IMEIK(SZ:300896) Xin Lang Cai Jing·2025-10-21 06:36Core Insights - The company has received approval for a new hair product, minoxidil, which is a key move in the hair health sector, offering both 2% and 5% formulations to meet diverse consumer needs [1] - The acquisition of 85% of Korean regenerative medical aesthetics company REGEN for $190 million marks a strategic milestone in the company's transition from a domestic hyaluronic acid leader to a global medical aesthetics solution provider [2] - The company expects improved performance in the second half of the year due to a low base, with a long-term outlook on increasing penetration in the medical aesthetics market [2] Product Development - The approval of minoxidil allows the company to leverage its medical aesthetics channel advantages, creating a "treatment + care" ecosystem for hair health [1] - The company has a robust pipeline with 12 Class III medical device product registrations, including botulinum toxin and lidocaine products, which are in the review stage [1] Acquisition Strategy - The acquisition of REGEN provides the company with a mature product matrix and immediate revenue contributions, while also enabling long-term growth through advancements in synthetic biology and global channel expansion [2] Financial Projections - The company is projected to achieve revenues of 2.72 billion, 3.18 billion, and 3.57 billion yuan, with net profits of 1.64 billion, 1.88 billion, and 2.10 billion yuan for the years 2025 to 2027 [2] Valuation Metrics - Corresponding P/E ratios are expected to be 33.4, 29.1, and 26.2 for the years 2025 to 2027, maintaining a "buy" rating [3]