IMEIK(300896) 长江证券·2024-09-17 02:11Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 7.54, 9.22, and 11.11 yuan for 2024, 2025, and 2026, respectively [5][6] Core Views - The company's revenue growth slowed in Q2 2024 due to a high base effect, with a 2.35% YoY increase in revenue and 8.03% YoY increase in net profit [2][4] - The company's profitability remained stable, with a gross margin of 95.3% in Q2 2024, slightly down by 0.2 percentage points YoY [5] - Both solution and gel products maintained double-digit growth in H1 2024, with solution products growing 11.65% YoY and gel products growing 14.57% YoY [5] - The company is advancing its R&D pipeline and expanding its presence in the medical aesthetics equipment sector, enhancing its product portfolio and competitiveness [5] Financial Performance - In H1 2024, the company achieved revenue of 16.57 billion yuan, a 13.53% YoY increase, and net profit of 11.21 billion yuan, a 16.35% YoY increase [2][4] - In Q2 2024, the company's revenue was 8.49 billion yuan, a 2.35% YoY increase, and net profit was 5.93 billion yuan, an 8.03% YoY increase [2][4] - The company's gross margin for solution products was 93.98% in H1 2024, down 1.12 percentage points YoY, while gel products had a gross margin of 97.98%, up 0.6 percentage points YoY [5] Product and R&D Progress - The company has 10 Class III medical device registrations and 4 Class II medical device registrations, including products based on hyaluronic acid, poly-L-lactic acid, and PPDO threads [5] - The company's "Type A Botulinum Toxin for Injection" project has entered the review stage after receiving acceptance from the National Medical Products Administration [5] - The company has increased its stake in Aimeichuang Medical Technology (Zhuhai) Co., Ltd., expanding its presence in the medical aesthetics equipment sector [5] Market and Industry Outlook - The company's "Hi" series products have established strong consumer recognition, benefiting from the trend of light medical aesthetics and compliance-driven operations [5] - The "Rutian Angel" product is gaining brand influence, and its combination with other products is expected to support the company's high-end product matrix [5] - The company's pipeline of products across various indications and categories is expected to lay a solid foundation for long-term growth [5]