IMEIK(SZ:300896) CAITONG SECURITIES·2024-07-03 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has received regulatory acceptance for its exclusive agent A-type botulinum toxin Hutox in China, which is aimed at treating moderate to severe glabellar lines. This product is a replacement for a product from the Korean company Huons, and the company acquired exclusive distribution rights in China through a stake purchase in Huons [4] - The domestic botulinum toxin market has significant growth potential, with the global market size expected to reach $7.7 billion in 2023, and the compliant domestic market projected to be approximately 9.8 billion RMB, growing at about 18%. The company is well-positioned to capture market share as the supply of compliant products increases, potentially squeezing out counterfeit products [4] - The company is expanding its product pipeline beyond hyaluronic acid and regenerative materials, aiming to become a platform leader in the medical aesthetics industry. The company has a comprehensive product layout and is expected to benefit from industry trends, with several products in various stages of development, including botulinum toxin and other aesthetic solutions [4] Financial Projections - The company is expected to achieve revenues of 3.83 billion RMB, 4.99 billion RMB, and 6.32 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.45 billion RMB, 3.16 billion RMB, and 3.97 billion RMB. The projected price-to-earnings ratios (PE) are 21, 16, and 13 times for the same years [4][5]