IMEIK(SZ:300896) East Money Securities·2024-03-19 16:00Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company reported a revenue of 2.87 billion yuan, representing a 48.0% increase year-on-year, and a net profit attributable to shareholders of 1.86 billion yuan, up 47.1% [2][6]. - The gross margin improved to 95.09%, benefiting from an increase in the proportion and gross margin of gel injection products [2]. - The product "Ru Bai Tian Shi" continued to show high growth, with gel injection products generating 1.16 billion yuan in revenue, a 81.43% increase [2]. Financial Performance - Revenue growth by quarter: Q1 +46%, Q2 +83%, Q3 +18%, Q4 +56% [2]. - Net profit growth by quarter: Q1 +51%, Q2 +77%, Q3 +13%, Q4 +59% [2]. - The company achieved a net profit margin of 64.77% [2]. Product and Market Development - The company has a rich pipeline of products, including medical-grade polyvinyl alcohol gel microspheres and A-type botulinum toxin, currently in the registration phase [2]. - The company has established a direct sales team of over 400 personnel covering approximately 7,000 medical beauty institutions in China, with a direct sales ratio of 62.26% [2]. Future Projections - The company expects net profits of 2.56 billion yuan, 3.36 billion yuan, and 4.32 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - Earnings per share (EPS) are projected to be 11.81 yuan, 15.53 yuan, and 19.95 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 30, 23, and 18 [6][7].