IMEIK(SZ:300896) EBSCN·2024-10-24 01:39Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 2.38 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.5%, while the net profit attributable to the parent company was 1.59 billion yuan, up 11.8% year-on-year. In Q3 2024, revenue was 720 million yuan, with a growth of 1.1%, and net profit was 460 million yuan, growing by 2.1% year-on-year [3]. - The overall consumption weakness has impacted the quarterly performance, with the medical beauty industry facing pressure in July and August, leading to a decline in consumer willingness to spend. The report estimates that the HiTi product series continues to show steady growth, but high-end products, particularly regenerative products, are significantly affected due to increased competition [4]. - The decline in the revenue proportion of high-end product lines has led to a slight decrease in gross margin, while effective cost control has improved net profit margin. The gross margin for the first three quarters of 2024 was 94.8%, down 0.5 percentage points year-on-year, while the net profit margin increased by 1.4 percentage points to 66.7% [4]. - The company has made progress in its research projects, with new products approved and clinical trials initiated, which are expected to reduce reliance on major products like HiTi and support future growth [4]. - Due to macroeconomic impacts and increased market competition, the revenue forecasts for 2024-2026 have been revised downwards to 3.139 billion, 3.767 billion, and 4.634 billion yuan, respectively, with corresponding net profit estimates adjusted to 2.058 billion, 2.413 billion, and 2.893 billion yuan [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.38 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 1.59 billion yuan, up 11.8% [3]. - Q3 2024 results showed a revenue of 720 million yuan, growing by 1.1%, and a net profit of 460 million yuan, increasing by 2.1% [3]. Cost Management - The gross margin for the first three quarters of 2024 was 94.8%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved to 66.7%, an increase of 1.4 percentage points [4]. - The company effectively managed its expenses, with a decrease in the expense ratio by 1.1 percentage points to 19.3% for the first three quarters of 2024 [4]. Product Development - The company has received approval for new products and is advancing several research projects, which are expected to enhance its product portfolio and reduce dependency on existing major products [4]. Market Outlook - The report anticipates a slowdown in the medical beauty industry due to macroeconomic factors and increased competition, leading to revised revenue and profit forecasts for the coming years [4].