IMEIK(SZ:300896) Guolian Securities·2024-04-26 07:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 362.47 CNY [7][5]. Core Insights - The company demonstrated high growth and profitability in 2023, with revenue reaching 2.869 billion CNY, a year-on-year increase of 48.0%, and a net profit of 1.858 billion CNY, up 47.1% year-on-year [2][3]. - The product pipeline is robust, with ongoing research and development efforts, including products in various stages of clinical trials and registration [4][5]. Financial Performance - In 2023, the company's revenue from solution products grew by 29.22% to 1.671 billion CNY, while revenue from gel injection products, represented by "Ru Bai Tian Shi," surged by 81.43% to 1.158 billion CNY [3]. - The gross margin for 2023 was 95.1%, with a net profit margin of 64.77% [3]. Future Projections - Revenue forecasts for 2024-2026 are 3.855 billion CNY, 5.179 billion CNY, and 6.506 billion CNY, with corresponding growth rates of 34.4%, 34.3%, and 25.6% [5][6]. - Net profit projections for the same period are 2.451 billion CNY, 3.214 billion CNY, and 4.000 billion CNY, with growth rates of 31.9%, 31.1%, and 24.5% respectively [5][6]. Valuation Metrics - The report assigns a 2024 price-to-earnings (P/E) ratio of 32 times, reflecting the company's differentiated product advantages and comprehensive product matrix [5][6]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are 11.33 CNY, 14.85 CNY, and 18.49 CNY respectively [5][6].