Bloomage Biotech(688363) 国元证券·2024-11-04 08:00Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a downward adjustment from previous assessments [2][5]. Core Insights - The company reported a revenue decline of 8.21% year-on-year for the first three quarters of 2024, with a net profit decrease of 29.62% [3]. - The gross margin improved slightly to 73.93%, while the net profit margin decreased to 9.34%, reflecting significant pressure on profitability [3]. - The company is undergoing a management transformation with the assistance of IBM, launching 48 transformation projects aimed at improving operational efficiency [4]. - New product launches in the cosmetics segment, including "润百颜胶原紧塑霜" and "夸迪 CT50 抗垮面霜," are expected to enhance business performance [4]. - The medical aesthetics segment has seen the approval of a new product, "润致·格格," which is anticipated to drive growth in this area [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.875 billion yuan, with a gross profit margin of 73.93% [3]. - The net profit for the same period was 362 million yuan, reflecting a significant decline compared to the previous year [3]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.04 yuan, 1.47 yuan, and 1.79 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 58, 41, and 33 [5]. - The company’s total revenue is projected to decline to approximately 5.79 billion yuan in 2024, before recovering to 6.74 billion yuan in 2025 and 7.75 billion yuan in 2026 [7].