IMEIK(300896) Guotai Junan Securities·2024-04-28 06:02Investment Rating - The investment rating for the company is "Buy" with a target price of 429.30 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's profitability remains high, and the pipeline is expected to deliver results gradually, indicating a positive long-term growth outlook [1][2]. Financial Summary - In Q1 2024, the company reported revenue of 8.08 billion CNY, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 5.27 billion CNY, up 27.38%, while the net profit excluding non-recurring items was 5.28 billion CNY, reflecting a 36.53% increase [1][2]. - The forecasted EPS for 2024-2026 is 11.31 CNY, 14.92 CNY, and 19.03 CNY respectively [1][2]. - The gross margin for Q1 2024 was 94.55%, showing a quarter-on-quarter increase of 0.1 percentage points [1][2]. Pipeline and Growth Potential - The company has a comprehensive pipeline that is expected to yield results, including exclusive agency agreements for two non-invasive anti-aging devices in China [1][2]. - The pipeline includes various products at different stages, such as injectable botulinum toxin and medical-grade hyaluronic acid, which are in the registration application phase [1][2]. Financial Projections - The projected revenue for 2024 is 3,855 million CNY, with a growth rate of 34% compared to 2023 [2]. - The net profit for 2024 is expected to reach 2,447 million CNY, maintaining a growth rate of 33% [2]. - The company’s operating profit margin is projected to remain stable around 71.3% for 2024 [2]. Market Position - The company is positioned as a leading innovator in the field of biomedical soft tissue repair materials, focusing on the development and commercialization of biomaterials for medical applications [2].