Bloomage Biotech(SH:688363) Shenwan Hongyuan Securities·2025-04-30 11:46Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a Q1 2025 revenue of 1.08 billion yuan, a year-on-year decline of 20.8%, and a net profit attributable to shareholders of 100 million yuan, down 58.1% year-on-year. However, there was a quarter-on-quarter improvement in net profit by 290 million yuan compared to Q4 2024 [6][7] - The company is undergoing a significant strategic transformation, focusing on two main areas: sugar biology and cell biology, which is expected to lay a solid foundation for future growth despite short-term performance pressures [6] - The company is adjusting its skin science innovation business by restructuring management, upgrading brands, and innovating marketing strategies to enhance brand competitiveness and long-term financial health [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 5.68 billion yuan, with a projected growth rate of 5.7%. The net profit attributable to shareholders is expected to be 451 million yuan, reflecting a significant year-on-year increase of 159.1% [5] - The gross margin for Q1 2025 was 72.2%, a decrease of 3.6 percentage points year-on-year, while the net margin was 9.4%, down 8.5 percentage points year-on-year [6][9] - The company maintains its profit forecast for 2025-2027, expecting net profits of 451 million yuan, 520 million yuan, and 606 million yuan respectively, with corresponding price-to-earnings ratios of 52, 45, and 38 [6][14]