IMEIK(SZ:300896) Soochow Securities·2025-03-20 13:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% year-on-year [8] - The company maintains a high level of profitability, with a gross margin of 94.64% and a net margin of 64.66% in 2024, indicating stable profitability despite slight declines in gross margin [8] - The company has a rich pipeline of products under research and development, which is expected to support long-term growth, alongside an accelerated international business layout [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.026 billion yuan, with a year-on-year increase of 5.45% [8] - The net profit attributable to shareholders was 1.958 billion yuan, reflecting a year-on-year growth of 5.33% [8] - The company’s earnings per share (EPS) for 2024 is projected at 6.47 yuan, with a price-to-earnings (P/E) ratio of 30.41 [1][9] Product and Market Strategy - The company’s solution and gel products continue to grow, with sales of the "Hi Body" series generating 1.744 billion yuan, up 4.40% year-on-year, and the "Mo White Angel" series achieving 1.216 billion yuan, up 5.01% year-on-year [8] - The company leverages academic activities and digital marketing to enhance brand influence and provide comprehensive solutions to medical institutions and consumers [8] Research and Development - The company has 11 Class III medical device products approved by the National Medical Products Administration, with a diverse pipeline including botulinum toxin and other innovative products [8] - A planned acquisition of 85% of South Korean REGEN Biotech is expected to enhance the product pipeline and accelerate international expansion [8] Profitability and Cost Management - The company’s sales, management, R&D, and financial expense ratios for 2024 are 10.93%, 4.82%, 17.88%, and -0.66% respectively, indicating an increase in sales expenses due to heightened marketing efforts [8] - The gross margin for solution products slightly decreased to 93.76%, while gel products saw an increase to 97.98% due to the growth of high-end products [8]