IMEIK(SZ:300896) Guoxin Securities·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy" [1][4][10]. Core Views - The company achieved a net profit of 1.858 billion yuan in 2023, representing a year-on-year growth of 47.08%, with total revenue reaching 2.869 billion yuan, up 47.99% year-on-year [1][5]. - The company is actively expanding its product matrix, with significant growth in its gel injection products, which saw revenue increase by 81.43% year-on-year [1][7]. - The gross margin improved to 95.09%, benefiting from a higher proportion of high-margin products [8][10]. - The company is expected to continue to leverage its existing product matrix and expand terminal channels to capture the recovery and compliance dividends in the medical beauty sector [10]. Financial Performance Summary - In 2023, the company reported a revenue of 2.869 billion yuan, a 47.99% increase from the previous year, and a net profit of 1.858 billion yuan, reflecting a 47.08% growth [2][5]. - The company's gross margin increased by 0.25 percentage points to 95.09%, with the gross margins for solution and gel products rising by 0.25 and 0.95 percentage points, respectively [8][10]. - The operating cash flow net amount grew by 63.67% year-on-year to 1.954 billion yuan [8][10]. Earnings Forecast and Valuation - The company forecasts net profits of 2.573 billion yuan for 2024, 3.424 billion yuan for 2025, and 4.461 billion yuan for 2026, with corresponding P/E ratios of 29.7, 22.3, and 17.1 [10][12]. - The projected revenue for 2024 is 4.015 billion yuan, with a growth rate of 39.94% [2][12].