IMEIK(SZ:300896) Shanxi Securities·2024-10-24 06:38Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company reported a slight year-on-year increase in revenue and net profit for Q3 2024, with revenue reaching 2.376 billion yuan (+9.46%) and net profit at 1.586 billion yuan (+11.79%) [2] - The company's gross margin for the first three quarters of 2024 was 94.8%, a slight decrease of 0.5 percentage points, while the net profit margin improved by 1.5 percentage points to 66.73% [3] - The company is expected to see new growth from its injectable botulinum toxin product, which has entered the registration phase [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 719 million yuan (+1.1%) and net profit of 465 million yuan (+2.13%) [2] - The operating cash flow for the first three quarters of 2024 was 1.534 billion yuan (+4.72%) [3] - The projected EPS for 2024-2026 is expected to be 6.70, 7.91, and 9.38 yuan respectively, with corresponding P/E ratios of 32.4, 27.4, and 23.1 [4] Revenue and Profit Forecast - The company’s revenue is forecasted to grow from 3.19 billion yuan in 2024 to 4.648 billion yuan in 2026, with year-on-year growth rates of 11.2% and 23.0% respectively [4] - Net profit is projected to increase from 2.025 billion yuan in 2024 to 2.838 billion yuan in 2026, with year-on-year growth rates of 9.0% and 18.7% respectively [4]