福瑞达：2024年三季报点评：短期业绩承压，新品升级放量可期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance shows short-term pressure on earnings, but the launch of upgraded products is expected to drive future growth [2][5] - The company is focusing on the health industry and is gradually improving efficiency through organizational adjustments and strategic focus [5] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.803 billion yuan, a decrease of 17.45% year-on-year, and a net profit attributable to shareholders of 171 million yuan, down 28.09% [2] - Q3 2024 revenue was 877 million yuan, a decline of 4.82%, with a net profit of 44 million yuan, down 7.76% [2] Cosmetics Segment - The cosmetics revenue for the first three quarters of 2024 was 1.708 billion yuan, an increase of 3.25% year-on-year [3] - The Yilian brand generated 658 million yuan in revenue, growing by 7.57%, although Q3 showed some volatility [3] - New product iterations performed well, with sales of the 2.0 spray increasing by 21% and the "Pongrun" product line seeing a 54% increase in cream sales [3] Pharmaceutical and Raw Materials - Pharmaceutical and raw material revenues for the first three quarters were 370 million yuan and 250 million yuan, respectively, with year-on-year declines of 7.4% and 2.0% [4] - Q3 revenues for pharmaceuticals and raw materials were 130 million yuan and 80 million yuan, showing increases of 18.7% and declines of 7.5% year-on-year, respectively [4] Cost Management - The gross margin for the first three quarters of 2024 increased by 4.77 percentage points to 51.85% [5] - The net profit margin for the first three quarters was 6.11%, a decrease of 0.9 percentage points year-on-year [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 290 million, 390 million, and 480 million yuan, respectively, with corresponding P/E ratios of 26, 19, and 16 times [5]