IMEIK(300896) Tai Ping Yang·2024-04-29 05:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on the last closing price of 297.01 [1][4]. Core Insights - The company's Q1 2024 financial results met expectations, with a revenue growth of 27% year-on-year, driven primarily by the stable growth of the "Hi Body" series and the rapid expansion of the "Ruh White Angel" product line [2][3]. - The gross profit margin and net profit margin for Q1 2024 were reported at 94.55% and 65.27% respectively, indicating strong profitability [2]. - The company is expected to continue benefiting from a robust product pipeline, with several new products in the approval stage, which will contribute to sustained revenue growth [2][3]. Financial Performance Summary - Q1 2024 revenue was 8.1 billion yuan, reflecting a year-on-year increase of 28% [2]. - The company forecasts a revenue of 38.33 billion yuan for 2024, with a growth rate of 34% [2]. - The projected net profit for 2024 is 2.445 billion yuan, with a growth rate of 32% [2]. - The diluted earnings per share for 2024 is estimated at 11.3 yuan, with a corresponding PE ratio of 26.3 [2].