Bloomage Biotech(688363) 长江证券·2024-05-27 02:32Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report indicates that the management transformation is beginning to show results, with significant improvement in profitability for Q1 2024 [6][5]. - The company achieved a total revenue of 6.076 billion yuan in 2023, a year-on-year decline of 4.45%, while the net profit attributable to shareholders was 593 million yuan, down 38.97% year-on-year [5][6]. - In Q1 2024, the company reported revenue of 1.361 billion yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [5][6]. Summary by Sections Financial Performance - In 2023, the company’s revenue decreased by 4.45% to 6.076 billion yuan, with a net profit decline of 38.97% to 593 million yuan [5][6]. - The Q4 2023 revenue was 1.854 billion yuan, down 9.04% year-on-year, and the net profit was 78 million yuan, down 73.37% year-on-year [5][6]. - The gross profit margin for 2023 was under pressure, decreasing by 3.7 percentage points, while the sales expense ratio improved marginally, decreasing by 1.2 percentage points [6][11]. Business Segments - The raw materials business generated revenue of 1.13 billion yuan, up 15% year-on-year, with the high-margin pharmaceutical HA segment growing by 19% [6]. - The medical terminal business saw a revenue increase of 59%, with significant growth in skin, orthopedic, and other categories [6]. - The functional skincare segment experienced an 18% decline, attributed to strategic adjustments in brand management [6]. Future Outlook - The report anticipates that the company’s raw materials business will maintain a solid market position, and the contribution from the medical aesthetics business is expected to increase [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.75 yuan, 2.08 yuan, and 2.52 yuan respectively [6][11].