IMEIK(SZ:300896) SINOLINK SECURITIES·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company achieved a revenue of 2.869 billion RMB in 2023, representing a growth of 48% year-on-year, with a net profit of 1.858 billion RMB, up 47% [4][5]. - The gross profit margin improved to 95.09%, driven by an increase in high-margin gel injection products [4]. - The company expanded its sales channels, increasing its sales and marketing personnel to over 400, covering approximately 7,000 medical beauty institutions across China [4]. - The product line showed strong performance, with gel injection products generating 1.158 billion RMB in revenue, a growth of 81.43% [4]. - The company has three projects in clinical and registration stages, indicating a robust pipeline for future growth [4]. Summary by Relevant Sections Financial Performance - Revenue for 2022 was 1.939 billion RMB, projected to reach 3.964 billion RMB in 2024, with a growth rate of 38.14% [3]. - Net profit for 2022 was 1.264 billion RMB, expected to grow to 2.508 billion RMB in 2024, reflecting a growth rate of 34.96% [3]. - The diluted earnings per share (EPS) is projected to increase from 5.840 RMB in 2022 to 11.592 RMB in 2024 [3]. Profitability Metrics - The return on equity (ROE) is expected to remain strong, with estimates of 28.50% in 2024 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.27 in 2023 to 30.44 in 2024, indicating improving valuation [3]. Market Position and Growth Strategy - The company is focusing on expanding its product offerings in the biopharmaceutical sector, including recombinant proteins and peptides [4]. - The sales of solution injection products also showed steady growth, achieving 1.671 billion RMB in revenue, up 29.22% [4].