Lushang Freda Pharmaceutical (600223) 国元证券·2025-03-26 09:06Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2][3]. - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3]. - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4]. Financial Summary - In 2024, the company achieved a gross margin of 52.68%, up 6.19 percentage points year-on-year, while the net profit margin was 7.44%, down 0.56 percentage points [2]. - The company’s revenue for 2025 is projected to be 4.304 billion yuan, with a year-on-year growth of 8.07%, and net profit is expected to reach 297.33 million yuan, reflecting a 22.09% increase [4][10]. - The earnings per share (EPS) forecast for 2025 is 0.29 yuan, with corresponding price-to-earnings (P/E) ratios of 26, 22, and 19 for the years 2025, 2026, and 2027 respectively [4][10].