福瑞达：转型期夯实内功，期待双11大促亮眼表现

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is in a transformation phase, focusing on strengthening its internal capabilities and is optimistic about the upcoming Double 11 sales performance [8] - The cosmetics segment is under pressure during the off-season, while the pharmaceutical segment has stabilized in Q3 [7] - The company has made significant progress in product innovation and brand development, particularly in the cosmetics sector [8] Financial Performance Summary - For the first three quarters of 2024, the company's total revenue was 2.803 billion yuan, a year-on-year decrease of 17.4%, with a net profit attributable to shareholders of 171 million yuan, down 28.1% [6] - In Q3 2024, revenue was 877 million yuan, a year-on-year decrease of 4.8%, and net profit attributable to shareholders was 44 million yuan, down 7.8% [6] - The cosmetics segment generated revenue of 1.708 billion yuan, up 3.25% year-on-year, while the pharmaceutical segment's revenue was 370 million yuan, down 7.42% year-on-year [7] Business Segment Analysis - The cosmetics segment showed resilience with brands like Yilian and Aier Bozhu achieving year-on-year revenue growth of 7.57% and 1.80% respectively [7] - The pharmaceutical segment's sales stabilized with an 18.96% year-on-year increase in Q3 [7] - The raw materials and additives segment reported revenue of 249 million yuan, down 1.96% year-on-year [7] Strategic Initiatives - The company is enhancing its raw material reserves and has completed the registration of new cosmetic ingredients using synthetic biology [8] - Innovative marketing strategies, such as collaborations for product launches, have led to significant sales growth in various product lines [8] - The company is expanding into collagen and hair care markets, with new product launches receiving positive market feedback [8] Future Projections - Revenue projections for 2024-2026 are 4.008 billion yuan, 4.590 billion yuan, and 5.170 billion yuan, with corresponding growth rates of -12.5%, 14.5%, and 12.6% [8] - Net profit projections for the same period are 271 million yuan, 321 million yuan, and 370 million yuan, with growth rates of -10.6%, 18.2%, and 15.5% respectively [8] - Earnings per share (EPS) are expected to be 0.27 yuan, 0.32 yuan, and 0.36 yuan for 2024-2026 [8]