福瑞达：化妆品Q2增速放缓，持续推进“5+N”品牌战略

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a 1H24 revenue of 1.925 billion RMB, a year-on-year decrease of 22%, and a net profit attributable to shareholders of 127 million RMB, down 33% year-on-year. However, the adjusted net profit increased by 77.2% year-on-year [1] - The cosmetics segment experienced a slowdown in growth due to a weak consumer environment, with Q2 revenue showing a year-on-year increase of only 1% [2] - The company is focusing on its "5+N" brand strategy to enhance its market position and improve internal governance [2] Summary by Relevant Sections Financial Performance - 1H24 revenue was 1.925 billion RMB, down 22% year-on-year, while net profit attributable to shareholders was 127 million RMB, down 33% year-on-year. Excluding real estate impacts, revenue and net profit increased by 1.5% and 2.9% respectively [1] - Q2 2024 revenue was 1.035 billion RMB, with a net profit of 68 million RMB, reflecting a year-on-year decrease of 14% in revenue but an increase of 11.7% in net profit [1] Cosmetics Business Analysis - The cosmetics segment's revenue for Q1 and Q2 2024 was 544 million RMB and 642 million RMB, showing a year-on-year growth of 15% and 1% respectively. The gross margin for 1H24 was 61.37%, down 1.66 percentage points year-on-year [2] - The company is enhancing its product lines and focusing on high-moisture products, with specific brands like 理尔博士 and 颐建 showing varied performance [2] Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to 334 million RMB, 396 million RMB, and 454 million RMB, representing year-on-year growth of 10%, 19%, and 15% respectively. The corresponding P/E ratios for these years are projected to be 19, 16, and 14 times [2]