报告名称：Bloomage BioTechnology(00963.HK)Revenue beats but profits miss due to non-operat
报告类型：港股研究
报告日期：2016-01-05
研究机构：中金公司
股票名称：华熙生物科技
股票代码：00963
页数：5
简介：Top line beats while bottom line likely to miss
Bloomage announced it will record a >30% YoY increasein revenue for 2015, mainly thanks to its product portfoliostrategy; it will also record >Rmb50mn of extra fees & expenses.
Trends to watch
Top line beats expectations and partially offsetsadditional fees & expenses. 2015’s >30% increase inrevenue is 5~10ppt above market expectations, thanks to thegood performance of HA materials and end-products, especiallyHA for aqua-shining in 2H15. It will also record >Rmb50mn ofextra expenses, these include: 1) one-off intermediary expensesin respect of investment & acquisition and financial projects;2) equity settled share-based payment expenses arising from themanagement of subscription shares to be issued; 3) amortizationof intangible assets arising from acquisition projects; and,4) interest expenses arising from financing. The rise in expensesoffsets the increase in revenue, lowering bottom lineexpectations. One-off expenses, such as intermediary expenseswill no longer occur and equity settled share-based payments willdecrease in coming years. With the exception of one-offexpenses and other non-operating accounts, operating growthwill remain positive.
Keeping positive for long-term growth. We expectdermatology devices & consumables and skin care products tobecome new growth engines and boost revenue over the nexttwo years, while its cooperation with Vivacy & Medytox can bringlong term growth potential after gaining CFDA approval by 2018.
Valuation and recommendation
We cut 2015 EPS by 11% to Rmb0.51, but maintain2016/17 at Rmb0.72/0.90. Maintain BUY and HK$22 TP (25x2016e P/E); it is currently trading at 30x/22x 2015e/16e.
Risks
Increasing competition; uncertainties in pipeline expansion.

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