IMEIK(SZ:300896) Caixin Securities·2024-03-25 16:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady revenue growth, with a focus on diversifying its product offerings in the medical beauty sector [4][6] - The company is expected to benefit from the ongoing industry growth, driven by increased penetration, domestic production, and upgraded consumer frequency [6] Financial Performance - In 2023, the company achieved a revenue of 2,869.35 million yuan, representing a growth of 47.99% year-on-year, and a net profit of 1,858.48 million yuan, up 47.08% [4][7] - The company's gross margin improved to 95.09% in 2023, up from 94.85% in 2022, driven by an increase in the revenue share of high-margin gel products [4][7] - The company forecasts revenues of 3,939.83 million yuan, 5,088.20 million yuan, and 6,083.35 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2,523.18 million yuan, 3,219.46 million yuan, and 3,800.81 million yuan [3][6] Product Development and Market Position - The company has signed a distribution agreement with Jeisys to promote and sell medical beauty equipment in mainland China, expanding its presence in the light and anti-aging market [5][6] - The company has a robust pipeline of products in various stages of clinical trials, indicating strong future growth potential [6] Valuation and Price Target - The target price for the company's stock is set between 349.8 yuan and 408.1 yuan, based on a projected P/E ratio of 30-35 times for 2024 [6][7]