IMEIK(300896) 国金证券·2025-03-23 13:11Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - In 2024, the company achieved revenue of 3.026 billion RMB, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 1.958 billion RMB, up 5.3% year-on-year [1]. - The company is experiencing a mixed performance in its product lines, with injection gel and solution products showing growth despite a weak overall market demand in the medical aesthetics sector [2]. - The company has made significant progress in its product pipeline, with multiple research and development projects advancing, which lays a foundation for future growth [3]. Financial Performance - The company reported a revenue of 30.26 billion RMB in 2024, with a net profit of 19.58 billion RMB, and a non-recurring net profit of 18.72 billion RMB [1]. - For the fourth quarter of 2024, the company recorded a revenue of 6.5 billion RMB, a decrease of 7% year-on-year, and a net profit of 3.72 billion RMB, down 15.5% year-on-year [1]. - The revenue from solution injection products was 17.44 billion RMB, growing by 4.4% year-on-year, while gel injection products generated 12.16 billion RMB, up 5.01% year-on-year [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 2.381 billion RMB, 2.874 billion RMB, and 3.368 billion RMB, representing year-on-year growth rates of 22%, 21%, and 17% respectively [4]. - The earnings per share (EPS) for the same period are projected to be 7.87 RMB, 9.50 RMB, and 11.13 RMB, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [4].