IMEIK(SZ:300896) KAIYUAN SECURITIES·2024-10-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported revenue and net profit growth under pressure in Q3 2024, with a revenue of 2.376 billion yuan (up 9.5% year-on-year) and a net profit of 1.586 billion yuan (up 11.8% year-on-year) for the first three quarters. Q3 alone saw revenue of 719 million yuan (up 1.1%) and a net profit of 465 million yuan (up 2.1%) [1] - Despite a shift in policy, recovery in end-consumer demand is expected to take time, leading to a downward revision of profit forecasts for 2024-2026. The projected net profits are 2.075 billion yuan, 2.496 billion yuan, and 2.956 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.86 yuan, 8.25 yuan, and 9.77 yuan [1] - The company's product planning is clear, and the upcoming differentiated product lines are expected to drive long-term growth, making the current valuation reasonable [1] Financial Summary - For Q1-Q3 2024, the gross margin was 94.8%, slightly down from 95.1% in 2023, primarily due to an increase in the proportion of lower-margin solution products [2] - The expense ratio for Q3 2024 was 20.4%, up 1.2 percentage points, with a financial expense ratio of -0.5% due to reduced interest income from large-scale financial products [2] - The company has a rich matrix of aesthetic medical products, with several new products and pipelines expected to enhance growth. Notable products include "Hi Body," "Bonida 2.0," and customized products in collaboration with Langzi [3] - The company has several products in the pipeline, including botulinum toxin and lipolytic injections, with clinical trials and registration applications progressing steadily [3] Financial Projections - Revenue projections for 2024-2026 are 3.174 billion yuan, 3.817 billion yuan, and 4.515 billion yuan, with year-on-year growth rates of 10.6%, 20.2%, and 18.3% respectively [4] - The projected net profit for 2024-2026 is 2.075 billion yuan, 2.496 billion yuan, and 2.956 billion yuan, with corresponding year-on-year growth rates of 11.7%, 20.3%, and 18.4% [4] - The company's current P/E ratios are 30.4, 25.3, and 21.4 for 2024, 2025, and 2026 respectively, indicating a reasonable valuation [4] Market Data - The current stock price is 208.70 yuan, with a market capitalization of 63.119 billion yuan and a circulating market capitalization of 43.506 billion yuan [5] - The stock has seen a significant trading volume, with a turnover rate of 107.45% over the past three months [5]