IMEIK(SZ:300896) NORTHEAST SECURITIES·2025-03-20 13:15Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Insights - The company reported a revenue of 3.026 billion yuan in 2024, representing a growth of 5.45% year-on-year, with a net profit of 1.958 billion yuan, up 5.33% [10][11]. - The company's product lines are expanding, with significant progress in multiple research and development projects, including new medical products and a planned acquisition of a South Korean company to enhance its pipeline [3][14]. - The company is experiencing a temporary pressure on Q4 performance, with a revenue decline of 7% and a net profit drop of 15.47% compared to the previous quarter [10][11]. Financial Summary - In 2024, the company achieved a gross margin of 94.64%, with a net profit margin of 64.70% [13]. - The projected revenues for 2025-2027 are estimated at 3.610 billion yuan, 4.320 billion yuan, and 5.182 billion yuan, respectively, with corresponding net profits of 2.388 billion yuan, 2.864 billion yuan, and 3.451 billion yuan [15][18]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares [10]. Product Performance - The solution product line generated 1.744 billion yuan in revenue, accounting for 57.64% of total revenue, with a sales volume increase of 23.44% [11]. - The gel product line contributed 1.216 billion yuan, representing 40.18% of total revenue, despite a decrease in sales volume [11]. - The company has seen significant growth in its skincare segment, with other products achieving a revenue increase of 68.47% [11]. R&D and Market Position - The company is enhancing its competitive edge through a diversified product portfolio and has made advancements in several in-development products, including new injectable solutions [3][14]. - The marketing network has expanded to cover all 31 provinces, cities, and autonomous regions in China, with an increase in sales personnel [11]. Future Outlook - The company is expected to gradually realize its performance potential as new products are launched and the market conditions improve [15]. - The projected price-to-earnings ratios for 2025-2027 are 25x, 21x, and 17x, indicating a favorable valuation outlook [15].