Bloomage Biotech(688363)2025-01-25 23:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 146 to 175 million yuan in 2024, representing a year-on-year decrease of 70.47% to 75.36% [5] - The functional skincare segment is under pressure, while the medical beauty business is experiencing rapid growth, with expectations for a rebound in functional skincare by the second half of 2025 [6][10] - Strategic investments and organizational changes have led to increased costs, impacting the company's current operating performance [6][11] Summary by Sections Financial Performance - The company forecasts a significant decline in net profit for 2024, with a projected net profit of 163 million yuan, down 72.49% year-on-year [11] - Revenue estimates for 2024 to 2026 have been adjusted to 5.368 billion, 6.146 billion, and 7.3 billion yuan respectively, reflecting downward revisions of 5% to 6% [11] Business Segments - The raw materials business is expected to grow at a high single-digit rate in 2024, benefiting from international expansion and local operations [6] - The medical beauty segment has shown outstanding growth, with new product launches expected to drive revenue in 2025 [7][8] - The functional skincare segment is undergoing a strategic upgrade, with new products aimed at addressing skin issues at the cellular level [10] Market Position and Strategy - The company is positioned as a full-chain platform, integrating raw materials, medical terminal products, functional skincare, and functional foods [11] - The introduction of new medical beauty products is anticipated to significantly contribute to overall revenue growth in 2025 [7][11]