[Table_Main] 公司研究|房地产|房地产Ⅱ 证券研究报告 [Table_TargetPrice] [Table_Base 基本数据 ] A 股流通股（百万股）： 1016.57 流通市值（百万元）： 9626.91 分析师 李典 电话 021-51097188-1866 福瑞达(600223)公司点评报告 2024 年 03 月 25 日 [Table_Invest]买入|维持 点评： 52 周最高/最低价（元）：11.57 / 6.68 A 股总股本（百万股）： 1016.57 [Table_ 报告作者Author] 执业证书编号 S0020516080001 邮箱 lidian@gyzq.com.cn [Table_Title] 23 年净利润超预期，轻装上阵发力大健康 [Table_Summary] 事件： 公司发布 2023 年年报。 ——福瑞达(600223)2023 年年报点评 地产剥离完成，全年净利润略超预告上限 2023 年公司房地产业务成功剥离，全年实现营业收入 45.79 亿元，同比下 降 64.65%，实现归母净利润 3.03 亿元，同比增长 567.44%，略超预告上 限，实 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 4.58 billion yuan for 2023, a year-on-year decline of 64.65%, primarily due to the divestment of its real estate business. However, the net profit attributable to shareholders was 300 million yuan, a significant increase of 567.4% year-on-year [2][26] - The company is expected to fully leverage its health and wellness initiatives in 2024, with projected net profits for 2024-2026 being 390 million, 510 million, and 610 million yuan respectively [7][8] - The company has increased its R&D investment to 166 million yuan in 2023, a growth of 10.11% year-on-year, and has established several new research centers and labs [3][7] Financial Summary - The company achieved a gross margin of 46.5% in 2023, an increase of 21.8 percentage points year-on-year, and a net margin of 8%, up by 7.5 percentage points [22][28] - The cosmetics segment generated revenue of 2.42 billion yuan in 2023, with a year-on-year growth of 22.7%. The pharmaceutical segment saw a revenue of 520 million yuan, a slight increase of 1.61% [8][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]

收益表现 % 1M 3M 1Y 相对 9.48 -6.01 1.55 绝对 11.15 0.21 -9.81 资料来源：Wind 作者 2024 年公司将推进各业务板块一体化、实现产业协同。化妆品板块将继续推进 大单品战略，并拓展新销售渠道，其中颐莲品牌聚焦"玻尿酸保湿修护"心智， 在夯实喷雾市占率的基础上提升以面霜为代表的第二梯队产品的销售占比；瑷尔 博士品牌继续深耕微生态护肤赛道，进一步完善品线，产品端闪充、益生菌系列 两大品线将全面升级，摇醒系列、清肌控油系列扩充品类，并新增防晒系列新品 及渠道定制品。医药板块紧抓中医药发展机遇，实现 OTC 产品放量，积极探索 "专科大药房"的电商新模式。原料及添加剂板块持续深挖"透明质酸+"方向， 并不断拓宽应用场景，丰富产品线、提升毛利率。 维持盈利预测和"买入"评级 我们继续看好未来公司聚焦大健康产业，各业务板块协同发力、高质量增长，维 持公司 24~25 年盈利预测、新增 26 年盈利预测，对应 24~26 年 EPS 分别为 0.37、 0.46、0.54 元，24 年、25 年 PE 分别为 25 倍、21 倍，维持"买入"评级。 风险提示：化妆品线上增速 ...

股 票 研 究 [Table_Forcast] 财务预测（单位：百万元） 损益表 2022A 2023A 2024E 2025E 2026E 营业总收入 12,951 4,579 4,486 5,215 6,181 营业成本 9,759 2,450 1,976 2,154 2,518 税金及附加 539 36 36 42 49 销售费用 1,313 1,446 1,485 1,825 2,188 管理费用 350 223 224 261 309 EBIT 551 273 610 755 915 公允价值变动收益 0 0 0 0 0 投资收益 116 214 27 31 37 财务费用 353 57 44 32 31 营业利润 311 419 563 722 881 所得税 196 47 141 181 221 少数股东损益 20 63 63 80 99 净利润 45 303 362 462 564 资产负债表 货币资金、交易性金融资产 4,318 1,734 2,938 3,042 3,134 其他流动资产 1,713 12 12 12 12 长期投资 720 139 179 219 259 固定资产合计 1 ...

证券研究报告·公司点评报告·化妆品 2023 年年报点评：化妆品增长较快，组织调 整利于战略聚焦大健康 2024 年 03 月 22 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12,951 | 4,579 | 4,622 | 5,485 | 6,471 | | 同比 | 4.76% | -64.65% | 0.95% | 18.66% | 17.98% | | 归母净利润（百万元） | 45.46 | 303.39 | 367.99 | 454.51 | 548.58 | | 同比 | -87.44% | 567.44% | 21.29% | 23.51% | 20.70% | | EPS- 最新摊薄（元 / 股） | 0.04 | 0.30 | 0.36 | ...

23 年主业高增，顺利剥离地产轻装上阵，战略聚焦医药大健康，未来发展可期 2024 年 03 月 23 日 [Table_Author] 分析师 刘文正 3.福瑞达（600223.SH）事件点评：人事调整 助力主业聚焦，"双 11"大促临近加速催化- 2023/10/16 营业总收入 4,579 4,809 5,990 7,022 成长能力（%） 福瑞达(600223)/商业零售及社会服务 营业税金及附加 36 200 249 292 EBIT 增长率 -50.38 40.44 42.18 27.69 财务费用 57 34 24 32 总资产收益率 ROA 3.88 4.80 6.00 6.65 利润总额 413 480 602 737 现金比率 0.72 1.02 0.97 1.14 总资产周转率 0.14 0.59 0.71 0.80 每股经营现金流 0.47 0.99 0.37 0.91 1,055 846 777 782 EV/EBITDA 23.36 18.44 14.42 11.63 福瑞达(600223)/商业零售及社会服务 | --- | --- | --- | --- | |-------- ...

公司信息更新报告 法律声明 开源证券股份有限公司是经中国证监会批准设立的证券经营机构，已具备证券投资咨询业务资格。 本报告仅供开源证券股份有限公司（以下简称"本公司"）的机构或个人客户（以下简称"客户"）使用。本公司不 会因接收人收到本报告而视其为客户。本报告是发送给开源证券客户的，属于商业秘密材料，只有开源证券客户才 能参考或使用，如接收人并非开源证券客户，请及时退回并删除。 本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、工 具、意见及推测只提供给客户作参考之用，并非作为或被视为出售或购买证券或其他金融工具的邀请或向人做出邀 请。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、 价值及投资收入可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。客户应当 考虑到本公司可能存在可能影响本报告客观性的利益冲突，不应视本报告为做出投资决策的唯一因素。本报告中所 指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。本公司未确保本报告充分考虑到个别客户特殊的 投资目标、财务状况或需要。本 ...

Financial Performance - The company achieved a net profit attributable to shareholders of 303,387,173.94 CNY for the year 2023, with the parent company reporting a net profit of 645,012,010.81 CNY[3]. - Revenue decreased by 64.65% compared to the previous year, and net cash flow from operating activities dropped by 52.49%[26]. - The company's operating revenue for 2023 was approximately CNY 4.58 billion, a decrease of 64.65% compared to CNY 12.95 billion in 2022[56]. - Net profit attributable to shareholders for 2023 was CNY 303.39 million, an increase of 567.44% from CNY 45.46 million in 2022[56]. - The net profit after deducting non-recurring gains and losses was CNY 138.88 million, up 137.40% from CNY 58.50 million in the previous year[58]. - The company achieved a basic earnings per share of CNY 0.30, a significant increase of 650.00% compared to CNY 0.04 in 2022[57]. - The weighted average return on net assets rose to 7.56%, an increase of 6.55 percentage points from 1.01% in 2022[57]. - The total profit reached CNY 413 million, an increase of 58.19% compared to the previous year[80]. - The net profit attributable to the parent company was CNY 303 million, showing a significant year-on-year growth of 567.44%[80]. Asset Management - Total assets decreased by 86.63% compared to the beginning of the year, influenced by the divestiture of the real estate business[26]. - As of December 31, 2023, total assets amounted to CNY 7.818 billion, a decrease of 86.63% from the beginning of the year[80]. - The net assets attributable to the parent company increased by 8.02% to CNY 4.015 billion[80]. - The decline in operating revenue was primarily due to the divestiture of the real estate business, which also led to a corresponding decrease in operating costs[81]. Research and Development - The company is actively involved in R&D collaborations with institutions like Shandong University and Zhejiang University, focusing on innovative product development[41]. - R&D expenses increased due to higher investment in research and development during the reporting period[82]. - The company increased its R&D investment to CNY 166 million in 2023, representing a year-on-year growth of 10.11%[163]. - The company launched 1 new drug (Tadalafil tablets) and completed the acceptance of 1 drug application (Lidocaine cream) during the reporting period[163]. - A total of 152 new cosmetic products were launched, including Yilian soft film powder and Aier Doctor series[163]. - The company obtained 68 new patents, including 26 invention patents, and achieved international advanced and leading levels in 6 projects[163]. - The company established 2 new R&D centers and 1 key laboratory in Shandong Province, enhancing its technological capabilities[163]. Market Trends and Strategy - The retail sales of cosmetics in China reached 414.2 billion CNY in 2023, growing by 5.1% year-on-year, indicating a positive trend in the cosmetics sector[35]. - The company plans to enhance its digital marketing system and integrate pharmaceutical production and sales, aiming for a more efficient operational model[33]. - The company is adapting to regulatory changes in the cosmetics industry, ensuring compliance with new safety and labeling regulations[35]. - The company's strategic focus has shifted to cosmetics, pharmaceuticals, and additives, following the divestiture of real estate assets[106]. - The company launched the "KeyC" medical beauty brand and upgraded its brand development strategy from "4+N" to "5+N" in the cosmetics sector[151]. - The company is focusing on key fields such as dermatology, orthopedics, ophthalmology, and pediatrics to accelerate project research and development[145]. Production and Capacity - The company has an annual production capacity of 420 tons for hyaluronic acid, ranking among the top in the industry[42]. - The company has established seven industrial production bases across four locations, enhancing its operational capacity in the health industry[47]. - The company has established a bio-pharmaceutical industrial park with GMP workshops, enhancing its production capabilities and quality control measures[95]. - The company has completed the infrastructure construction for an intelligent production base for recombinant human collagen medical devices[189]. Sales and Distribution - The company has established a comprehensive sales network, both domestically and internationally, covering various channels including hospitals and online platforms[79]. - The company has implemented a multi-channel sales strategy, combining online and offline approaches to enhance market reach[180]. - Online sales of cosmetics accounted for approximately ¥2.11 billion in revenue, with a gross margin of 63.32%, showing a year-over-year revenue increase of 20.35% and a gross margin increase of 2.12 percentage points[108]. - The company completed the transfer of all real estate development businesses in 2023, successfully transitioning to a focus on cosmetics and pharmaceuticals[145]. Environmental and Compliance Efforts - The company is committed to green manufacturing practices, having received multiple certifications for its environmentally friendly production facilities[95]. - The company is focusing on risk management and compliance, implementing various internal control measures to improve management standards[33].

请务必阅读正文之后的免责声明及其项下所有内容 2023 年归母净利超此前预告上限，核心主业发展未来可期 | --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|--------|-------|----------------------------------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 12,951 | 4,579 | 4,858 | 5,425 | 5,886 | | (+/-%) | 4.8% | -64.6% | 6.1% | 11.7% | 8.5% | | 净利润(百万元) | 45 | 303 | 371 | 443 | 509 | | (+/-%) | -87.4% | 567.4% | 22.4% | 19.3% | 14.9% | | 每股收益（元） | 0.04 | 0.30 | 0.37 | 0.44 | 0.50 | | EBIT Margi ...

易丁依，上海财经大学金融硕士，21 年 6 月加入德邦证券，负责医美、化妆品领域研究，把握颜值经济行业趋势、分析用户画像、研 究终端产品、高频跟踪渠道动销，深挖公司基本面型选手，挖掘胶原蛋白等前沿细分市场。 [Table_Main] 证券研究报告 | 公司点评 福瑞达(600223.SH) 2024 年 03 月 22 日 分析师声明 本报告仅供德邦证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况 下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容 所引致的任何损失负任何责任。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊 的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，德邦证券及 ...