IMEIK(SZ:300896) Shanxi Securities·2025-03-21 12:25Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][7]. - The company reported a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, with a net profit of 1.958 billion yuan, also up by 5.33% [4][10]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [4]. Financial Performance - The company achieved a gross margin of 94.64%, a decrease of 0.46 percentage points, and a net margin of 64.66%, an increase of 0.01 percentage points [6]. - The operating cash flow for the period was 1.927 billion yuan, down by 1.38% [6]. - The company’s revenue from gel products was 1.216 billion yuan, up by 5.01%, with a gross margin of 97.98%, an increase of 0.49 percentage points [5]. Product Development and Market Expansion - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [5][7]. - The acquisition of an 85% stake in the South Korean medical aesthetics company Regen Biotech for 190 million USD is expected to enhance the company's product offerings and accelerate its international presence [7]. Market Data - As of March 21, 2025, the company's closing price was 190.10 yuan, with a total market capitalization of 57.523 billion yuan [3]. - The company’s earnings per share (EPS) for 2024 was reported at 6.50 yuan [4]. Future Projections - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.9, 24.0, and 22.0 [7][10].