IMEIK(SZ:300896) Huachuang Securities·2024-08-23 04:09Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 189 CNY, compared to the current price of 143.87 CNY [2][3]. Core Insights - The company achieved a revenue of 1.657 billion CNY in H1 2024, representing a year-on-year growth of 13.53%. The gross profit was 1.573 billion CNY with a gross margin of 94.91%, a slight decrease of 0.50 percentage points year-on-year. The net profit attributable to the parent company was 1.121 billion CNY, up 16.35% year-on-year, with a net profit margin of 67.65%, an increase of 1.64 percentage points year-on-year [2]. - In Q2 2024, the company reported revenue of 849 million CNY, a growth of 2.35% year-on-year. The gross profit was 809 million CNY with a gross margin of 95.26%, down 0.24 percentage points year-on-year. The net profit attributable to the parent company was 593 million CNY, up 8.03% year-on-year, with a net profit margin of 69.92%, an increase of 3.68 percentage points year-on-year [2][3]. - The company is focusing on the launch of its product pipeline, with expectations for multiple products to be approved post-2025, enhancing its product matrix and competitive advantage [3]. Financial Summary - For the fiscal years 2023A to 2026E, the total revenue is projected to grow from 2.869 billion CNY in 2023 to 5.601 billion CNY in 2026, with year-on-year growth rates of 48.0%, 22.3%, 26.9%, and 25.7% respectively [4]. - The net profit attributable to the parent company is expected to increase from 1.858 billion CNY in 2023 to 3.588 billion CNY in 2026, with corresponding growth rates of 47.1%, 22.8%, 25.1%, and 25.7% [4]. - The earnings per share (EPS) is forecasted to rise from 6.14 CNY in 2023 to 11.86 CNY in 2026, with a price-to-earnings (P/E) ratio decreasing from 23 to 12 over the same period [4].