福瑞达：公司信息更新报告：剔除地产业绩表现稳健，期待化妆品业务稳中有升-20250326

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a 19.7% year-on-year decline in net profit attributable to shareholders for 2024, but the performance excluding real estate was stable. The total revenue for 2024 was 3.983 billion yuan, down 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6][9] - The company focuses on the health sector, with a steady performance in the cosmetics business. The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] - The company has a reasonable valuation, with a current PE ratio of 26.7 for 2025, and the overall business is expected to stabilize and recover in the future [6][9] Financial Summary - In 2024, the cosmetics segment generated revenue of 2.475 billion yuan, up 2.5% year-on-year, with a gross margin of 62.6% [7] - The pharmaceutical segment reported revenue of 512 million yuan, down 1.4%, while the raw materials segment generated 343 million yuan, down 2.4% [7] - The overall gross margin for the company in 2024 was 52.7%, an increase of 6.2 percentage points year-on-year, driven by product structure upgrades [7][9] - The company plans to accelerate the high-end transformation of its raw materials business and has launched several functional foods [8] Financial Projections - Revenue projections for 2025-2027 are 4.367 billion, 4.711 billion, and 5.049 billion yuan respectively, with year-on-year growth rates of 9.6%, 7.9%, and 7.2% [9][11] - The net profit attributable to shareholders is projected to grow by 19.0%, 16.0%, and 13.4% for the years 2025-2027 [9][12] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 7.8% in 2027 [9][12]