IMEIK(SZ:300896) Minsheng Securities·2024-08-22 07:38Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 1.657 billion yuan in H1 2024, representing a year-on-year increase of 13.53%, with a net profit attributable to shareholders of 1.121 billion yuan, up 16.35% year-on-year [2]. - The company has a rich product pipeline and competitive advantages in its product matrix, with significant growth in both solution and gel injection products [2]. - The gross margin remains stable, and cost control capabilities have improved, leading to an increase in net profit margin [2]. - The company is expanding its product offerings through strategic investments and partnerships, enhancing its core competitiveness [2]. - Future revenue growth is expected to be driven by the continued expansion of core products and a robust pipeline of new products [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 3.508 billion yuan, with a growth rate of 22.2%, and a net profit of 2.272 billion yuan, also reflecting a growth rate of 22.2% [3]. - The earnings per share (EPS) is expected to increase from 6.14 yuan in 2023 to 7.51 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 22 [3]. - The gross margin is forecasted to remain around 95% over the next few years, indicating strong profitability [7].