IMEIK(SZ:300896)2024-10-25 10:23Investment Rating - The investment rating for the company is "Add" [5] Core Views - The report indicates a shift in the medical aesthetics industry from a seller's market to a buyer's market, with an emphasis on brand operational capabilities as key to future success [1] - The regenerative product series is expected to expand its price range to capture a broader audience, particularly through new actions related to the Angel series [1] - The leading companies are transitioning from a sales-focused approach to a solution-oriented strategy, which may initially lead to increased costs before revenue growth is realized [1] - The company is currently in a phase where consumer recovery is not yet evident, and new products have not yet been launched, indicating a basic fundamental phase [1] - Once the company completes its transition, it is expected to possess the ability to navigate through economic cycles and benefit from platform-based valuation logic [1] Financial Performance Summary - In Q3 2024, the company achieved revenue of 719 million yuan (up 1.10%) and a net profit attributable to shareholders of 465 million yuan (up 2.13%) [3] - For the first three quarters of 2024, the company reported revenue of 2.376 billion yuan (up 9.46%) and a net profit attributable to shareholders of 1.586 billion yuan (up 11.79%) [3] - The gross margin for Q3 2024 was 94.55% (down 0.52 percentage points), while the net margin was 64.54% (up 0.59 percentage points) [2] - The report forecasts net profits for 2024, 2025, and 2026 to be 2.026 billion yuan, 2.293 billion yuan, and 2.700 billion yuan respectively, with year-on-year growth rates of 9.0%, 13.2%, and 17.8% [6] Market Data - The total market capitalization of the company is approximately 65.565 billion yuan, with a circulating market capitalization of about 45.193 billion yuan [4] - The stock has experienced a 52-week high of 366.80 yuan and a low of 132.81 yuan, with a 52-week decline of 15.64% [4] - The price-to-earnings (P/E) ratio ranges from 47.71 to 20.11 over the past year, while the price-to-book (P/B) ratio ranges from 13.47 to 6.39 [4]