IMEIK(SZ:300896)2024-10-25 01:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported lower-than-expected performance in its Q3 2024 results, with revenue of 2.376 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 1.586 billion yuan, up 11.8% year-on-year [3][4] - The company has a rich pipeline of products under development, with expectations for significant volume growth post-2025, including various medical aesthetic products and devices [3][4] - The report anticipates continued growth driven by new product launches and an increasing market penetration of existing products, despite a downward revision of profit forecasts for 2024-2026 [4] Financial Data Summary - For Q1-Q3 2024, the company achieved a revenue of 2.376 billion yuan, with a net profit of 1.586 billion yuan, and a gross margin of 94.8% [5][9] - The projected net profits for 2024, 2025, and 2026 are 2.055 billion yuan, 2.441 billion yuan, and 2.781 billion yuan respectively, with corresponding PE ratios of 32, 27, and 24 [4][5] - The company’s market capitalization is approximately 45.233 billion yuan, with a closing price of 216.98 yuan per share [1][2]