福瑞达（600223）：2024年业绩点评：化妆品业务稳健增长，瑷尔博士调整升级放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's cosmetics business shows steady growth, with the brand "Aier Doctor" expected to see significant volume increase due to adjustments and upgrades [10] - The company is focusing on the health industry and is gradually improving efficiency through organizational restructuring and strategic focus [10] - Short-term performance may be under pressure due to the ongoing upgrade phase of the cosmetics brands [10] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 39.83 billion yuan, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 2.44 billion yuan, down 19.73% [10] - The cosmetics segment generated revenue of 24.75 billion yuan in 2024, reflecting a year-on-year increase of 2.46% [10] - The gross profit margin for the cosmetics business is 62.57%, an increase of 0.44 percentage points year-on-year [10] - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares for 2024, with a total dividend payout ratio of 45.92% [10] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 2.82 billion yuan and 3.51 billion yuan, respectively [10] - The projected P/E ratios for 2025, 2026, and 2027 are 28, 22, and 19, respectively [10]