福瑞达：Q3化妆品增长承压，归母净利率微降

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Views - The company reported a revenue of 2.8 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.45%, with a net profit attributable to the parent company of 171 million yuan, down 28.06% year-on-year [4][5]. - The cosmetics segment faced growth pressure, while the pharmaceutical segment showed a recovery with double-digit growth [5]. - The overall gross margin improved to 51.9%, up 4.8 percentage points year-on-year, despite a slight decline in net profit margin to 6.1% [5]. - The forecast for net profit attributable to the parent company for 2024 to 2026 is adjusted to 290 million yuan, 360 million yuan, and 430 million yuan, respectively, corresponding to P/E ratios of 26x, 21x, and 17x [5]. Company Overview - The total share capital is 1.017 billion shares, with a total market value of 7.5 billion yuan [3]. - The company has a debt-to-asset ratio of 40.1% and a P/E ratio of 24.50 [3]. - The largest shareholder is Shandong Commercial Group [3]. Financial Performance - For Q3 2024, the cosmetics segment generated 1.71 billion yuan in revenue, a year-on-year increase of 3.3%, while the pharmaceutical segment achieved 370 million yuan, a year-on-year decrease of 7.4% [5]. - The gross margins for cosmetics, pharmaceuticals, and raw materials were 62.3%, 50.5%, and 39.4%, respectively [5]. - The company’s sales expense ratio increased to 36.5%, while the management expense ratio decreased to 4.3% [5]. Earnings Forecast - The projected revenue for 2024 is 4.121 billion yuan, with a growth rate of -9.99% [6]. - The expected net profit for 2024 is 291 million yuan, reflecting a decrease of 4.02% [6]. - The earnings per share (EPS) for 2024 is estimated at 0.29 yuan [6].