Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a 19.7% year-on-year decline in net profit attributable to shareholders for 2024, but the performance excluding real estate was stable. The total revenue for 2024 was 3.983 billion yuan, down 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6][9] - The company focuses on the health sector, with a steady performance in the cosmetics business. The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] - The company has a reasonable valuation, with a current PE ratio of 26.7 for 2025, and the overall business is expected to stabilize and recover in the future [6][9] Financial Summary - In 2024, the cosmetics segment generated revenue of 2.475 billion yuan, up 2.5% year-on-year, with a gross margin of 62.6% [7] - The pharmaceutical segment reported revenue of 512 million yuan, down 1.4%, while the raw materials segment generated 343 million yuan, down 2.4% [7] - The overall gross margin for the company in 2024 was 52.7%, an increase of 6.2 percentage points year-on-year, driven by product structure upgrades [7][9] - The company plans to accelerate the high-end transformation of its raw materials business and has launched several functional foods [8] Financial Projections - Revenue projections for 2025-2027 are 4.367 billion, 4.711 billion, and 5.049 billion yuan respectively, with year-on-year growth rates of 9.6%, 7.9%, and 7.2% [9][11] - The net profit attributable to shareholders is projected to grow by 19.0%, 16.0%, and 13.4% for the years 2025-2027 [9][12] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 7.8% in 2027 [9][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][15] Core Views - The company reported a decline in net profit attributable to shareholders by 19.7% year-on-year for 2024, but the performance excluding real estate was stable [6] - The company achieved a revenue of 3.983 billion yuan in 2024, a decrease of 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6] - The company focuses on the health sector, with a positive outlook for its cosmetics business, which is expected to stabilize and recover in the future [6][8] Financial Summary - Revenue for 2024 was 3.983 billion yuan, with a year-on-year decline of 13.0% [6][9] - The net profit attributable to shareholders for 2024 was 244 million yuan, down 19.7% year-on-year, while the non-recurring net profit increased by 54.5% [6][9] - The company’s gross margin improved to 52.7% in 2024, up 6.2 percentage points year-on-year [7][12] - The projected net profit for 2025-2027 is estimated at 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] Business Performance - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, reflecting a growth of 2.5% [7] - The pharmaceutical segment reported revenue of 512 million yuan, a decrease of 1.4% due to policy changes in the industry, but is expected to stabilize in the second half of the year [7][8] - The company is accelerating the high-end transformation of its raw materials business, with a focus on customized services for food-grade and cosmetic-grade products [8]

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's cosmetics business shows steady growth, with the brand "Aier Doctor" expected to see significant volume increase due to adjustments and upgrades [10] - The company is focusing on the health industry and is gradually improving efficiency through organizational restructuring and strategic focus [10] - Short-term performance may be under pressure due to the ongoing upgrade phase of the cosmetics brands [10] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 39.83 billion yuan, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 2.44 billion yuan, down 19.73% [10] - The cosmetics segment generated revenue of 24.75 billion yuan in 2024, reflecting a year-on-year increase of 2.46% [10] - The gross profit margin for the cosmetics business is 62.57%, an increase of 0.44 percentage points year-on-year [10] - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares for 2024, with a total dividend payout ratio of 45.92% [10] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 2.82 billion yuan and 3.51 billion yuan, respectively [10] - The projected P/E ratios for 2025, 2026, and 2027 are 28, 22, and 19, respectively [10]

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 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【基础化工】有机硅盈利持续改善，行业格局逐步优化——基础化工行业周报（20250317- 20250323） 过去 5 个交易日，沪深两市大部分板块呈现跌势。 本周上 证指数涨跌幅为 -1.60% ，深证成指涨跌幅为 -2.65% ，沪深 300 指数涨跌幅为 -2.29% ，创业板指涨跌幅为 -3.34% 。 中信基础化工板块涨跌幅为 -1.9% ，涨跌幅位居所有板块第 21 位。 点击注册小程序 您可点击今日推送内容的第3条查看 【江海股份（002484.SZ）】超级电容空间广阔，国资入股实施完成——跟踪报告之三 （赵乃迪/周家诺/胡星月） 2025- 03-23 您可点击今日推送内容的第1条查看 【农林牧渔】种业大会归来，关注育种 ...

点击注册小程序 查看完整报告 特别申明： 分季度来看，24Q1~Q4公司单季度收入同比分别-30.0%/-13.9%/-4.8%/-0.3%,受房地产业务剥离影响逐季减 小；归母净利润分别同比-54.4%/+11.7%/-7.8%/+10.7%。 点评： 化妆品业务收入同比增2.5%，颐莲品牌收入增12%、瑷尔博士小幅下滑 分业务来看，公司化妆品、物业管理及其他、医药、原料及衍生产品与添加剂业务24年收入占比分别为 62.2%/15.4%/12.9%/8.6%，收入分别同比+2.5%/-46.2%/-1.4%/-2.4%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 24年收入、归母净利润同比-13%、-20%，扣除业务剥离影响后持平、增6% 福瑞达发布2024年年报。公司2024年实现营业收入39.8 ...

合计师 事务所(特殊普通合伙) 关于鲁商福瑞达医药股份有限公司 在山东省商业集团财务有限公司 存贷款业务情况的专项审核报告 上会师报字(2025)第 2124 号 ghai Centified Dublic Secountants (Special General Pantnership) 关于鲁商福瑞达医药股份有限公司 上会会计师事务所（特殊普通合伙） 中国 上海 我们的责任是在执行审核工作的基础上对汇总表发表专项审核意见。我们按照 中国注册会计师审计准则的相关规定执行了审核工作。中国注册会计师审计准则要 求我们遵守中国注册会计师职业道德守则,计划和执行审核工作以对汇总表是否不 存在重大错报获取合理保证。在审核过程中,我们实施了包括检查会计记录、重新 计算相关项目金额等我们认为必要的程序。我们相信,我们的审核工作为发表审核 意见提供了合理的基础。 令计师 李今所（特殊普通合伙） 在山东省商业集团财务有限公司存贷款业务情况 的专项审核报告 一、管理层责任 上会师报字(2025)第 2124 号 鲁商福瑞达医药股份有限公司: 按照《上海证券交易所上市公司自律监管指引第 5 号一交易与关联交易》的规 定,编制和披 ...

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 ...

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 ...