IMEIK(SZ:300896) Orient Securities·2025-03-21 13:50Investment Rating - The report maintains a "Buy" rating for the company with a target price of 202.76 CNY [3][6]. Core Views - The company faces short-term challenges but aims for long-term growth through both internal and external strategies [1][6]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 2.166 billion, 2.452 billion, and 2.817 billion CNY respectively [2][6]. - The company is expanding its product pipeline and has made a strategic acquisition to enhance its international presence [5][6]. Financial Summary - Revenue Forecast: Expected revenues for 2025-2027 are 3.411 billion, 3.952 billion, and 4.639 billion CNY, with growth rates of 12.8%, 15.8%, and 17.4% respectively [2][11]. - Profitability Metrics: The gross margin is projected to decline from 95.1% in 2023 to 88.7% in 2027, while the net profit margin is expected to decrease from 64.8% to 60.7% over the same period [2][11]. - Earnings Per Share (EPS): EPS is forecasted to increase from 6.14 CNY in 2023 to 9.31 CNY in 2027 [2][11]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 31.6 in 2023 to 20.8 in 2027, indicating a potential increase in value [2][11].