IMEIK(300896) 光大证券·2024-08-22 10:10Investment Rating - The report maintains a "Buy" rating for the company with a current price of 164.07 CNY [1] Core Views - The company reported a 1H2024 revenue of 1.66 billion CNY, a year-on-year increase of 13.5%, and a net profit attributable to the parent company of 1.12 billion CNY, up 16.3% year-on-year [1] - The revenue for Q2 2024 was 850 million CNY, showing a year-on-year growth of 2.3%, while the net profit attributable to the parent company was 590 million CNY, reflecting an 8.0% year-on-year increase [1] - The report highlights stable growth in solution products and continued volume increase in gel products, particularly the "Ru Bai Tian Shi" series, which has driven an increase in gross margin for gel products [1] - The company has a strong R&D capability with a rich pipeline of products, including ten Class III medical devices, which are expected to reduce reliance on the "Hai Ti" series products for revenue growth [2] Financial Performance Summary - The company’s revenue for 2024 is projected to be 3.319 billion CNY, with a growth rate of 15.66% [3] - The net profit for 2024 is forecasted at 2.149 billion CNY, with a growth rate of 15.64% [3] - The earnings per share (EPS) for 2024 is estimated to be 7.11 CNY, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 16 for 2024, 2025, and 2026 respectively [2][3] - The gross margin for the company in 1H2024 was 94.9%, with a net profit margin of 67.7% [1] Product and Market Insights - The revenue from solution products and gel products for 1H2024 was 980 million CNY and 650 million CNY respectively, with year-on-year growth rates of 11.7% and 14.6% [1] - The report notes that the increase in the sales proportion of the "Ru Bai Tian Shi" product has contributed to the improvement in gross margin for gel products [1] - The company has multiple ongoing R&D projects, including a botulinum toxin injection project that has entered the review stage, which is expected to inject new growth momentum into the company's performance [1]