IMEIK(SZ:300896) Guoyuan Securities·2024-08-22 08:08Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a revenue of 1.657 billion yuan for H1 2024, representing a year-on-year growth of 13.53%, and a net profit attributable to shareholders of 1.121 billion yuan, up 16.35% year-on-year [3]. - The gross margin for H1 2024 was 94.91%, a slight decrease of 0.5 percentage points year-on-year, while the net margin improved by 1.82 percentage points to 67.68% [3]. - The company is expanding its product pipeline and has entered the registration phase for new products, including botulinum toxin and minoxidil solution [4]. Financial Performance - In Q2 2024, the company achieved a revenue of 849 million yuan, with a year-on-year growth of 2.35%, and a net profit of 593 million yuan, up 8.03% year-on-year [3]. - The revenue from solution products in H1 2024 was 976 million yuan, growing 11.65% year-on-year, while gel products generated 649 million yuan, a 14.57% increase [4]. - The company has a strong focus on differentiated product offerings, which are well-received in the market, contributing to its sustained profitability [4]. Future Outlook - The company is expected to achieve EPS of 7.77, 10.04, and 12.27 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 15, and 12 times [5]. - The company is actively pursuing opportunities in weight management and hair regeneration sectors, aiming to provide comprehensive solutions alongside existing products [4].