福瑞达：2024H1财报点评：化妆品业务平稳增长，静待经营调整释放活力

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected future performance [1][2]. Core Views - The company reported a revenue of 1.925 billion yuan for H1 2024, a year-on-year decrease of 22.2%, primarily due to the divestment of its real estate business. However, the net profit attributable to shareholders was 127 million yuan, down 33.18% year-on-year, while the net profit excluding non-recurring items increased by 77.2% to 112 million yuan [1]. - The cosmetics segment showed stable growth, with revenue increasing by 7.2% to 1.186 billion yuan in H1 2024. The growth rates for Q1 and Q2 were 15% and 1.4%, respectively. The gross margin decreased by 1.7 percentage points to 61.37% [1][2]. - The company is focusing on optimizing its product structure and expanding its brand matrix in the cosmetics sector, which includes skincare, medical beauty, hair care, and essential oils. The introduction of new brands is expected to drive long-term growth [1][2]. Summary by Sections Financial Performance - H1 2024 revenue was 1.925 billion yuan, down 22.2% year-on-year, with a net profit of 127 million yuan, down 33.18% year-on-year. The net profit excluding non-recurring items was 112 million yuan, up 77.2% [1]. - Q2 revenue was 1.035 billion yuan, up 13.9% year-on-year, with a net profit of 68 million yuan, up 11.7% year-on-year [1]. Cosmetics Business - The cosmetics business revenue for H1 2024 was 1.186 billion yuan, with Q1 and Q2 growth rates of 15% and 1.4%, respectively. The gross margin was 61.37%, down 1.7 percentage points [1]. - Online and offline sales grew by 2.7% and 39%, respectively, with gross margins of 64.4% and 45.7% [1]. Future Outlook - The company expects net profits of 319 million yuan, 391 million yuan, and 505 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 20, 16, and 12 times [2][3]. - The report anticipates that the company's strategic focus on health and wellness will enhance profitability and growth potential in the long term [1][2].