福瑞达：2024年三季报点评：医药止跌回稳，化妆品业务短期承压

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.86 CNY, compared to the current price of 6.82 CNY [1]. Core Views - The company's revenue for Q3 2024 was 877 million CNY, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 44 million CNY, down 7.8% year-on-year. For the first three quarters of 2024, the company achieved a revenue of 2.803 billion CNY, a decline of 17.5%, and a net profit of 171 million CNY, down 28.1% year-on-year [1][2]. - The cosmetics segment is experiencing a slowdown due to increased competition, although the gross margin has improved year-on-year. The cosmetics revenue for the first three quarters of 2024 was 1.708 billion CNY, up 3.25% year-on-year, with a gross margin of 62.32%, an increase of 0.24 percentage points [2]. - The pharmaceutical segment has shown signs of recovery, with a revenue of 370 million CNY for the first three quarters of 2024, a decrease of 7.42% year-on-year, but a significant increase of 18.96% in Q3 alone [2]. - The raw materials and additives segment saw a slight decline in revenue to 249 million CNY, down 1.96% year-on-year, but the gross margin improved to 39.39%, an increase of 3.38 percentage points [2]. - The company is focusing on optimizing sales expenses and increasing R&D investment, with a sales expense ratio of 36.5% for the first three quarters of 2024, up 4.4 percentage points year-on-year [2]. Financial Summary - For 2024, the company is projected to generate total revenue of 4.001 billion CNY, a decrease of 12.6% year-on-year, with a net profit of 214 million CNY, down 29.4% year-on-year [3]. - The earnings per share (EPS) for 2024 is estimated at 0.21 CNY, with a price-to-earnings (P/E) ratio of 32 [3]. - The company’s total assets are projected to be 7.105 billion CNY in 2024, with a debt-to-asset ratio of 32.8% [3].