证 券 研 究 报 告 福瑞达（600223）2024 年三季报点评 推荐（维持） 医药止跌回稳，化妆品业务短期承压 目标价：7.86 元 当前价：6.82 元 事项： ❖ 公司 2024 年 3 季度实现营收 8.77 亿元，同比-4.8%；实现归母净利润 0.44 亿 元，同比-7.8%，实现扣非归母净利润 0.39 亿元，同比-12.1%。公司 24 年 1-3 季度实现营收 28.03 亿元，同比-17.5%；1-3Q 实现归母净利润 1.71 亿元，同 比-28.1%；1-3Q 实现扣非归母净利润 1.51 亿元，同比+40.1%。 评论： ❖ 化妆品业务受竞争影响出现降速，毛利率同比提升，探索新原料、医疗器械增 量。24 年 Q1-3 化妆品板块营收 17.08 亿元，同比+3.25%，化妆品毛利率 62.32%， 同比+0.24pct。其中颐莲 1-3Q 实现营收 6.58 亿元，同比+7.57%；瑷尔博士 1- 3Q 实现营收 9.09 亿元，同比+1.8%。单三季度颐莲贡献营收 2.11 亿元/yoy4%，瑷尔博士贡献营收2.64亿元/yoy-10.5%，单三季度公司化妆品毛利率64%。 公 ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on expected performance over the next six months [1][4]. Core Views - The report highlights that the cosmetics segment is currently under pressure, but there is optimism regarding the performance during the Double Eleven shopping festival and the introduction of new products [1]. - The company reported a revenue of 2.803 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.45%, while the net profit attributable to shareholders was 171 million yuan, down 28.09% year-on-year [1]. - The report indicates that the company is focusing on internal adjustments and strategic improvements following the divestment of its real estate business, which is expected to yield positive results in the future [1][2]. Financial Summary - For Q3 2024, the company reported a revenue of 877 million yuan, a year-on-year increase of 4.82%, while the net profit attributable to shareholders was 44 million yuan, down 7.76% year-on-year [1]. - The cosmetics segment saw a revenue decline of 4.9% to 522 million yuan in Q3 2024, but the gross margin improved by 4.4 percentage points to 64.48% due to product structure upgrades and reduced manufacturing costs [1]. - The pharmaceutical segment experienced a revenue increase of 19.3% to 130 million yuan in Q3 2024, with a gross margin of 47.43% [1]. Earnings Forecast - The projected net profits for the company for the years 2024, 2025, and 2026 are 271 million yuan, 346 million yuan, and 409 million yuan, respectively, with corresponding PE ratios of 25.7, 20.1, and 17.0 [2][3].

从此24年一直9月实现了年收入28.03亿元实现规模净利润1.71亿元三季度实现三季度实现收入8.72亿元同比降低了4.82个百分点三季度实现规模净利润4391万元同比降低了7.76%同时公司为了享有 政策号召加大了投资者合理汇报公司进行了中期分红每十股派发现金红利0.5元共派发了红利5082.84万元下面我将分个板块进行一个具体的一个简单介绍首先化妆品方面2024年19月公司化妆品板块实现营业收入17.08亿元红利增长了3.25 毛利率62.32%较去年同期少入提升其中伊莲品牌一直9月实现营业收入6.58亿元同比增长7.57%艾尔博士一直9月实现了营业收入9.09亿元同比增长1.80%研发软公司也加大了原料的储备利用合成生物学手段设备的网酱酸完成了化妆品新原料的编 提及了推进了医疗器械的注册工作取得了同名之专名叫医疗器械产品注册证公司二月医疗器械产品注册证增加值三项销售转一点品牌喷雾键创新文创IP点名销售2.0喷雾销售同比增长了21%喷润品线实现了支持了一元喷润面霜项目以面霜带动同系列喷润水乳销售 同一双销售同比增长54%软膜品线上新净膜新品达升了该品线的增量软膜销售同比增长22%二波式品牌闪充水乳升级销售 ...

鲁商福瑞达医药股份有限公司 2024 年第三季度业绩说明会会议纪要 鲁商福瑞达医药股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日（星期三）上午 10:00-11:00 通过上证路演中心网络文字互动方式，在上 海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）召开了 公司 2024 年第三季度业绩说明会。 二、业绩说明会主要问题及回复情况 （一）预征集问题及回复 1、邮箱预征集问题回复 截止 2024 年 10 月 29 日 16：00，公司共征集到投资者问题 6 项，公司 对同类问题进行了整合，具体回复如下： （1）关于公司化妆品业务发货、产品开发、品牌建设等相关问题 现将召开情况汇总如下： 一、业绩说明会召开情况 公司董事长贾庆文先生，独立董事宿玉海先生，副总经理高春明先生，财 务总监许百强先生，副总经理、董事会秘书张红阳先生，出席了本次业绩说明 会。 本次业绩说明会由公司副总经理、董事会秘书张红阳主持，公司董事长贾 庆文发表了致辞。公司通过网络文字互动问答的形式就投资者关心的问题进行 了作答。投资者若需全面了解有关情况，可通过上海证券交易所上证 ...

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 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | 类别 | □ 现场参观 | | | | √其他电话会议 | | | | | 开源证券 华泰证券 国金证券 上海证券 海通证券 | | 参与单位名称及 | | 浙商证券 朱雀基金 国元证券 西部证券 民生证券 | | 人员姓名 | | 中泰证券 国泰君安 新华基金 东吴证券 中信建投 | | | | 德邦证券 广发证券 英大基金等 | | 时间 | 2024 年 10 月 | 31 日 15:00-16:00 | | 地点 | 线上会议 | | | 上市公司接待人 员姓名 | | 张红阳、白天明、姜良艳、徐世香、张泰生 | ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue at 2.803 billion yuan, down 17.45% year-on-year, and net profit at 171 million yuan, down 28.09% year-on-year. However, the adjusted net profit increased by 40.09% year-on-year [2]. - The cosmetics business is under pressure, but the Yilian brand shows relative resilience, with revenue growth in the first three quarters of 2024 at 3.25% and a slight decline of 4.86% in Q3 [2]. - The pharmaceutical business has stabilized, with revenue in Q3 showing an 18.96% increase year-on-year, indicating a recovery in sales after price adjustments [2]. - The company is focusing on high-quality development across its pharmaceutical, cosmetics, and raw materials businesses, with expectations for improved profitability following the divestment of its real estate business [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.803 billion yuan, a decrease of 17.45% year-on-year, and a net profit of 171 million yuan, down 28.09% year-on-year. The adjusted net profit was 151 million yuan, up 40.09% year-on-year [2]. - In Q3 alone, revenue was 877 million yuan, down 4.82% year-on-year, and net profit was 44 million yuan, down 7.76% year-on-year [2]. Business Segments - The cosmetics segment generated revenue of 1.708 billion yuan in the first three quarters, with a slight increase of 3.25% year-on-year, while Q3 revenue was 522 million yuan, down 4.86% year-on-year. The Yilian brand showed resilience with a 7.57% increase in revenue for the first three quarters [2]. - The pharmaceutical segment reported revenue of 370 million yuan in the first three quarters, down 7.42% year-on-year, but Q3 saw an 18.96% increase, indicating a recovery [2]. - The raw materials and additives segment generated revenue of 249 million yuan in the first three quarters, down 1.96% year-on-year, with a 12% increase in sales of food-grade and cosmetic-grade hyaluronic acid [2]. Profitability and Cost Management - The company's gross margin for the first three quarters was 51.85%, an increase of 4.77 percentage points year-on-year. The net profit margin was 6.11%, down 0.90 percentage points year-on-year [2]. - The sales expense ratio was 36.47% for the first three quarters, up 4.43 percentage points year-on-year, while the management expense ratio decreased [2]. Future Outlook - The company is expected to achieve net profits of 291 million yuan in 2024, with a projected growth of 27.3% in 2025 and 21.8% in 2026. The corresponding PE ratios are forecasted to be 24, 19, and 15 for the respective years [3][5].

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company's revenue for the first three quarters of 2024 was 2.803 billion yuan, a year-on-year decline of 17.45%, primarily due to the previous year's revenue from the divested real estate business. The net profit attributable to the parent company was 171 million yuan, down 28.09% year-on-year, while the non-recurring net profit increased by 40.09% to 151 million yuan [1][2] - The gross margin increased by 4.77 percentage points to 51.85% due to the exclusion of low-margin real estate business from the previous year, while the net profit margin decreased by 1.41 percentage points to 7.48% [2] - The cosmetics segment generated revenue of 1.708 billion yuan in Q1-Q3 2024, with a year-on-year growth of 3.25%, while the pharmaceutical segment saw a revenue of 370 million yuan, down 7.42% year-on-year, but showed a recovery in Q3 with an 18.96% increase [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 2.803 billion yuan, a decrease of 17.45% year-on-year, and a net profit of 171 million yuan, down 28.09% year-on-year. The non-recurring net profit was 151 million yuan, up 40.09% [1] - The gross margin improved to 51.85%, while the net profit margin decreased to 7.48% [2] Business Segments - The cosmetics segment achieved revenue of 1.708 billion yuan, with a growth rate of 3.25%. The pharmaceutical segment's revenue was 370 million yuan, down 7.42%, but Q3 showed a recovery with an 18.96% increase [3] - The raw materials and additives segment reported revenue of 249 million yuan, a slight decline of 1.96%, but with a gross margin increase of 3.38 percentage points to 39.39% [3] Profit Forecast and Investment Recommendations - The company is focusing on the health industry, with a strategic upgrade in the cosmetics business. The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.28, 0.31, and 0.35 yuan per share, respectively [4][6] - The price-to-earnings (PE) ratio for 2024 is projected at 25 times, maintaining the "Add" rating [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company's Q3 revenue slightly declined, and profitability decreased, with a total revenue of 2.803 billion yuan for the first three quarters of 2024, down 17.45% year-on-year, and a net profit attributable to the parent company of 171 million yuan, down 28.09% year-on-year [3][4]. - The cosmetics segment is undergoing an adjustment phase, while the pharmaceutical segment shows signs of recovery, with pharmaceutical sales revenue in Q3 reaching 129 million yuan, up 18.96% year-on-year [4]. - The company is focusing on the health sector by divesting its real estate business and leveraging its strong R&D capabilities in cosmetics [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 51.81%, a decrease of 3.1 percentage points year-on-year, and a net profit margin of 6.08%, down 1.21 percentage points year-on-year [3]. - The cosmetics segment generated 1.708 billion yuan in revenue from January to September 2024, with a gross margin of 62.32% [4]. - The company expects EPS for 2024-2026 to be 0.28, 0.34, and 0.41 yuan, respectively, corresponding to P/E ratios of 25, 21, and 17 times [5]. Market Data - The company's market capitalization is approximately 7.045 billion yuan, with a circulating market value of 7.045 billion yuan [7]. - The stock price has fluctuated significantly over the past year, with a maximum price of 10.92 yuan and a minimum price of 5.89 yuan [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Views - The company reported a revenue of 2.8 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.45%, with a net profit attributable to the parent company of 171 million yuan, down 28.06% year-on-year [4][5]. - The cosmetics segment faced growth pressure, while the pharmaceutical segment showed a recovery with double-digit growth [5]. - The overall gross margin improved to 51.9%, up 4.8 percentage points year-on-year, despite a slight decline in net profit margin to 6.1% [5]. - The forecast for net profit attributable to the parent company for 2024 to 2026 is adjusted to 290 million yuan, 360 million yuan, and 430 million yuan, respectively, corresponding to P/E ratios of 26x, 21x, and 17x [5]. Company Overview - The total share capital is 1.017 billion shares, with a total market value of 7.5 billion yuan [3]. - The company has a debt-to-asset ratio of 40.1% and a P/E ratio of 24.50 [3]. - The largest shareholder is Shandong Commercial Group [3]. Financial Performance - For Q3 2024, the cosmetics segment generated 1.71 billion yuan in revenue, a year-on-year increase of 3.3%, while the pharmaceutical segment achieved 370 million yuan, a year-on-year decrease of 7.4% [5]. - The gross margins for cosmetics, pharmaceuticals, and raw materials were 62.3%, 50.5%, and 39.4%, respectively [5]. - The company’s sales expense ratio increased to 36.5%, while the management expense ratio decreased to 4.3% [5]. Earnings Forecast - The projected revenue for 2024 is 4.121 billion yuan, with a growth rate of -9.99% [6]. - The expected net profit for 2024 is 291 million yuan, reflecting a decrease of 4.02% [6]. - The earnings per share (EPS) for 2024 is estimated at 0.29 yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][10] Core Views - The company reported a revenue of 2.803 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.45%, and a net profit attributable to shareholders of 171 million yuan, down 28.09% year-on-year, primarily due to the impact of the divestment of its real estate business [3][4][6] - The company has shown a significant increase in non-recurring net profit, which reached 151 million yuan, reflecting a 40.09% year-on-year growth, attributed to improved cost control and the effects of the real estate divestment [3][6] - The report anticipates a recovery in performance, projecting net profits for 2024-2026 to be 357 million, 486 million, and 548 million yuan respectively, with corresponding price-to-earnings ratios of 21, 15, and 14 times [6][10] Financial Performance Summary - For the first three quarters of 2024, the gross margin was 51.85%, an increase of 4.77 percentage points year-on-year, while the net profit margin was 6.11%, a decrease of 0.90 percentage points year-on-year [4][6] - The cosmetics segment generated revenue of 1.708 billion yuan, a year-on-year increase of 3.25%, with a gross margin of 62.32% [5][6] - The pharmaceutical segment reported revenue of 370 million yuan, a year-on-year decrease of 7.42%, with a gross margin of 50.48% [5][6] - The raw materials and derivatives segment saw revenue of 249 million yuan, down 1.96% year-on-year, with a gross margin of 39.39% [5][6] Research and Development - The company has strengthened its raw material reserves and upgraded its product lines, leading to increased sales in several categories, including a 21% year-on-year increase in sales of the Yilian spray line [6][10] - The company aims to build a comprehensive health industry chain, advancing in cosmetics, raw materials, and pharmaceuticals [6][10]