福瑞达：化妆品Q3淡季表现平稳，药品销售止跌回稳

Investment Rating - The report has downgraded the investment rating to "Accumulate" [3] Core Views - The company reported a revenue of 2.803 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.45%, and a net profit attributable to shareholders of 171 million yuan, down 28.09% year-on-year [1] - The cosmetics business showed a revenue of 1.708 billion yuan for the first three quarters of 2024, with a year-on-year increase of 3.25%, but the third quarter saw a decline in revenue [2] - The pharmaceutical sales stabilized in the third quarter, with a revenue of 370 million yuan, reflecting a year-on-year increase of 7.42% [2] - The company is undergoing a brand strategy upgrade and optimizing internal governance, but the growth rate of the cosmetics business has slowed due to rising online traffic costs and intensified competition [3] Summary by Sections Financial Performance - For Q3 2024, the company reported revenues of 877 million yuan, a decrease of 4.82% year-on-year, and a net profit of 44 million yuan, down 7.76% year-on-year [1] - The adjusted profit forecasts for 2024-2026 are 276 million yuan, 343 million yuan, and 401 million yuan, respectively, reflecting a downward revision [3] Cosmetics Business - The revenue for the cosmetics segment in Q1-Q3 2024 was 1.708 billion yuan, with Q1-Q3 revenues of 544 million, 642 million, and 522 million yuan, showing a mixed performance across quarters [2] - The brands Yilian and Aier Doctor experienced revenue declines in Q3 2024, with Yilian's revenue at 658 million yuan, up 7.57% year-on-year, but down 4% in Q3 [2] Pharmaceutical Sales - The pharmaceutical segment's revenue for the first three quarters of 2024 was 370 million yuan, with a significant increase in Q3 sales by 18.96% year-on-year [2] Strategic Developments - The company is implementing a "5+N" brand strategy and optimizing its organizational structure and internal governance to enhance operational efficiency [3]