IMEIK(300896) 东方证券·2025-03-21 14:23Investment 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 is expected to achieve long-term growth through both internal and external initiatives [1][6]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 being 2.166 billion, 2.452 billion, and 2.817 billion CNY respectively [2][6]. Financial Performance Summary - Revenue: - 2023A: 2,869 million CNY, 2024A: 3,026 million CNY, 2025E: 3,411 million CNY, 2026E: 3,952 million CNY, 2027E: 4,639 million CNY - Year-on-year growth: 48.0% in 2023, 5.4% in 2024, 12.8% in 2025, 15.8% in 2026, and 17.4% in 2027 [2][11]. - Net Profit: - 2023A: 1,858 million CNY, 2024A: 1,958 million CNY, 2025E: 2,166 million CNY, 2026E: 2,452 million CNY, 2027E: 2,817 million CNY - Year-on-year growth: 47.1% in 2023, 5.3% in 2024, 10.6% in 2025, 13.2% in 2026, and 14.9% in 2027 [2][11]. - Gross Margin: - 2023A: 95.1%, 2024A: 94.6%, 2025E: 93.2%, 2026E: 91.2%, 2027E: 88.7% [2][11]. - Net Margin: - 2023A: 64.8%, 2024A: 64.7%, 2025E: 63.5%, 2026E: 62.1%, 2027E: 60.7% [2][11]. - Return on Equity (ROE): - 2023A: 30.5%, 2024A: 27.7%, 2025E: 23.8%, 2026E: 22.4%, 2027E: 23.1% [2][11]. Strategic Developments - The company is expanding its product pipeline, including new products aimed at various medical applications, which are expected to launch in the second half of 2025 [5][6]. - The acquisition of REGEN Biotech is part of the company's strategy to accelerate international expansion, with a purchase price of 190 million USD for 85% of the company [5][6].