IMEIK(SZ:300896) Guoxin Securities·2025-03-11 08:24Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][10] Core Views - The company announced its intention to acquire 85% of the shares of South Korean REGEN Biotech, Inc. for a cash consideration of $190 million, which will enhance its position in the regenerative materials sector and support its international expansion strategy [4][6][10] - The acquisition will allow the company to integrate two key products, AestheFill and PowerFill, into its portfolio, further solidifying its leadership in the medical aesthetics market [5][10] - The financial performance of REGEN Biotech shows promising results, with revenues of approximately 819.85 million yuan and net profits of about 501.51 million yuan in 2023, indicating strong growth potential post-acquisition [9][10] Summary by Sections Acquisition Details - The company plans to establish a subsidiary, Aimeike International, with a 70% stake to facilitate the acquisition of REGEN Biotech [4][6] - AestheFill has received regulatory approval in 34 countries, including China, while PowerFill has been approved in 24 countries but not yet in China [7][9] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at 2.122 billion, 2.493 billion, and 2.868 billion yuan, respectively, with corresponding P/E ratios of 24.9, 21.2, and 18.4 [5][10] - The acquisition is expected to enhance the company's earnings performance significantly after consolidation [4][5] Market Position - REGEN Biotech is recognized as the first in South Korea and the third globally to obtain registration for polylactic acid-based dermal fillers, indicating a strong competitive position in the market [4][6][9]