 31.9%, 29.6%, and 27.8% [2][3] Financial Summary - The total revenue for the company is projected to grow from 2.87 billion yuan in 2023 to 4.93 billion yuan in 2025, with a compound annual growth rate (CAGR) of 28.7% [3] - The gross margin is expected to remain high, with estimates of 95.1% for 2024 and 2025, slightly decreasing to 94.1% by 2026 [3] - The earnings per share (EPS) is forecasted to increase from 8.59 yuan in 2023 to 14.68 yuan in 2025, indicating a strong upward trend in profitability [3] Expense and Profitability Analysis - The company has optimized its expense ratios, with a significant decrease in management expenses attributed to a high base from previous periods. The sales expense ratio also declined due to revenue growth [2] - The net profit margin for Q1 2024 was reported at 65.35%, showing a slight decrease of 0.2 percentage points year-on-year, but overall profitability remains robust [2]