IMEIK(SZ:300896) Guotou Securities·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 414.79 CNY [5][11]. Core Views - The company achieved a revenue of 2.869 billion CNY in 2023, representing a year-on-year increase of 47.99%, and a net profit of 1.858 billion CNY, up 47.08% year-on-year [2]. - The company has a strong product matrix with differentiated offerings, including significant growth in gel injection products and a strategic partnership in the weight management sector [4]. - Future revenue growth is projected at 37.5%, 34.8%, and 33.2% for 2024, 2025, and 2026 respectively, with net profit growth of 30.5%, 34.7%, and 32.7% for the same years [11]. Financial Performance - In 2023, the company maintained a gross profit margin of 95.09% and a net profit margin of 64.77% [3]. - The fourth quarter of 2023 saw a revenue of 699 million CNY, a year-on-year increase of 55.55%, and a net profit of 440 million CNY, up 62.20% year-on-year [2]. - The company plans to distribute a cash dividend of 23.23 CNY per 10 shares, totaling 500 million CNY, which is 26.90% of the annual net profit [2]. Product Matrix and Market Position - The revenue from solution injection products was 1.671 billion CNY, accounting for 58.22% of total revenue, while gel injection products generated 1.158 billion CNY, representing 40.35% of total revenue [4]. - The company is expanding its product offerings and has entered into partnerships to enhance its market presence, including exclusive distribution agreements for skin rejuvenation devices [4]. Valuation Metrics - The company is expected to have a price-to-earnings ratio of 37 times for 2024, with a projected earnings per share of 11.21 CNY [11][13]. - The projected net profit for 2024 is 2.426 billion CNY, with a continuous upward trend in profitability metrics [9][14].