IMEIK(SZ:300896) Shanghai Securities·2024-04-29 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 527 million yuan, up 27.38% year-on-year, while the net profit excluding non-recurring items was 528 million yuan, reflecting a 36.53% increase year-on-year [4][5]. - The company's gross margin stood at 94.55%, with a net margin of 65.35%. Sales expense ratio decreased by 2.07 percentage points to 8.34%, and management expense ratio decreased by 3.92 percentage points to 4.07% [5]. - The "Hi-Body" product line, focused on injectable solutions, achieved revenue of 1.671 billion yuan in 2023, growing 29.22% year-on-year. The "Ru Bai Tian Shi" product continued to show strong growth, supported by a doctor certification system [5]. - The company has a rich pipeline of products under development, with several projects at various stages, including registration and clinical trials. Notable products include a gel for chin correction and a botulinum toxin for improving glabellar lines [5]. Financial Projections - Revenue projections for 2024-2026 are 3.954 billion yuan, 5.166 billion yuan, and 6.525 billion yuan, representing year-on-year growth rates of 37.80%, 30.64%, and 26.31% respectively. Net profit projections for the same period are 2.511 billion yuan, 3.248 billion yuan, and 4.119 billion yuan, with corresponding growth rates of 35.09%, 29.37%, and 26.83% [6][8]. - Earnings per share (EPS) are projected to be 11.60 yuan, 15.01 yuan, and 19.04 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 26, 20, and 16 [6][8]. Summary of Financial Data - The company reported total revenue of 2.869 billion yuan in 2023, with a year-on-year growth rate of 48.0%. The net profit for the same year was 1.858 billion yuan, also reflecting a growth of 47.1% [8][10]. - The gross margin is expected to improve slightly over the next few years, reaching 95.8% by 2026, while the net margin is projected to stabilize around 63.1% [10]. - The company's total assets are projected to grow from 6.852 billion yuan in 2023 to 13.194 billion yuan by 2026, indicating a strong growth trajectory [10].