IMEIK(300896) 东吴证券·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 2.869 billion yuan in 2023, representing a year-on-year increase of 47.99%, and a net profit attributable to shareholders of 1.858 billion yuan, also up by 47.08% [2][3] - The fourth quarter of 2023 saw accelerated growth, with revenue reaching 699 million yuan (+55.55%) and net profit of 440 million yuan (+59%), indicating a significant increase compared to the previous quarter [3] - The "Ru Bai Tian Shi" product line continues to see rapid growth, contributing significantly to revenue, while the "Hi Body" series maintains stable growth [3] Summary by Relevant Sections Financial Performance - In 2023, the company reported a gross margin of 95.09% (+0.24 percentage points) and a net profit margin of 64.65% (-0.73 percentage points), maintaining high profitability levels [3] - The company forecasts total revenue of 3.887 billion yuan for 2024, with a year-on-year growth rate of 35.48% [2][4] Business Segments - Revenue from gel injection products reached 1.158 billion yuan (+81.43%), driven by the strong sales of "Ru Bai Tian Shi" [3] - Revenue from solution injection products, primarily from "Hi Body," was 1.671 billion yuan (+29.22%) [3] Product Development and Market Expansion - The company announced exclusive distribution of medical beauty equipment from Jeisys Medical Inc., expanding its product offerings [3] - Several new products are in the pipeline, including a modified hyaluronic acid gel and botulinum toxin injections, which are expected to provide new growth opportunities [3] Valuation and Earnings Forecast - The net profit forecast for 2024 is adjusted to 2.512 billion yuan, with estimates for 2025 and 2026 at 3.255 billion yuan and 4.083 billion yuan, respectively [4] - The current price-to-earnings ratio is projected to be 30 for 2024, 23 for 2025, and 19 for 2026 [4]