IMEIK(300896) 群益证券·2025-03-11 03:26Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4]. Core Insights - The company plans to acquire 85% of South Korean Regen Biotech for approximately USD 190 million (around RMB 970 million), enhancing its international competitiveness [4]. - Regen Biotech is a leading aesthetic medicine company in South Korea, with a projected revenue of approximately RMB 82 million and a net profit of around RMB 50 million for 2023 [4]. - The acquisition is expected to improve operational efficiency and reduce production costs due to the company's experience in production management [4]. - The core products of Regen Biotech have received regulatory approvals in multiple countries, providing a competitive edge in the market [4]. - The company maintains its profit forecast, expecting net profits of RMB 2.03 billion, RMB 2.26 billion, and RMB 2.62 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 6.71, RMB 7.48, and RMB 8.65 [4][6]. Financial Summary - The company reported a net profit of RMB 1.86 billion for 2023, with a year-on-year growth of 47.08% [6]. - Revenue is projected to grow from RMB 2.87 billion in 2023 to RMB 4.05 billion by 2026, reflecting a steady increase in sales [7]. - The company's P/E ratio is expected to decrease from 20 in 2023 to 20 in 2026, indicating a stable valuation [6][7]. - The dividend per share (DPS) is projected to be RMB 1.81, RMB 2.02, and RMB 2.34 for 2024, 2025, and 2026, respectively, with a dividend yield around 1.04% to 1.34% [6].