Bloomage Biotech(688363) 光大证券·2025-03-04 01:27Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - PDRN, known as "liquid gold" in the field of regenerative medicine, is derived primarily from salmon sperm and has significant anti-inflammatory and regenerative properties, making it widely applicable in pharmaceuticals and medical aesthetics [1][20]. - The global PDRN market is expected to grow at a CAGR of 43.32% from 2023 to 2029, with China's market potentially growing at 49% during the same period, indicating strong growth potential [2]. - The company has established itself as a leader in the PDRN sector through self-research and strategic partnerships, positioning itself as a national team in the PDRN market in China [2][3]. Summary by Sections PDRN Overview - PDRN is a DNA derivative with a length of 50-2000 bp and a molecular weight of 50-1500 kDa, primarily sourced from salmon sperm, which is expensive and has supply stability issues due to environmental factors [1][21]. - PDRN exhibits anti-inflammatory, regenerative, and skin-whitening effects, making it valuable in various applications [23][26]. Market Potential - The PDRN market in China is entering a high-growth phase, with expectations of rapid development driven by local production and new product launches in skincare and medical aesthetics [2]. - The comparison with collagen suggests that PDRN could become the next "explosive" product in the beauty sector [2]. Company Positioning - The company has successfully navigated the challenges of raw material production and has extensive experience in downstream functional skincare and medical aesthetics, enhancing its competitive edge [3]. - The company forecasts net profits of 163 million, 595 million, and 768 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 143, 39, and 30 [3][4].