IMEIK(300896) China Post Securities·2024-04-26 01:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [5]. Core Views - The company reported a Q1 2024 revenue of 810 million yuan, a year-on-year increase of 28.2%, and a net profit attributable to shareholders of 530 million yuan, up 27.4% year-on-year, indicating that revenue performance met prior forecasts [2][3]. - The high growth in revenue is attributed to the industry's strong performance in early 2024 and the popularity of regenerative products, which have shown robust growth [2]. - The gross margin for Q1 2024 was 94.6%, slightly down by 0.7 percentage points year-on-year, while the net profit margin remained high at 65.3% [2][3]. Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 2,869 million yuan, 2025E at 3,835 million yuan, and 2026E at 4,885 million yuan, with growth rates of 47.99%, 33.64%, and 27.39% respectively [3][4]. - The net profit attributable to shareholders is projected to be 1,858 million yuan in 2023, increasing to 2,483 million yuan in 2024, and reaching 3,138 million yuan in 2025, with corresponding growth rates of 47.08% and 33.58% [4]. - The earnings per share (EPS) are expected to rise from 8.59 yuan in 2023 to 11.47 yuan in 2024, and further to 14.50 yuan in 2025 [4].