福瑞达：点评报告：Q3化妆品业务承压，医药销售止跌回稳

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company's revenue for the first three quarters of 2024 was 2.803 billion yuan, a year-on-year decline of 17.45%, primarily due to the previous year's revenue from the divested real estate business. The net profit attributable to the parent company was 171 million yuan, down 28.09% year-on-year, while the non-recurring net profit increased by 40.09% to 151 million yuan [1][2] - The gross margin increased by 4.77 percentage points to 51.85% due to the exclusion of low-margin real estate business from the previous year, while the net profit margin decreased by 1.41 percentage points to 7.48% [2] - The cosmetics segment generated revenue of 1.708 billion yuan in Q1-Q3 2024, with a year-on-year growth of 3.25%, while the pharmaceutical segment saw a revenue of 370 million yuan, down 7.42% year-on-year, but showed a recovery in Q3 with an 18.96% increase [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 2.803 billion yuan, a decrease of 17.45% year-on-year, and a net profit of 171 million yuan, down 28.09% year-on-year. The non-recurring net profit was 151 million yuan, up 40.09% [1] - The gross margin improved to 51.85%, while the net profit margin decreased to 7.48% [2] Business Segments - The cosmetics segment achieved revenue of 1.708 billion yuan, with a growth rate of 3.25%. The pharmaceutical segment's revenue was 370 million yuan, down 7.42%, but Q3 showed a recovery with an 18.96% increase [3] - The raw materials and additives segment reported revenue of 249 million yuan, a slight decline of 1.96%, but with a gross margin increase of 3.38 percentage points to 39.39% [3] Profit Forecast and Investment Recommendations - The company is focusing on the health industry, with a strategic upgrade in the cosmetics business. The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.28, 0.31, and 0.35 yuan per share, respectively [4][6] - The price-to-earnings (PE) ratio for 2024 is projected at 25 times, maintaining the "Add" rating [6]