福瑞达：2024年年报点评：可比归母净利润同比增长6%，化妆品板块表现稳健-20250326

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - 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] - 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 Performance Summary - In 2024, the company achieved total revenue of 3.983 billion yuan, a decrease of 13.02% year-on-year, and a net profit of 244 million yuan, down 19.73% year-on-year [2] - The adjusted net profit, excluding the real estate business, showed a growth of 6.15% [2] - The gross margin for 2024 was 52.68%, an increase of 6.19 percentage points year-on-year, while the net margin was 7.44%, a decrease of 0.56 percentage points [2] - The cosmetics segment's revenue was 2.475 billion yuan, with a gross margin of 62.57% [3] - The company forecasts EPS of 0.29, 0.34, and 0.39 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26, 22, and 19 [4]