IMEIK(SZ:300896) Soochow Securities·2024-10-24 08:08Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Insights - The company achieved a total revenue of 2.376 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.46%. The net profit attributable to shareholders was 1.586 billion yuan, up 11.79% year-on-year [3] - The growth rate of revenue has slowed down in Q3 2024, with a total revenue of 719 million yuan, reflecting a 1.1% increase year-on-year. The net profit for the same quarter was 465 million yuan, an increase of 2.13% [3] - The management expense ratio significantly decreased in Q3 2024, leading to an improvement in the net profit margin. The gross profit margin was 94.55%, and the net profit margin was 64.54%, with year-on-year changes of +0.52pp and +0.59pp respectively [3] - The company has received new approvals for its hyaluronic acid products and is set to commence Phase III clinical trials for its semaglutide injection, indicating a robust pipeline for future growth [3] Financial Performance Summary - The total revenue forecast for 2024 is adjusted to 3.164 billion yuan, with a year-on-year growth rate of 10.26%. The net profit forecast for 2024 is revised to 2.084 billion yuan, corresponding to a growth rate of 12.12% [4] - The earnings per share (EPS) for 2024 is projected to be 6.89 yuan, with a price-to-earnings (P/E) ratio of 31.49 based on the current market price [2][4] - The company’s operating cash flow for 2024 is expected to be 2.179 billion yuan, reflecting a steady increase [8]