IMEIK(SZ:300896) Guoxin Securities·2024-10-24 13:03Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][12] Core Views - The company has shown steady growth in the first three quarters of 2024, with revenue reaching 2.376 billion yuan, a year-on-year increase of 9.46%, and net profit attributable to the parent company at 1.586 billion yuan, up 11.79% year-on-year [1][4] - The company continues to enhance its product pipeline, with core products like the Hi-Body series achieving double-digit growth in the latest quarter [1][6] - The medical beauty industry has significant long-term penetration potential, and under regulatory compliance trends, leading companies will further highlight their advantages [1][6][8] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 94.55%, a slight decrease of 0.52 percentage points year-on-year, primarily due to changes in product mix [1][6] - The operating cash flow for the first three quarters was 1.535 billion yuan, reflecting a year-on-year growth of 4.72% [1][6] - The company has adjusted its net profit forecasts for 2024-2026 to 2.122 billion, 2.493 billion, and 2.868 billion yuan respectively, with corresponding PE ratios of 30.1, 26.3, and 22.8 times [1][8][9] Product Development and Market Position - The company is actively expanding its product matrix, with recent approvals for new medical products, including a cross-linked sodium hyaluronate gel and a semaglutide injection [1][6] - The company maintains a stable expense ratio, with the sales expense ratio at 8.99% and the management expense ratio decreasing to 3.3% [1][6]