Bloomage Biotech(688363) 财通证券·2024-10-17 12:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has launched two new products, "Runzhi·Gege" and "Runzhi·Feiran," which enhance its competitiveness in the medical beauty sector [3] - The launch of "Runzhi·Gege," a compound solution for neck anti-aging, expands the product matrix from facial to neck treatments, focusing on anti-aging [3] - "Runzhi·Feiran" is designed for lip enhancement, further broadening the brand's appeal to different age groups seeking comprehensive beauty solutions [3] - The company is advancing 48 transformation projects in 2024, indicating a strategic focus on innovation and market adaptation [3] - The planned reduction of shares by Guoshou Chengda is seen as a normal fund expiration, which will improve the company's liquidity in the secondary market [3] Financial Projections - The company is projected to achieve revenues of 6.175 billion, 7.112 billion, and 8.305 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 746 million, 886 million, and 1.040 billion yuan [4] - The expected price-to-earnings (PE) ratios for the same years are 37, 31, and 27 times [4] - Revenue growth rates are forecasted at 1.63%, 15.16%, and 16.78% for 2024, 2025, and 2026 respectively, following a decline of 4.45% in 2023 [5] Product Development and Market Strategy - The company is focusing on enhancing its product development capabilities, particularly in the field of hyaluronic acid, to support pipeline expansion [4] - The introduction of new products is expected to address the changing demands of consumers in the medical beauty market, which is becoming increasingly competitive [3][4]