IMEIK(SZ:300896) Shenwan Hongyuan Securities·2025-08-19 14:41Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's short-term performance is under pressure, but its long-term barriers are strengthened through R&D and acquisitions [6][8] - The company reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 1.299 billion yuan, down 21.6% year-on-year, and a net profit of 789 million yuan, down 29.6% year-on-year [8] - The company is focusing on expanding its product matrix through acquisitions and enhancing operational efficiency [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2.758 billion yuan, with a year-on-year decline of 8.8%, followed by a recovery in 2026 with a projected revenue of 3.301 billion yuan [7] - The net profit for 2025 is estimated at 1.749 billion yuan, a decrease of 10.6% year-on-year, with a recovery expected in subsequent years [7] - The gross margin for 2025 is projected to be 94.9%, indicating strong profitability despite revenue challenges [7] Product Performance - The core injection products saw a revenue decline, with solution-type injection products generating 744 million yuan, down 23.79% year-on-year, and gel-type injection products generating 493 million yuan, down 23.99% year-on-year [8] - The company has made significant investments in R&D, with a robust pipeline of new products and ongoing clinical trials [8] Strategic Initiatives - The company has acquired an 85% stake in REGEN Biotech for 1.9 billion USD, enhancing its product offerings and market presence [8] - The digital platform "全轩课堂" serves 29,000 certified doctors, strengthening customer loyalty and engagement [8]