IMEIK(SZ:300896) KAIYUAN SECURITIES·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue growth of 48.0% year-on-year in 2023, reaching 2.869 billion yuan, and a net profit growth of 47.1%, amounting to 1.858 billion yuan. The fourth quarter alone saw a revenue increase of 55.6% and a net profit increase of 59.0% [5][6] - Despite increasing market competition, the company's product, channel, and research capabilities remain in the leading tier of the industry, justifying a reasonable valuation and the "Buy" rating [5][6] Financial Performance Summary - In 2023, the company's solution products generated revenue of 1.671 billion yuan (up 29.2% year-on-year), while gel products achieved 1.158 billion yuan (up 81.4% year-on-year), with the "Ru Bai Tian Shi" product continuing to show strong growth [6] - The gross margin for 2023 was 95.1% (up 0.2 percentage points), and the net margin was 64.6% (down 0.7 percentage points). The sales, management, and R&D expense ratios were 9.1%, 5.0%, and 8.7%, respectively [6] - The company forecasts net profits for 2024-2026 to be 2.444 billion yuan, 3.139 billion yuan, and 3.951 billion yuan, respectively, with corresponding EPS of 11.29 yuan, 14.51 yuan, and 18.26 yuan [5][8] Product and Market Strategy - The company is expected to maintain steady growth in its core product "Hai Ti" and anticipates continued rapid growth for "Ru Bai Tian Shi" in the gel category. The company is also expanding its product lines and enhancing its channel coverage, with over 400 sales personnel covering approximately 7,000 medical beauty institutions by the end of 2023 [7] - The company is actively pursuing investment opportunities and plans to register products overseas, which may further enhance growth potential [7]