福瑞达：顺利转型聚焦大健康产业，业务协同全面加码

Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [32]. Core Views - The company has successfully transitioned from real estate to focus on health-related businesses, including cosmetics, pharmaceuticals, and raw materials, which positions it for growth in these sectors [32]. - The company is expected to achieve revenue growth driven by its cosmetics and raw materials segments, with projected revenues of 48.7 billion, 56.7 billion, and 66.0 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 6.4%, 16.4%, and 16.4% [27][29]. - The pharmaceutical segment is anticipated to maintain stable growth through multi-channel strategies, including online and offline sales, with a projected revenue of 5.2 billion in 2023, showing a year-on-year increase of 1.6% [18][24]. Summary by Sections Market Overview - The domestic hyaluronic acid raw material sales accounted for 82.7% of the global market in 2022, with a market value of 3.9 billion, expected to grow to 5.82 billion by 2027 at a compound annual growth rate (CAGR) of 8.4% [14]. Business Segments - The cosmetics segment is driven by two main brands, Yilian and Aier Doctor, with new product launches contributing to growth. The projected gross margin for this segment is expected to improve to 62.5%, 63.0%, and 63.5% from 2024 to 2026 [27][29]. - The pharmaceutical business includes traditional Chinese medicine and chemical drugs, with notable products in orthopedics and pediatrics. The gross margin for this segment is projected to stabilize around 53.4% in 2023 [18][24]. Financial Projections - The company is expected to achieve a net profit of 3.7 billion, 5.0 billion, and 6.5 billion for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 21.7%, 36.2%, and 28.2% [28][29]. - The overall gross margin is projected to increase from 48.5% in 2024 to 51.6% in 2026, driven by the cosmetics business [27][29]. Valuation - The report suggests a target price of 10.9 yuan for the company, based on a 30X price-to-earnings (PE) ratio for 2024, indicating a favorable valuation compared to peers [32][33].