Lushang Freda Pharmaceutical (600223) 民生证券·2025-03-26 02:37Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2025-2027 at 28X, 23X, and 19X respectively [5][6]. Core Insights - The company reported a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 244 million yuan, down 19.73% year-on-year. However, the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The cosmetics business showed steady growth, with the Yilian brand achieving a revenue increase of 12.36% year-on-year, while the Ai Er Bo Shi brand faced some pressure, with a revenue decline of 3.48% year-on-year [2][3]. - The pharmaceutical segment completed the integration of production and sales, with a revenue of 512 million yuan in 2024, a slight decrease of 1.41% year-on-year, but an increase of 18.78% in the second half of the year [3][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 3.983 billion yuan in 2024, with a projected revenue growth of 14.7% in 2025, reaching 4.568 billion yuan [6][9]. - The gross margin for 2024 was reported at 52.68%, an increase of 6.19 percentage points year-on-year, with the cosmetics segment achieving a gross margin of 62.57% [4][9]. Business Segments - The cosmetics segment is expanding its multi-channel strategy, actively increasing its presence on platforms like JD and Pinduoduo, with notable sales growth in specific product lines [2][3]. - The pharmaceutical business is focusing on new product development and supply chain services, with a successful launch of several functional foods [3][4]. Financial Projections - The forecast for net profit attributable to shareholders is 280 million yuan in 2025, 331 million yuan in 2026, and 398 million yuan in 2027, reflecting year-on-year growth rates of 15.1%, 18.2%, and 20.2% respectively [5][6]. - The report indicates a steady improvement in profitability metrics, with a non-recurring net profit margin projected to increase to 5.39% in 2024 [4][9].