IMEIK(SZ:300896)2024-09-10 10:03Investment Rating - The report maintains an "Outperform" rating for the company [3][8][13] Core Insights - The company achieved a revenue growth of 13.5% in the first half of 2024, with significant contributions from recycled products [2][10] - The gross margin for the first half of 2024 was reported at 94.9%, with a net profit margin of 67.7%, reflecting improved efficiency in sales and management expenses [11][12] - The company has a robust pipeline of products under development, including various medical and aesthetic solutions, which are expected to drive future growth [12][13] Financial Performance - For the first half of 2024, the company reported a revenue of 1.66 billion yuan, with net profit attributable to the parent company reaching 1.12 billion yuan, marking a 16.4% increase [11][12] - The projected revenues for 2024 and 2025 are estimated at 3.50 billion yuan and 4.36 billion yuan, respectively, with year-on-year growth rates of 21.9% and 24.6% [13] - The net profit for 2024 and 2025 is expected to be 2.29 billion yuan and 2.88 billion yuan, reflecting growth rates of 23.4% and 23.6% [13] Market Position and Valuation - The company is recognized as an industry leader with strong brand and channel advantages, justifying a target price of HKD 341.34 per share based on a 36x PE for 2025 [13] - The current market capitalization is approximately 41.03 billion yuan (5.77 billion USD) [3][8] Product Development - The company is advancing several key products, including Type A botulinum toxin and modified hyaluronic acid gel, which are in various stages of regulatory approval [12][13] - The investment in the "Beautiful Health Industrialization Innovation Construction Project" aims to enhance production capacity and product offerings [11][12]