Bloomage Biotech(SH:688363) KAIYUAN SECURITIES·2025-04-28 07:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing organizational management changes that are currently impacting short-term performance, but a growth inflection point is anticipated in 2025 [4][5] - The company reported a revenue of 5.371 billion yuan in 2024, a decrease of 11.6% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 70.6% [4] - For Q1 2025, the company achieved a revenue of 1.078 billion yuan, a decline of 20.8%, and a net profit of 102 million yuan, down 58.1% [4] - The company is expected to return to growth after completing its strategic adjustments, with projected net profits for 2025-2027 at 439 million, 581 million, and 742 million yuan respectively [4][5] Financial Summary - The total revenue for 2024 is projected at 5.371 billion yuan, with a year-on-year decline of 11.6% [7] - The net profit for 2024 is expected to be 174 million yuan, reflecting a significant decrease of 70.6% [7] - The gross margin for 2024 is estimated at 74.1%, slightly up from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be 0.91 yuan, with a price-to-earnings (P/E) ratio of 52.3 times [7] Business Segments - The skin science innovation business generated revenue of 2.569 billion yuan in 2024, down 31.6%, with a gross margin of 72.8% [5] - The medical terminal products business saw revenue growth of 32.0%, reaching 1.440 billion yuan, with a gross margin of 84.4% [5] - The raw materials business achieved revenue of 1.236 billion yuan, an increase of 9.5%, with a gross margin of 65.6% [5] - The company has expanded its medical aesthetic institution coverage to 7,000, with significant growth in the revenue from its "baby needle" products [6]