Bloomage Biotech(688363) 华创证券·2024-11-06 08:10Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][15]. Core Insights - In Q3 2024, the company reported revenue of 1.064 billion yuan, a year-over-year decrease of 7%. The net profit attributable to shareholders was 20 million yuan, down 77% year-over-year, while the net profit excluding non-recurring items was 11 million yuan, down 85% year-over-year [1]. - For the first three quarters of 2024, the company achieved revenue of 3.875 billion yuan, a decrease of 8% year-over-year, with a net profit of 360 million yuan, down 29.6% year-over-year [1]. - The company is undergoing organizational changes in its cosmetics division and is exploring new synthetic biological components, which may help in developing new cosmetic ingredients [2]. - The company launched several new products in the medical aesthetics sector, including the "润百颜紧塑霜" and "夸迪 CT50 抗垮面霜," which are based on regenerative medicine and cellular regulation mechanisms [2]. - The gross margin for the company increased to 72.4%, up 1.2 percentage points year-over-year, while the sales expense ratio improved to 42.5%, down 3.1 percentage points year-over-year [3]. Financial Summary - The company’s total revenue for 2023 is projected at 6.076 billion yuan, with a year-over-year decline of 4.5%. The net profit attributable to shareholders is expected to be 593 million yuan, down 39% year-over-year [3]. - Revenue forecasts for 2024-2026 have been adjusted to 5.711 billion yuan, 6.090 billion yuan, and 6.849 billion yuan, respectively, reflecting a downward revision from previous estimates [3]. - The projected net profit for 2024-2026 is revised to 586 million yuan, 695 million yuan, and 818 million yuan, respectively [3].