Bloomage Biotech(688363) 华创证券·2024-05-12 08:02Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [12]. Core Views - The company achieved a revenue of 6.08 billion yuan in 2023, a year-on-year decrease of 4.6%. However, the first quarter of 2024 showed a revenue increase of 4.2% year-on-year, reaching 1.36 billion yuan [1][2]. - The raw material and medical business segments exceeded expectations, with raw material product revenue growing by 15% year-on-year to 1.13 billion yuan, and medical terminal product revenue increasing by 59% year-on-year to 1.09 billion yuan [1]. - The company is expected to see revenue growth in the coming years, with projections of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, reflecting a compound annual growth rate of 14.1% from 2024 to 2026 [2][6]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 73.32%, a decrease of 3.67 percentage points year-on-year, with a net profit of 590 million yuan, down 39% year-on-year [1]. - The first quarter of 2024 showed a gross margin improvement to 75.73%, with a net profit of 240 million yuan, up 21% year-on-year [1]. Business Segments - The raw material segment contributed 19% of total revenue, with a gross margin of 64.71%, down 6.83 percentage points due to increased production costs. The overseas market, particularly Europe and Southeast Asia, drove growth, with exports reaching 517 million yuan, up 21% year-on-year [1]. - The medical terminal segment contributed 18% of total revenue, with a gross margin of 82.10%, an increase of 1.24 percentage points. The company expanded its customer base to over 3,500 institutions [1]. - Functional skincare products accounted for 62% of total revenue, with a gross margin of 73.93%, down 4.44 percentage points. The company is optimizing its brand resources and channels [1]. Cost and Expenses - The overall expense ratio for 2023 was 61.72%, an increase of 2.25 percentage points from 2022. The sales expense ratio was 46.78%, down 1.2 percentage points year-on-year [1]. - The company reported a significant improvement in sales expenses, although the decline in functional skincare revenue led to a slight increase in the overall expense ratio [1]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenues of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, alongside net profits of 850 million yuan, 1.06 billion yuan, and 1.28 billion yuan respectively [2][6].