Bloomage Biotech(SH:688363) Guolian Securities·2024-05-10 07:30Investment Rating - The report suggests a focus on the company's management and organizational adjustments, indicating a potential for recovery in performance, thus recommending attention to the stock [6]. Core Views - The company reported a revenue of 6.076 billion yuan in 2023, a decrease of 4.5% year-on-year, with a net profit of 593 million yuan, down 39.0% year-on-year. However, Q1 2024 showed a revenue increase of 4.2% year-on-year to 1.361 billion yuan and a net profit increase of 21.4% year-on-year to 243 million yuan [3][4]. - The raw materials and medical terminal businesses performed well in 2023, with raw material revenue increasing by 15.22% and medical terminal business revenue increasing by 58.95%. In contrast, the functional skincare segment saw a revenue decline of 18.45% due to strategic adjustments [4][5]. - The company is implementing multi-dimensional adjustments in management, digitalization, and business operations, aiming for a rebound in the skincare business in 2024 [5]. Financial Summary - Revenue projections for 2024-2026 are 7.095 billion yuan, 8.095 billion yuan, and 9.253 billion yuan, with corresponding growth rates of 16.8%, 14.1%, and 14.3%. Net profit projections are 863 million yuan, 1.051 billion yuan, and 1.272 billion yuan, with growth rates of 45.6%, 21.8%, and 21.1% respectively [6][7]. - The company's comprehensive gross margin for 2023 was 73.3%, with a net profit margin of 9.75% [4][6]. - The earnings per share (EPS) for 2024-2026 are projected to be 1.79 yuan, 2.18 yuan, and 2.64 yuan, respectively [6][7].