Bloomage Biotech(SH:688363) EBSCN·2025-04-27 08:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.08 billion yuan in Q1 2025, a year-on-year decrease of 20.8%, and a net profit attributable to the parent company of 100 million yuan, down 58.1% year-on-year [1] - The skin science innovation and transformation business is still in an adjustment phase, impacting overall performance, although raw material and medical terminal business revenues continue to grow [2] - The approval of the first domestic Class III medical device for "facial skin quality improvement" enhances the company's aesthetic medicine product matrix, addressing market pain points and expected to open new growth opportunities [3] - The company is projected to achieve net profits of 467 million yuan, 668 million yuan, and 910 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 49, 34, and 25 [3][4] Financial Summary - For 2025, the company is expected to generate a revenue of 5.594 billion yuan, with a growth rate of 4.15% [4] - The gross profit margin for Q1 2025 was 72.2%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 9.5%, down 8.4 percentage points year-on-year [2] - The company’s operating expenses ratio for Q1 2025 was 58.4%, an increase of 7.1 percentage points year-on-year, attributed to management changes and long-term strategic investments [2] Profitability and Valuation Metrics - The projected EPS for 2025 is 0.97 yuan, with a return on equity (ROE) of 6.47% [4][10] - The company’s gross margin is expected to improve to 74.3% by 2025, with a net profit margin of 8.3% [10] - The company’s total assets are projected to reach 8.906 billion yuan by 2025, with total liabilities of 1.664 billion yuan [9]