IMEIK(SZ:300896) Minsheng Securities·2024-10-24 14:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown continuous improvement in profitability, with a strong pipeline of products under development [2]. - For the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%, and a net profit attributable to shareholders of 1.586 billion yuan, up 11.79% year-on-year [2]. - The gross margin remains stable at 94.80% for the first three quarters of 2024, with a net profit margin of 66.73%, reflecting enhanced profitability [2]. - The company is expected to achieve revenues of 3.213 billion, 3.626 billion, and 4.013 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.090 billion, 2.373 billion, and 2.636 billion yuan [3][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year increase of 1.10%, and a net profit of 465 million yuan, up 2.13% year-on-year [2]. - The company’s gross margin for Q3 2024 was 94.55%, a slight decrease of 0.52 percentage points year-on-year [2]. - The net profit margin for Q3 2024 was 64.54%, an increase of 0.59 percentage points year-on-year [2]. Product Development - The core product, "Hi Body," has achieved significant penetration in medical beauty institutions, with future growth driven by institutional repurchases [2]. - The company has a rich pipeline of products, including new indications for existing products and several projects in various stages of clinical trials [2]. Investment Outlook - The company is expected to benefit from its first-mover advantage in the medical beauty sector, with continuous growth in regenerative materials and a robust product pipeline [2]. - The projected PE ratios for 2024, 2025, and 2026 are 30, 27, and 24, respectively, indicating a favorable valuation outlook [3][5].