IMEIK(SZ:300896) Shanxi Securities·2026-03-31 07:04Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][7]. Core Insights - The company is facing short-term performance pressure but is expected to benefit from its capabilities in independent research and acquisitions across the entire medical beauty industry chain [1][3]. - The company reported a revenue of 2.453 billion yuan for 2025, a decrease of 18.94% year-on-year, with a net profit of 1.291 billion yuan, down 34.05% [3][9]. - The company is expanding its product matrix with new products in clinical trials and has made strategic acquisitions to enhance its global presence in the medical beauty market [5][9]. Financial Performance - The company’s revenue for Q4 2025 was 588 million yuan, reflecting a decline of 9.61% year-on-year, while the net profit for the same period was 198 million yuan, down 46.85% [3][4]. - The gross margin for the period was 92.7%, a decrease of 1.94 percentage points, and the net profit margin was 53.07%, down 11.59 percentage points [4][9]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares to all shareholders [3]. Future Projections - The expected earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 5.00 yuan, 5.41 yuan, and 6.06 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 23.7, 22.0, and 19.6 [7][9]. - Revenue is projected to recover to 2.702 billion yuan in 2026, with a year-on-year growth of 10.2% [9][11].