福瑞达：化妆品阶段性调整，实现稳健增长，Q3药品销售止跌回稳

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company has experienced a phase of adjustment in its cosmetics segment but is achieving steady growth, with pharmaceutical sales stabilizing in Q3 2024 [3]. - For the first three quarters of 2024, the company reported revenue of 2.803 billion yuan, a year-on-year decrease of 17.45%, while the net profit attributable to shareholders was 171 million yuan, down 28.09% year-on-year [2]. - The cosmetics segment showed a revenue increase of 3.25% year-on-year, reaching 1.708 billion yuan, with a gross margin of 62.32% [2]. - The company is focusing on multi-brand development and actively launching new products to meet market demand [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 877 million yuan, a decrease of 4.82% year-on-year, with a net profit of 44 million yuan, down 7.76% year-on-year [2]. - The gross margin for Q3 was 51.81%, a decrease of 3.10 percentage points year-on-year, while the net profit margin was 5.01%, down 0.16 percentage points [2]. - The company’s total assets were reported at 6.10149 billion yuan, with net assets of 4.08441 billion yuan [1]. Segment Performance - The cosmetics segment's revenue for the first three quarters was 1.708 billion yuan, with notable growth in specific product lines such as the Yilian brand, which saw a 7.57% increase in revenue [2]. - The pharmaceutical segment reported revenue of 370 million yuan, a year-on-year decrease of 7.42%, but Q3 sales showed an 18.96% increase [2]. - The raw materials and additives segment generated revenue of 249 million yuan, with a slight decrease of 1.96% year-on-year [2]. Future Outlook - The company expects to achieve net profits of 282 million yuan in 2024, with projections of 327 million yuan and 373 million yuan for 2025 and 2026, respectively [3]. - Earnings per share (EPS) are projected to be 0.28 yuan in 2024, increasing to 0.32 yuan in 2025 and 0.37 yuan in 2026 [3]. - The report emphasizes the company's strategy to enhance its main brands and develop new products to adapt to market needs [2].