Bloomage Biotech(SH:688363) Minsheng Securities·2024-10-14 11:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 61.31 yuan [3]. Core Views - The company is a leader in hyaluronic acid, with a solid foundation in raw materials. The launch of new products under the Runzhi brand is expected to drive rapid growth in the medical aesthetics business. The performance of functional skincare products is undergoing adjustments, but medium to long-term growth in earnings is anticipated. The projected net profit attributable to the parent company for 2024-2026 is 712 million, 859 million, and 1.077 billion yuan, respectively, with year-on-year growth rates of +20.1%, +20.6%, and +25.4% [2][3]. Financial Forecast and Indicators - The company is expected to achieve operating revenues of 6,076 million, 6,529 million, 7,275 million, and 8,196 million yuan for the years 2024 to 2026, with growth rates of -4.5%, 7.5%, 11.4%, and 12.7% respectively [3][7]. - The net profit attributable to the parent company is forecasted to be 593 million, 712 million, 859 million, and 1,077 million yuan for the same period, with growth rates of -39.0%, 20.1%, 20.6%, and 25.4% [3][7]. - Earnings per share are projected to be 1.23, 1.48, 1.78, and 2.24 yuan for 2024 to 2026 [3][9]. - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are expected to be 50, 41, and 34, respectively, indicating a decrease in valuation over time [3][9]. Product Launches and Market Position - The company launched two new medical aesthetic products, "Runzhi·Gege" and "Runzhi·Feiran," on October 13, 2024. "Runzhi·Feiran" focuses on lip filling, enhancing the facial anti-aging product matrix, while "Runzhi·Gege" targets neck wrinkle correction, filling a gap in the neck anti-aging market [2]. - The introduction of the collagen tightening cream by the Runbaiyan brand on September 27, 2024, further strengthens the company's competitive position in the anti-aging sector and aims to meet diverse consumer needs through a combination of medical and cosmetic products [2].