Bloomage Biotech(688363) 民生证券·2024-09-23 11:30Investment Rating - The report maintains a "Recommend" rating for the company, with expected net profit growth of +20.1%/+20.6%/+25.4% for 2024-2026 [2] Core Views - The company is a leader in the hyaluronic acid industry, with a stable raw material business and rapid growth in the medical aesthetics sector driven by the Runze brand [2] - The company's functional skincare business is undergoing strategic adjustments, with medium to long-term growth potential [2] - The newly launched medical-grade skincare products under the QuadHA brand are expected to enhance the company's product matrix and market positioning [1] Business Development - The company's Xiangtan production base officially commenced operations on September 22, 2024, focusing on medical terminal products [1][2] - The QuadHA brand entered the medical-grade skincare market with 5 new products across three series: Green Cross, Blue Cross, and Red Cross [1] - The Green Cross and Blue Cross series utilize the company's innovative enzyme-cut hyaluronic acid technology, targeting post-cosmetic procedure care [1] - The Red Cross series features medical-grade recombinant human collagen, providing wound healing and skin barrier protection [1] Financial Projections - Revenue is projected to grow from 6,076 million yuan in 2024E to 8,196 million yuan in 2026E, with growth rates of 7.5%, 11.4%, and 12.7% respectively [3][6] - Net profit attributable to parent company is expected to increase from 712 million yuan in 2024E to 1,077 million yuan in 2026E [3][6] - EPS is forecasted to grow from 1.23 yuan in 2024E to 2.24 yuan in 2026E [3][6] - PE ratio is expected to decrease from 31x in 2024E to 20x in 2026E [3][6] Product Portfolio - The company has a rich portfolio of Class III medical device products, including the Runyan series, Runze series, and CYTOCARE series [2] - In July 2024, the company's self-developed "Hyaluronic Acid Sodium Compound Solution for Injection" (Runze·Gege) was approved, further enriching the medical aesthetics product line [2]