IMEIK(SZ:300896)2024-03-23 16:00Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2023 showed significant growth, with total revenue reaching 2.869 billion yuan, an increase of 47.99%, and net profit attributable to shareholders at 1.858 billion yuan, up by 47.08% [1][2]. - The core products continue to drive high growth, supported by strong brand recognition and market position, demonstrating resilience in a recovering consumer environment [1]. - The company is expected to maintain strong profitability, with projected net profits for 2024-2026 at 2.484 billion, 3.299 billion, and 4.337 billion yuan, respectively, reflecting year-on-year growth rates of 33.64%, 32.85%, and 31.45% [1][2]. Financial Performance - In 2023, the company achieved a gross margin of 95.09%, an increase of 0.25 percentage points, primarily due to a higher proportion of high-margin gel products [1]. - The company’s operating cash flow reached 1.954 billion yuan, up by 63.67% [1]. - The revenue from solution products was 1.671 billion yuan, growing by 29.22%, while gel products generated 1.158 billion yuan, an increase of 81.43% [1]. Product Development and Market Position - The company invested 250 million yuan in R&D in 2023, accounting for 8.72% of revenue, focusing on developing a differentiated product matrix [1]. - The company has several key products in the pipeline, including "Bonida 2.0" and an injectable botulinum toxin, which are in various stages of regulatory approval [1]. - The company has established partnerships to enhance its product offerings and market reach, including a collaboration with Jeisys for the promotion of medical aesthetic equipment in mainland China [1]. Future Outlook - The company is positioned as a leading player in the domestic medical aesthetics market, with expectations for market share growth as regulatory environments tighten [1]. - The projected earnings per share (EPS) for 2024-2026 are 11.48, 15.25, and 20.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30, 22, and 17 times [2].