IMEIK(SZ:300896) Xinda Securities·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy" [1][15]. Core Views - The company achieved a 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% [4][8]. - The company's ROE exceeded 30% in 2023, indicating strong profitability and efficient use of equity [10][15]. - The company is expected to continue its growth trajectory with a projected net profit of 2.451 billion yuan in 2024, reflecting a year-on-year growth of 32% [15]. Financial Performance - In Q4 2023, the company reported a revenue of 699 million yuan, a year-on-year increase of 55.55%, and a net profit of 440 million yuan, up by 59% [4][8]. - The gross margin for 2023 was 95.09%, with a slight year-on-year increase of 0.25 percentage points [10][11]. - The net profit margin for 2023 was 64.65%, showing a slight decrease of 0.73 percentage points year-on-year [10][11]. Product Performance - The solution injection products generated 1.671 billion yuan in revenue in 2023, accounting for 58.22% of total revenue, with a year-on-year growth of 29.22% [6][10]. - The gel injection products saw significant growth, achieving 1.158 billion yuan in revenue, which is an 81.43% increase year-on-year, and accounted for 40.35% of total revenue [6][10]. - The company has expanded its coverage to nearly 7,000 institutions, an increase of about 2,000 from the previous year, enhancing growth certainty for its product lines [6][10]. Future Outlook - The company is advancing its product pipeline, with key products entering the registration phase, which is expected to enhance growth certainty post-2025 [15]. - The projected net profits for 2024, 2025, and 2026 are 2.451 billion yuan, 3.176 billion yuan, and 4.058 billion yuan, respectively, indicating a consistent growth trend [15].