IMEIK(SZ:300896) Ping An Securities·2025-08-19 10:16Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [11]. Core Views - The company experienced a revenue decline in the first half of 2025, achieving 1.299 billion yuan, a year-over-year decrease of 21.59%. The net profit attributable to shareholders fell by 29.57% to 789 million yuan [4]. - The report highlights that the company is entering a low base period in the second half of the year, which may facilitate a return to growth [7]. - The company has a diverse product matrix, with several products in the registration phase, which could contribute to future revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail industry with a total market capitalization of 55.6 billion yuan and a total share capital of 303 million shares [1]. Financial Performance - The company reported a gross margin of 93.44% and a net margin of 60.9% in the first half of 2025, with a basic EPS of 2.62 yuan [4][7]. - Revenue for 2023 is projected at 2.869 billion yuan, with a year-over-year growth of 48%, followed by a slight increase to 3.026 billion yuan in 2024 [6]. Future Projections - The report projects revenues of 1.781 billion yuan, 2.142 billion yuan, and 2.503 billion yuan for 2025, 2026, and 2027 respectively, reflecting a downward adjustment from previous estimates [8]. - The company is expected to maintain a robust product offering, which may enhance consumer solutions and drive growth in the upcoming periods [8].