IMEIK(SZ:300896) Dongxing Securities·2024-03-24 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company [3][4]. Core Insights - The company achieved a revenue of 2.87 billion with a year-on-year growth of 48% and a net profit of 1.86 billion, also up 47% year-on-year, indicating strong performance [2][3]. - The product lineup is expanding steadily, with the "Hi-Body" series contributing significantly to revenue, accounting for 58% of total revenue [2][3]. - The company is well-positioned to benefit from the growing medical aesthetics market, with a robust pipeline of products under development [3][4]. Financial Performance - In 2023, the company reported a gross margin of 95.1%, reflecting a slight increase of 0.25 percentage points year-on-year [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 2.5 billion, 3.41 billion, and 4.22 billion respectively, with corresponding EPS of 11.6, 15.8, and 19.5 [3][8]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 28.8, 21.2, and 17.1 respectively, indicating a favorable valuation trend [3][8]. Product Development and Market Position - The company has a rich pipeline of products, including a botulinum toxin for glabellar lines and a modified hyaluronic acid gel for chin correction, both in the registration phase [3]. - The company is also investing in partnerships to enhance its product offerings, such as a 0.5 billion investment in a biotech firm [3]. - The competitive landscape for the company's products is favorable, with limited competition in the regenerative product space, ensuring strong pricing power [2][3].