华福证券 司财报 | --- | --- | --- | --- | --- | --- | |------------------------------------|--------|-------|-------|-------|--------------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 12,951 | 4,579 | 4,794 | 5,669 | 6,702 | | 增长率（ %） | 5% | -65% | 5% | 18% | 18% | | 净利润（百万元） | 45 | 303 | 376 | 476 | 592 | | 增长率（ %） | -87% | 567% | 24% | 26% | 24% | | EPS（元/ 股） | 0.04 | 0.30 | 0.37 | 0.47 | 0.58 | | 市盈率（P/E） | 176.5 | 26.4 | 21.3 | 16.9 | 13.6 | | 市净率（P/B） | 2.2 | 2.0 | 1.9 | 1.7 | 1.6 | | 数 ...

福瑞达（600223.SH）2024 年一季报点评 [Table_Author] 管理费用 223 207 246 274 盈利能力（%） 2.0 1.8 1.6 1.4 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 化妆品业务持续增长，原料业务稳健向好，大健康版图布局未来可期 2024 年 04 月 30 日 分析师 刘文正 执业证书： S0100521100009 邮箱： liuwenzheng@mszq.com 分析师 解慧新 执业证书： S0100522100001 邮箱： xiehuixin@mszq.com 研究助理 杨颖 执业证书： S0100123070030 邮箱： yangying@mszq.com 投资收益 214 139 90 84 偿债能力 股息收益率（%） 0.00 0.00 0.00 0.00 营业成本 2,450 2,188 2,707 3,160 营业收入增长率 -64.65 5.03 24.54 17.24 EBIT 273 384 546 697 净利润率 6. ...

证券代码：600223 证券简称：福瑞达 鲁商福瑞达医药 股份有限公司投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 √现场参观 √其他电话会议 民生证券 中金证券 国元证券 华泰证券 国泰君安 中信建投 德邦商社 长江证券 国信证券 华创证券 参与单位名称及 西部证券 方正商社 中信证券 东方基金 鹏扬基金 人员姓名 易米基金 朱雀基金 华富基金 浙商证券 海通证券 申银万国 东吴证券 大家资产 上海证券等 2024年4月12日 9:30-10:30 时间 ...

请务必阅读正文之后的免责声明及其项下所有内容 2）药品板块 2024Q1 实现营收 1.09 亿/yoy-23.25%，毛利率 54.90%/yoy-1.50pct， 主要由于去年同期公司为政府提供相关防疫药品导致整体基数较高。 3 ） 原 料 添 加 剂 板 块 2024Q1 实 现 营 收 0.84 亿 元 /yoy+10.26% ， 毛 利 率 为 29.74%/yoy-0.72pct。公司积极调整销售战略，调整销售产品结构，提升毛利较 高的化妆品级透明质酸销售占比，积极开发原料药业务海外市场，并通过抖音、 快手等平台提升口服产品销量，带动营收增长。 图1：公司单季度营业收入及增速（单位：亿元、%） 图2：公司单季度归母净利润及增速（单位：亿元、%） 盈 利 能 力 方 面 ， 2024Q1 公 司 毛 利 率 / 净 利 率 分 别 为 50.84%/8.20% ， 同 比 +11.45pct/-3.91pct，毛利率大幅提升主要由于低毛利率的房地产业务剥离所致。 费用率方面，2024Q1 销售/管理/研发费用率分别为 36.26%/4.13%/3.69%，同比分 别+11.12pct/-0.54pc ...

Investment Rating - The report maintains a "Buy" rating for Fuerda (600223 SH) [1][6] Core Views - Fuerda's Q1 2024 performance was significantly impacted by the divestiture of its real estate business, leading to a 29 99% YoY decline in revenue to 891 million yuan and a 54 35% YoY drop in net profit attributable to shareholders to 59 million yuan However, the non-GAAP net profit attributable to shareholders surged by 242 48% YoY to 52 million yuan, driven by increased profitability in the cosmetics segment and the absence of losses from the divested real estate business [1][9] - The cosmetics segment continues to perform strongly, with Q1 2024 revenue increasing by 15 12% YoY to 544 million yuan, contributing significantly to the company's overall profitability [1][10] - The company's strategic focus on high-margin products and effective cost control has improved net profit margins in the cosmetics segment [1][10] - The pharmaceutical segment saw a 23 25% YoY decline in revenue to 109 million yuan due to a high base effect from last year's pandemic-related sales [1][10] - The raw materials and additives segment grew by 10 26% YoY to 84 million yuan, supported by increased sales of high-margin cosmetic-grade hyaluronic acid and expansion into overseas markets [1][11] Financial Performance - Fuerda's gross margin in Q1 2024 increased by 11 45 percentage points YoY to 50 84%, primarily due to the divestiture of the low-margin real estate business [12] - The net margin decreased by 3 91 percentage points YoY to 8 20% [12] - Sales expenses increased by 11 12 percentage points YoY to 36 26%, driven by the expansion of the cosmetics business [12] - Inventory turnover days decreased by 2,820 days YoY, and operating cash flow declined by 59 91% YoY to 38 million yuan, both impacted by the real estate divestiture [17] Segment Performance - **Cosmetics Segment**: Revenue grew by 15 12% YoY to 544 million yuan, with a gross margin of 62 19% (-0 67 percentage points YoY) The segment's growth was driven by strong performance from brands like Ai'er Doctor and Yilian, which saw revenue increases of 20 63% and 17 45% YoY, respectively [10] - **Pharmaceutical Segment**: Revenue declined by 23 25% YoY to 109 million yuan, with a gross margin of 54 90% (-1 50 percentage points YoY) due to a high base effect from pandemic-related sales [10] - **Raw Materials and Additives Segment**: Revenue increased by 10 26% YoY to 84 million yuan, with a gross margin of 29 74% (-0 72 percentage points YoY) The segment benefited from strategic adjustments, including increased sales of high-margin products and expansion into overseas markets [11] Future Outlook - The company is expected to focus on its core cosmetics business and expand its presence in the health and wellness sector, supported by product upgrades and channel expansion [20] - Management adjustments and sufficient cash reserves are expected to facilitate future incentive optimization and capital expansion [20] - The report revised down the 2024-2026 net profit forecasts to 343 million yuan, 414 million yuan, and 477 million yuan, respectively, reflecting challenges in the pharmaceutical and raw materials segments [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][2][8]. Core Insights - The company's cosmetics business reported revenue of 544 million yuan in Q1 2024, a year-on-year increase of 15.12%, with a slight decline in gross margin by 0.67 percentage points to 62.19% [1]. - The company is expected to focus on its core cosmetics and pharmaceutical businesses following the complete divestment from real estate, with projected net profits for 2024-2026 of 345 million, 427 million, and 517 million yuan, respectively, reflecting growth rates of 14%, 24%, and 21% [2]. Summary by Sections Company Overview - The company has undergone management restructuring, enhancing internal governance and incentives, which is expected to positively impact the performance of its brands, including 瑷尔博士 and 颐莲 [2]. Financial Performance - Q1 2024 revenue for 瑷尔博士 was 294 million yuan, up 20.63% year-on-year, while 颐莲's revenue was 200 million yuan, up 17.45% year-on-year [15]. - The pharmaceutical segment faced challenges with a 23% decline in revenue to 110 million yuan in Q1 2024 [15]. Future Outlook - The company plans to continue upgrading its product lines and launching new products, particularly in the high-end market segment, to enhance brand positioning and sales [15]. - The report anticipates steady growth in the cosmetics sector, driven by product innovation and market expansion strategies [2][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [2][15]. Core Insights - The company is focusing on the health industry and is gradually improving efficiency through organizational restructuring and strategic focus, leading to a favorable development trend [2]. - The first quarter of 2024 saw a significant increase in non-recurring net profit, attributed to the growth in the cosmetics segment and a low base from the previous year's real estate losses [5][6]. - The cosmetics segment achieved a revenue of 544 million yuan, reflecting a year-on-year growth of 15.1%, with key brands showing strong performance [1][5]. Financial Performance Summary - In Q1 2024, the company reported total revenue of 891 million yuan, a year-on-year increase of 29.99%, while the net profit attributable to shareholders was 59 million yuan, down 54.4% due to the impact of real estate divestiture [5]. - The non-recurring net profit for Q1 2024 was 52 million yuan, marking a substantial increase of 242.5% [5]. - The gross margin for Q1 2024 was 50.84%, an increase of 11.45 percentage points year-on-year, driven by the rising share of the cosmetics business [6]. Segment Performance - The cosmetics business contributed significantly to the overall revenue, with brands like Yilian and Aier Doctor achieving revenues of 200 million and 290 million yuan, respectively, with year-on-year growth rates of 17.5% and 20.6% [1]. - The pharmaceutical segment experienced a revenue decline of 23.3%, while the raw materials and additives segment saw a revenue increase of 10.3% [16]. Earnings Forecast - The company's net profit forecasts for 2024-2026 have been adjusted to 340 million, 420 million, and 500 million yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [18] Core Insights - The company reported a significant increase in non-recurring net profit, with a growth of 242.5% year-on-year, indicating a focus on core health-related business and potential for high-quality development [20] - The cosmetics segment achieved revenue of 544 million yuan, growing by 15.1%, while the pharmaceutical segment faced a revenue decline of 23.3% [2][20] - The company is optimizing its marketing system and upgrading product lines to enhance the proportion of high-margin products [10][20] Financial Performance Summary - In Q1 2024, the company achieved total revenue of 891 million yuan, a decrease of 30.0% year-on-year, with a net profit of 59 million yuan, down 54.4% [20] - The gross profit margin for Q1 2024 was 50.8%, an increase of 11.4 percentage points, driven by the higher proportion of high-margin cosmetics [2] - The company expects net profits for 2024-2026 to be 377 million, 475 million, and 590 million yuan respectively, with corresponding EPS of 0.37, 0.47, and 0.58 yuan [20][34] Business Segment Analysis - Cosmetics: Revenue of 544 million yuan (+15.1%), with a gross margin of 62.2% [2] - Pharmaceuticals: Revenue of 109 million yuan (-23.3%), with a gross margin of 54.9% [2] - Raw materials: Revenue of 84 million yuan (+10.3%), with a gross margin of 29.7% [2] Future Outlook - The company is expected to continue focusing on high-quality development in the health sector, with new product launches and market expansion strategies in cosmetics and pharmaceuticals [10][20]

Financial Performance - In Q1 2024, the net profit attributable to shareholders decreased by 54.35% compared to the same period last year, primarily due to the impact of investment income from the divestiture of the real estate business[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 242.48%, driven by increased profits from the cosmetics business and the loss from the real estate business in the same period last year[12]. - The company reported a net profit of CNY 73 million in Q1 2024, compared to CNY 154 million in Q1 2023[30]. - Basic earnings per share for Q1 2024 were CNY 0.06, down from CNY 0.13 in Q1 2023[30]. - Net profit attributable to shareholders was CNY 59,036,697.53, down 54.35% compared to the same period last year[37]. Cash Flow - The net cash flow from operating activities decreased by 59.91%, mainly due to the cash flow impact from the real estate business in January and February of the previous year[12]. - The net cash flow from investing activities increased by 123.33%, primarily due to the receipt of the remaining payment from the divestiture of the real estate business during the reporting period[12]. - The net cash flow from financing activities decreased by 2,301.45%, mainly due to the repayment of bank loans using the proceeds from the divestiture of the real estate business[12]. - Cash inflow from operating activities totaled CNY 930 million in Q1 2024, compared to CNY 1.715 billion in Q1 2023[30]. - The net increase in cash and cash equivalents was CNY 1,503,233,303.63[33]. - Cash and cash equivalents rose significantly to CNY 3,241,170,529.35 in Q1 2024 from CNY 1,733,585,355.80 in Q4 2023, marking an increase of 87%[48]. Revenue and Sales - In Q1 2024, the company achieved operating revenue of CNY 889 million, with a net profit attributable to the parent company of CNY 59 million[19]. - The cosmetics segment generated revenue of CNY 544 million, an increase of 15.12% year-on-year, with a gross margin of 62.19%[44]. - The main brand "Yilian" achieved revenue of CNY 200 million, up 17.45% year-on-year, while "Aierboshi" generated CNY 294 million, an increase of 20.63%[44]. - The pharmaceutical segment's revenue decreased by 23.25% year-on-year, with a gross margin of 54.90%[19]. - Total revenue for Q1 2024 was CNY 890,636,572.78, a decrease of 30% compared to CNY 1,272,172,649.79 in Q1 2023[60]. Assets and Liabilities - As of March 31, 2024, total assets amounted to CNY 6.447 billion, and net assets attributable to the parent company were CNY 4.074 billion[19]. - The total assets at the end of the reporting period were CNY 6,447,496,752.99, a decrease of 17.53% from the previous year[37]. - Total liabilities decreased to CNY 1,694,606,061.09 in Q1 2024 from CNY 3,137,686,013.71 in Q1 2024[51]. - Total operating costs for Q1 2024 were CNY 833,247,847.06, down from CNY 1,232,186,718.09 in Q1 2023, reflecting a cost reduction strategy[60]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,132[14]. - The largest shareholder, Shandong Commercial Group Co., Ltd., held 524,739,200 shares, accounting for 51.62% of the total share capital[14]. Product Development and Marketing - The company is advancing 12 ongoing research projects and has initiated marketing strategies on platforms like Douyin and Xiaohongshu[19]. - The company has implemented a full-channel product management system to enhance sales strategies and market coverage[19]. - The company is focusing on increasing the sales proportion of high-margin products, such as cosmetic-grade hyaluronic acid[21]. - The company has 88 new products in development and has obtained 8 new patents, including 4 inventions[44]. - The company plans to enhance brand exposure through various marketing activities and optimize resource allocation to improve profitability[44]. Inventory and Accounts Receivable - Accounts receivable increased to CNY 502,081,725.60 in Q1 2024 from CNY 454,979,494.48 in Q4 2023, indicating a 10.3% rise[48]. - Inventory levels were stable, with a slight increase to CNY 529,063,767.81 in Q1 2024 from CNY 525,440,385.19 in Q4 2023[50].

证券代码：600223 证券简称：福瑞达 编号：临 2024-017 鲁商福瑞达医药股份有限公司 关于 2024 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将鲁商福瑞达医药股份有限公司（以下 简称"公司"）2024 年第一季度主要经营数据披露如下： 二、2024 年第一季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 （二）2024 年第一季度主要原材料价格波动情况 公司主要原材料有包装物、保湿剂、活性物、乳化剂、油脂等。 1、包装物 2024 年第一季度平均采购单价较 2023 年第一季度同比下降 0.01 元/个，降 幅 1.32%。 2、保湿剂 2024 年第一季度平均采购单价较 2023 年第一季度同比下降 2.86 元/千克， 一、2024 年第一季度公司主要产品的产量、销量及收入实现情况 主要产品 产量（件） 销量（件） 营业收入（元） 护肤类 24, ...