IMEIK(SZ:300896) Guotou Securities·2024-04-08 16:00Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 392.37 CNY, which corresponds to a dynamic price-to-earnings ratio of 35 times for 2024 [3][4]. Core Insights - The company is expected to achieve a robust growth in Q1 2024, with projected revenue between 803.4 million to 825.5 million CNY, representing a year-on-year increase of 27.5% to 31%. The net profit attributable to shareholders is forecasted to be between 510 million to 534 million CNY, reflecting a growth of 23% to 29% [1]. - The company is expanding its product matrix through both internal growth and external partnerships, including exclusive agency agreements for skin rejuvenation instruments and innovative injectable products [2]. Financial Projections - Revenue growth rates are projected at 37.5%, 34.8%, and 33.2% for 2024, 2025, and 2026 respectively. Net profit growth rates are expected to be 30.5%, 34.7%, and 32.7% for the same periods [3][11]. - The company’s total revenue is forecasted to increase from 2,869.3 million CNY in 2023 to 3,946.2 million CNY in 2024, and further to 5,317.7 million CNY in 2025 [11][12]. Market Position - The company has a total market capitalization of approximately 62.85 billion CNY and a circulating market capitalization of about 43.35 billion CNY, with a total share capital of 216.36 million shares [4]. - The stock price as of April 8, 2024, was 290.47 CNY, with a 12-month price range between 266.8 CNY and 574.5 CNY [4].