IMEIK(SZ:300896) HTSC·2025-03-12 02:28Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 244.85 [7][8]. Core Insights - The company announced its intention to acquire 85% of South Korean Regen for USD 190 million (approximately RMB 1.386 billion), which will increase its stake in Regen to 59.5% post-acquisition [1]. - Regen's products, AestheFill and PowerFill, have received regulatory approval in 34 and 24 countries respectively, and the acquisition is expected to enhance the company's international presence and product offerings in the regenerative medicine market [2][3]. - The regenerative injection market in China is projected to grow from approximately RMB 2.72 billion in 2023 to RMB 11.52 billion by 2027, indicating a rapid expansion opportunity for the company [3]. Financial Projections - The company is expected to achieve net profits of RMB 2.082 billion, RMB 2.639 billion, and RMB 3.158 billion for the years 2024, 2025, and 2026 respectively [4]. - Revenue forecasts for the company are projected to be RMB 3.109 billion, RMB 4.003 billion, and RMB 4.822 billion for the years 2024, 2025, and 2026 respectively, reflecting a growth trajectory [6][4]. - The estimated PE ratio for 2025 is set at 28 times, which is higher than the average PE of comparable companies, indicating a positive outlook for the company's valuation [4][12].