Bloomage Biotech(688363) 长江证券·2024-11-18 07:24Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's revenue for Q3 2024 was 1.064 billion yuan, a year-on-year decline of 7.1%, while the net profit attributable to the parent company was 20.26 million yuan, down 77.4% year-on-year. The net profit after deducting non-recurring items was 10.58 million yuan, a decrease of 85.4% year-on-year [4]. - The skincare business is undergoing adjustments, and the launch of new medical beauty products is expected to drive future growth. The revenue changes for the first three quarters of 2024 were 4.2%, -18.1%, and -7.1% year-on-year, with a smaller decline in Q3 compared to Q2. Recent launches include "Injectable Sodium Hyaluronate Composite Solution" and "Injectable Cross-linked Sodium Hyaluronate Gel," which are anticipated to boost future growth [4][5]. - The financial expense ratio continues to improve, but profitability is under temporary pressure. In Q3 2024, the gross profit margin increased by 1.3 percentage points, likely due to a higher proportion of medical terminal business. The net profit margin decreased by 5.9 percentage points to 1.9% year-on-year [5]. - The company is focusing on overall resource efficiency and internal management reforms. The medical beauty business is on a positive development track, and the new products are expected to enhance revenue and profit. The raw material business has a solid market position and broad potential, while the contribution of the medical beauty business is gradually increasing [5]. Summary by Sections Revenue Performance - In Q3 2024, the company achieved revenue of 1.064 billion yuan, a year-on-year decline of 7.1% [4]. - Revenue changes for Q1 to Q3 2024 were 4.2%, -18.1%, and -7.1% respectively, indicating a narrowing decline in Q3 compared to Q2 [4]. Profitability Analysis - The gross profit margin in Q3 2024 increased by 1.3 percentage points, attributed to a higher share of medical terminal business [5]. - The net profit margin decreased by 5.9 percentage points to 1.9% year-on-year due to increased expenses [5]. Investment Outlook - The company is implementing comprehensive management reforms to enhance resource efficiency. The medical beauty business is expected to contribute more significantly to overall performance [5]. - EPS forecasts for 2024, 2025, and 2026 are 1.05, 1.53, and 1.87 yuan per share respectively [5].