Bloomage Biotech(688363) 群益证券·2025-02-11 08:18Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 53 CNY [2][8]. Core Insights - The company is expected to face significant profit declines in 2024, with a projected net profit of 146 million to 175 million CNY, representing a year-on-year decrease of 70.5% to 75.4% [8]. - The skincare business is under pressure due to competition and strategic adjustments, while the raw materials and medical terminal businesses are expected to maintain growth [11]. - The company plans to launch two new medical aesthetic injection products in the second half of 2024, which may enhance its competitive edge in the medical aesthetics sector [11]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current A-share price of 48.92 CNY and a market capitalization of 23.564 billion CNY [3]. Recent Ratings - The previous rating on August 26, 2024, was "Trading Buy" with a closing price of 52.86 CNY [4]. Financial Performance - The company forecasts a net profit of 168 million CNY for 2024, down 78.6% from the previous year, with an expected EPS of 0.35 CNY [10]. - Revenue for 2024 is projected at 5.509 billion CNY, with a significant decline from 2023 [15]. Business Segments - The product mix includes functional skincare (49.14%), medical terminal products (26.43%), and raw materials (22.41%) [4]. - The medical terminal business is expected to grow at a high double-digit rate, while the skincare segment is anticipated to stabilize and recover in 2025 [11].