福瑞达：持续调整，期待提速

Investment Rating - The report maintains a "Buy" rating for the company [1][6][10] 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, primarily due to the impact of the divestment of its real estate business [3][4][6] - The company has shown a significant increase in non-recurring net profit, which reached 151 million yuan, reflecting a 40.09% year-on-year growth, attributed to improved cost control and the effects of the real estate divestment [3][6] - The report anticipates a recovery in performance, projecting net profits for 2024-2026 to be 357 million, 486 million, and 548 million yuan respectively, with corresponding price-to-earnings ratios of 21, 15, and 14 times [6][10] Financial Performance Summary - For the first three quarters of 2024, the gross margin was 51.85%, an increase of 4.77 percentage points year-on-year, while the net profit margin was 6.11%, a decrease of 0.90 percentage points year-on-year [4][6] - The cosmetics segment generated revenue of 1.708 billion yuan, a year-on-year increase of 3.25%, with a gross margin of 62.32% [5][6] - The pharmaceutical segment reported revenue of 370 million yuan, a year-on-year decrease of 7.42%, with a gross margin of 50.48% [5][6] - The raw materials and derivatives segment saw revenue of 249 million yuan, down 1.96% year-on-year, with a gross margin of 39.39% [5][6] Research and Development - The company has strengthened its raw material reserves and upgraded its product lines, leading to increased sales in several categories, including a 21% year-on-year increase in sales of the Yilian spray line [6][10] - The company aims to build a comprehensive health industry chain, advancing in cosmetics, raw materials, and pharmaceuticals [6][10]