Bloomage Biotech(SH:688363) Orient Securities·2024-05-06 10:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.24 CNY [4][6] Core Insights - The company achieved a revenue of 6.08 billion CNY in 2023, a year-on-year decline of 4.5%, and a net profit attributable to shareholders of 593 million CNY, down 39% year-on-year. In Q1 2024, revenue and net profit attributable to shareholders grew by 4.2% and 21.4% year-on-year, respectively [1][2] - The raw materials business showed steady growth, with revenue reaching 1.13 billion CNY in 2023, up 15.2% year-on-year, driven by increases in pharmaceutical-grade and cosmetic-grade raw materials [1] - The medical terminal business, particularly in aesthetic medicine, saw significant growth, with revenue of 1.09 billion CNY in 2023, a year-on-year increase of 58.95%. Notably, skin-related medical products generated 750 million CNY, up 60.3% year-on-year [1] - The functional skincare segment faced challenges, with revenue declining by 18.5% to 3.76 billion CNY in 2023, prompting strategic adjustments in channel management [1] - Q1 2024 performance showed signs of stabilization, driven by continued growth in the aesthetic medicine sector and improvements in gross margin and sales expense ratio [1] Financial Summary - The company’s financial performance for 2022 and projections for 2024-2026 are as follows: - Revenue (million CNY): 2022A: 6,359, 2023A: 6,076, 2024E: 6,586, 2025E: 7,514, 2026E: 8,451 [3] - Net profit (million CNY): 2022A: 971, 2023A: 593, 2024E: 818, 2025E: 1,042, 2026E: 1,298 [3] - Earnings per share (CNY): 2022A: 2.02, 2023A: 1.23, 2024E: 1.70, 2025E: 2.16, 2026E: 2.69 [3] - Gross margin (%): 2022A: 77.0%, 2023A: 73.3%, 2024E: 74.3%, 2025E: 75.1%, 2026E: 75.5% [3]