Bloomage Biotech(SH:688363) Soochow Securities·2024-04-30 19:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 was under pressure due to adjustments, but there is a positive recovery in Q1 2024 with revenue of 1.36 billion yuan, up 4.2% year-on-year, and net profit of 240 million yuan, up 21.4% year-on-year [3] - The cosmetics segment faced a temporary adjustment, focusing on creating flagship products, with revenue of 3.76 billion yuan in 2023, down 18.5% [3] - The medical terminal business showed high growth, with revenue of 1.09 billion yuan, up 59.0% year-on-year, driven by differentiated advantages in medical aesthetics [3] - The company's profitability improved in Q1 2024, with gross margin at 75.7% and net margin at 17.9%, reflecting a significant optimization in expense ratios [3] - The company is a global leader in the hyaluronic acid industry, with a stable integrated advantage, and the forecast for net profit in 2024-2026 is adjusted to 730 million yuan, 850 million yuan, and 1.01 billion yuan respectively [3] Financial Summary - Total revenue for 2023 was 6.08 billion yuan, down 4.45% year-on-year, with a net profit of 592.56 million yuan, down 38.97% [2][3] - The company plans to distribute a cash dividend of 3.8 yuan per 10 shares, with a payout ratio of 48.6% [3] - The earnings per share (EPS) for 2024 is projected at 1.51 yuan, with a price-to-earnings (P/E) ratio of 40.05 [2][3] - The company's total assets are projected to reach 9.04 billion yuan by 2024, with total liabilities of 1.57 billion yuan [9]