IMEIK(SZ:300896) Great Wall Securities·2025-09-04 03:19Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is experiencing a temporary decline in performance, with a significant drop in both revenue and profit in the first half of 2025. Revenue decreased by 21.59% year-on-year to 1.299 billion yuan, and net profit fell by 29.57% to 789 million yuan [1][2] - The acquisition of REGEN, a South Korean company, is expected to enhance the company's core competitiveness and facilitate its transition from a domestic market leader to a global industry participant [3][4] Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 2,869 million yuan, net profit of 1,858 million yuan - 2024A: Revenue of 3,026 million yuan, net profit of 1,958 million yuan - 2025E: Revenue of 2,740 million yuan, net profit of 1,794 million yuan - 2026E: Revenue of 3,343 million yuan, net profit of 2,180 million yuan - 2027E: Revenue of 3,811 million yuan, net profit of 2,488 million yuan [1][10] - Growth Rates: - Revenue growth rates: 48.0% (2023A), 5.4% (2024A), -9.4% (2025E), 22.0% (2026E), 14.0% (2027E) - Net profit growth rates: 47.1% (2023A), 5.3% (2024A), -8.3% (2025E), 21.5% (2026E), 14.1% (2027E) [1][10] - Profitability Metrics: - Gross margin for H1 2025 was 93.44%, down 1.48 percentage points year-on-year - Net profit margin for H1 2025 was 60.90%, down 6.78 percentage points year-on-year [2] - Valuation Ratios: - P/E ratios: 30.5 (2023A), 29.0 (2024A), 31.6 (2025E), 26.0 (2026E), 22.8 (2027E) - P/B ratios: 8.9 (2023A), 7.3 (2024A), 6.7 (2025E), 5.8 (2026E), 5.0 (2027E) [1][10] Strategic Initiatives - The company has made a strategic investment in the overseas market by acquiring 85% of REGEN for 190 million USD, which is expected to enhance its product offerings and market reach [3][4] - The core products from REGEN, AestheFill and PowerFill, are anticipated to complement the company's existing product lines and provide a broader range of solutions for customers [3]