研报掘金丨华源证券：首予福瑞达“买入”评级，认为中长期公司业绩乐观可期

Core Viewpoint - The report from Huayuan Securities indicates that Furida has streamlined its operations by divesting its real estate business, leading to stable growth in its cosmetics segment. The company is building core competitive advantages through a combination of products, research and development, and distribution channels [1] Group 1: Business Strategy - The company is actively promoting innovations in synthetic biological materials and terminal pharmaceuticals, as well as beauty applications, while continuously increasing R&D investment to strengthen its core business competitiveness [1] - The divestiture of the real estate business allows the company to focus on its core operations, enhancing its growth potential in the cosmetics and pharmaceutical sectors [1] Group 2: Market Position and Comparables - Comparable companies in the domestic market, such as Proya, Shanghai Jahwa, and Huaxi Biological, are expected to have an average PE ratio of 28 times by 2026 according to Wind consensus forecasts [1] - Given the company's strategic focus on optimizing its product mix and deepening its multi-channel layout in the cosmetics business, a positive long-term performance outlook is anticipated [1] Group 3: Investment Rating - The report initiates coverage of the company with a "Buy" rating, reflecting optimism about its mid-to-long-term performance following the strategic changes [1]