Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2][3]. - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3]. - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4]. Financial Summary - In 2024, the company achieved a gross margin of 52.68%, up 6.19 percentage points year-on-year, while the net profit margin was 7.44%, down 0.56 percentage points [2]. - The company’s revenue for 2025 is projected to be 4.304 billion yuan, with a year-on-year growth of 8.07%, and net profit is expected to reach 297.33 million yuan, reflecting a 22.09% increase [4][10]. - The earnings per share (EPS) forecast for 2025 is 0.29 yuan, with corresponding price-to-earnings (P/E) ratios of 26, 22, and 19 for the years 2025, 2026, and 2027 respectively [4][10].

Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, but showed significant growth in its core cosmetic brand, Yilian, particularly in Q4, indicating a positive trend in product performance and market recovery [1][2]. Financial Performance - For the full year 2024, the company achieved revenue of 3.983 billion yuan, down 13.0%, and a net profit of 244 million yuan, down 19.7%. However, the net profit excluding non-recurring items increased by 54.5% to 215 million yuan [1]. - In Q4 2024, revenue was 1.180 billion yuan, a slight decrease of 0.3%, while net profit rose by 10.7% to 72 million yuan, and net profit excluding non-recurring items surged by 104.4% to 64 million yuan [2]. Cosmetic Business Performance - The cosmetic segment showed signs of recovery in Q4, with revenue increasing by 0.7% year-on-year. For the full year, cosmetic business revenue reached 2.475 billion yuan, up 2.5% [2]. - Yilian's revenue for 2024 was 963 million yuan, a 12.4% increase, with Q4 revenue of 305 million yuan, up 24% year-on-year. The brand's product iterations, such as the spray products, performed well, with sales growth of 13% and 35% respectively [2]. - The company expanded its offline presence, with over 500 stores for Yilian and Aier Bo Shi, contributing nearly 300 million yuan in sales for the year [2]. Drug and Raw Material Revenue - The pharmaceutical segment generated 512 million yuan in revenue, a decline of 1.4%. The company established an integrated production and sales system focused on academic and brand marketing [3]. - Revenue from raw materials and additives was 343 million yuan, down 2.4%. The company successfully passed GMP compliance checks for sodium hyaluronate and obtained EU certification for its raw materials [3]. Profitability and Cost Management - Q4 gross margin improved significantly to 54.65%, up 9.9 percentage points, driven by business structure optimization. The gross margin for cosmetics was 63.1%, while pharmaceuticals stood at 57% [4]. - The company's net profit margin for Q4 was 6.13%, reflecting a stable performance [5]. Future Outlook - The company is expected to continue benefiting from the ongoing upgrades and adjustments in its business model, with Yilian showing strong growth potential. Projections for net profit in 2025 and 2026 are 310 million yuan and 340 million yuan, respectively, with corresponding PE ratios of 24x and 22x [5].

| 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 7.61 | | 一年最高最低(元) | 9.39/5.74 | | 总市值(亿元) | 77.36 | | 流通市值(亿元) | 77.36 | | 总股本(亿股) | 10.17 | | 流通股本(亿股) | 10.17 | | 近 3 个月换手率(%) | 119.9 | 股价走势图 -48% -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 福瑞达 沪深300 数据来源：聚源 相关研究报告 《2024Q3 归母净利润同比-7.8%，化 妆品业务表现稳健—公司信息更新报 告》-2024.10.29 《剔除地产业务影响，2024H1 公司经 营情况稳健—公司信息更新报告》 -2024.8.24 美容护理/化妆品 福瑞达（600223.SH） 2025 年 03 月 26 日 投资评级：买入（维持） 《扣非归母净利润高增，聚焦大健康 高质量发展可期—公司信息更新报 告》-2024.4.30 剔除地产业绩表现稳健，期待化妆品业务稳中有升 ——公司信息更新报告 | 黄泽鹏（分析师） ...

美容护理/化妆品 福瑞达（600223.SH） 《剔除地产业务影响，2024H1 公司经 营情况稳健—公司信息更新报告》 -2024.8.24 2025 年 03 月 26 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 7.61 | | 一年最高最低(元) | 9.39/5.74 | | 总市值(亿元) | 77.36 | | 流通市值(亿元) | 77.36 | | 总股本(亿股) | 10.17 | | 流通股本(亿股) | 10.17 | | 近 3 个月换手率(%) | 119.9 | 股价走势图 -48% -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 福瑞达 沪深300 数据来源：聚源 相关研究报告 《2024Q3 归母净利润同比-7.8%，化 妆品业务表现稳健—公司信息更新报 告》-2024.10.29 《扣非归母净利润高增，聚焦大健康 高质量发展可期—公司信息更新报 告》-2024.4.30 剔除地产业绩表现稳健，期待化妆品业务稳中有升 ——公司信息更新报告 | 黄泽鹏（分析师） ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2025-2027 at 28X, 23X, and 19X respectively [5][6]. Core Insights - The company reported a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 244 million yuan, down 19.73% year-on-year. However, the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The cosmetics business showed steady growth, with the Yilian brand achieving a revenue increase of 12.36% year-on-year, while the Ai Er Bo Shi brand faced some pressure, with a revenue decline of 3.48% year-on-year [2][3]. - The pharmaceutical segment completed the integration of production and sales, with a revenue of 512 million yuan in 2024, a slight decrease of 1.41% year-on-year, but an increase of 18.78% in the second half of the year [3][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 3.983 billion yuan in 2024, with a projected revenue growth of 14.7% in 2025, reaching 4.568 billion yuan [6][9]. - The gross margin for 2024 was reported at 52.68%, an increase of 6.19 percentage points year-on-year, with the cosmetics segment achieving a gross margin of 62.57% [4][9]. Business Segments - The cosmetics segment is expanding its multi-channel strategy, actively increasing its presence on platforms like JD and Pinduoduo, with notable sales growth in specific product lines [2][3]. - The pharmaceutical business is focusing on new product development and supply chain services, with a successful launch of several functional foods [3][4]. Financial Projections - The forecast for net profit attributable to shareholders is 280 million yuan in 2025, 331 million yuan in 2026, and 398 million yuan in 2027, reflecting year-on-year growth rates of 15.1%, 18.2%, and 20.2% respectively [5][6]. - The report indicates a steady improvement in profitability metrics, with a non-recurring net profit margin projected to increase to 5.39% in 2024 [4][9].

证券研究报告·公司点评报告·化妆品 福瑞达（600223） 2024 年业绩点评：化妆品业务稳健增长，瑷 尔博士调整升级放量可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4579 | 3983 | 4396 | 5189 | 6081 | | 同比（%） | (64.65) | (13.02) | 10.39 | 18.03 | 17.19 | | 归母净利润（百万元） | 303.39 | 243.53 | 281.85 | 350.73 | 409.90 | | 同比（%） | 567.44 | (19.73) | 15.74 | 24.44 | 16.87 | | EPS-最新摊薄（元/股） | 0.30 | 0.24 | 0.28 | 0.35 | 0.40 | | P/E（现价&最新摊薄） | 25.67 | 31.98 | 27.63 | 22.20 | 19.00 | [Table_Tag] ...

证券研究报告 | 2025年03月24日 福瑞达（600223.SH） 优于大市 2024 年剔除地产影响归母净利润增长 6%，毛利率持续优化 公司 2024 年受房地产开发业务剥离导致业绩有所波动，扣除相关影响整体 表现稳健。公司 2024 年实现营收 39.83 亿/yoy-13.02%；归母净利润 2.44 亿/yoy-19.73%；扣非净利润 2.15 亿/yoy+54.54%，剔除地产影响，全年营 收基本持平，归母净利润同比增长 6.1%，扣非归母净利润增长 5.26%。单 Q4 实现营收 11.80 亿/yoy-0.33%，实现归母净利润 7236.32 万/yoy+10.72%， 扣非净利润 0.64 亿/yoy+104.37%。同时公司每 10 股派发现金红利0.6 元（含 税），分红率达 45.92%，较 2023 年的 33.51%提升明显。 化妆品板块全年实现营收24.75亿/yoy+2.46%，毛利率为 62.57%/+0.44pct。 同时主要子公司福瑞达生物（母公司口径）全年实现营收/净利润 21.66 亿 /1.93 亿，净利率达 8.9%/yoy+0.65pct，预计整体化妆品 ...

鲁商福瑞达医药股份有限公司 审计报告 上会师报字(2025)第 2118 号 上会会计师事务所（特殊普通合伙） 中国 上海 . 会计师 李 务所(特殊善通合 i Centiliad Public Accountants (Special Genera 审计报告 上会师报字(2025)第 2118 号 鲁商福瑞达医药股份有限公司全体股东: 一、审计意见 我们审计了鲁商福瑞达医药股份有限公司(以下简称"贵公司")财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了贵公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及 母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会 计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国 注册会计师职业道德守则,我们独立于贵公司,并履行了职业 ...

鲁商福瑞达医药股份有限公司 内部控制审计报告 上会师报字(2025)第 2120 号 上会会计师事务所（特殊普通合伙） 中国 上海 令计师 李今所（特殊普通合伙） ahai Certified Public Accountants (Special General Partnership) 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 上会师报字(2025)第 2120 号 鲁商福瑞达医药股份有限公司全体股东; 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 ...

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