福瑞达：公司信息更新报告：2024Q3归母净利润同比-7.8%，化妆品业务表现稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's Q3 2024 net profit attributable to shareholders decreased by 7.8% year-on-year, with a steady performance in the cosmetics business [3] - Revenue for the first three quarters of 2024 reached 2.803 billion yuan, down 17.5% year-on-year, while net profit attributable to shareholders was 171 million yuan, down 28.1% year-on-year [3] - The report anticipates a gradual recovery in operations focusing on the health sector, with reasonable valuations [3] Financial Performance Summary - For Q1-Q3 2024, cosmetics revenue was 1.708 billion yuan, up 3.3%, with a gross margin of 62.3%, an increase of 0.2 percentage points [4] - The pharmaceutical segment reported revenue of 370 million yuan, down 7.4%, with a gross margin of 50.5%, a decrease of 3.9 percentage points [4] - The overall gross margin for the company in Q1-Q3 2024 was 51.9%, an increase of 4.8 percentage points [4] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 272 million yuan, 325 million yuan, and 381 million yuan respectively [3] Business Segment Insights - The cosmetics business showed resilience, with brands like Yilian and Aier Doctor achieving revenues of 658 million yuan (up 7.6%) and 909 million yuan (up 1.8%) respectively [4] - The pharmaceutical sales have stabilized in Q3 2024, with a revenue of 130 million yuan, marking a 19.6% increase [5] - The company is actively expanding its product lines in collagen and personal care, enhancing growth potential in the cosmetics sector [5] Market Position and Valuation - The current stock price is 7.35 yuan, with a market capitalization of 7.472 billion yuan [7] - The projected P/E ratios for 2024-2026 are 27.5, 23.0, and 19.6 respectively, indicating a reasonable valuation [3][6]