IMEIK(300896) 华龙证券·2025-03-14 12:12Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the company, Aimeike, plans to acquire a majority stake (85%) in the South Korean company Regen Biotech for a total consideration of $190 million. This acquisition is a strategic move to enhance Aimeike's international presence and strengthen its leading position in the aesthetic injection market [6][8]. - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, which will support Aimeike's international expansion. The new production facility in South Korea is expected to commence operations in Q2 2025, potentially driving revenue and profit growth [6][8]. - The acquisition is anticipated to create significant shareholder value in the medium to long term, facilitating Aimeike's transition from a domestic leader to an international giant in the aesthetic medicine sector [8]. Financial Projections - Revenue projections for Aimeike from 2024 to 2026 are estimated at 3.449 billion, 4.208 billion, and 5.142 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.189 billion, 2.662 billion, and 3.226 billion yuan for the same period [9][10]. - The report indicates that the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 27.8, 22.8, and 18.9, respectively, reflecting a positive outlook on the company's growth and profitability [9][10].