IMEIK(SZ:300896) Shanxi Securities·2025-03-21 12:23Investment 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][6]. - In 2024, the company achieved a revenue of 3.026 billion yuan, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [2][4]. - 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 [2]. Financial Performance - The company reported a gross margin of 94.64%, a net margin of 64.66%, and an overall expense ratio of 22.21% for the period [4]. - The revenue from solution products was 1.744 billion yuan, with a gross margin of 93.76%, while gel products generated 1.216 billion yuan with a gross margin of 97.98% [3]. - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [3][4]. Regional Performance - Revenue from different regions showed varied growth: North China +33.21%, Central China +19.84%, while East China saw a decline of -4.08% [3]. - Direct sales accounted for 66.37% of total sales, while distribution sales made up 33.63% [3]. Acquisition Strategy - The company plans to acquire 85% of the Korean medical beauty company Regen Biotech for 190 million USD, which will enhance its product line and accelerate internationalization [6]. - The target company reported a revenue of 72 million yuan and a net profit of 30 million yuan for the first nine months of 2024 [6]. Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding P/E ratios of 26.9, 24.0, and 22.0 [6][10].