福瑞达（600223）：24Q4扣非业绩三位数增长，化妆品业务稳中有进

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Insights - The company reported a revenue of 3.98 billion yuan in 2024, a year-over-year decrease of 13.02%, but a non-recurring net profit of 2.15 billion yuan, showing a significant increase of 54.54% [1][5]. - The cosmetics business remains stable, with a revenue of 2.48 billion yuan, representing a year-over-year growth of 2.46% [3]. - The company is diversifying its brand matrix and leveraging cross-industry collaborations for marketing, which has led to notable sales increases in specific product lines [4]. Financial Performance - In 2024, the gross margin was 52.68%, an increase of 6.19 percentage points year-over-year, while the net profit margin was 7.44%, a decrease of 0.56 percentage points [2]. - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling 609.9 million yuan [1]. - The projected revenues for 2025-2027 are 4.28 billion, 4.67 billion, and 5.06 billion yuan, respectively, with corresponding net profits of 291 million, 322 million, and 365 million yuan [5][12]. Revenue Structure - The cosmetics segment accounted for 62.76% of total revenue in 2024, with a gross margin of 62.57% [3]. - The property management and other income decreased significantly by 46.18%, now representing 15.56% of total revenue [3]. - The pharmaceutical revenue slightly decreased by 1.41%, but its proportion increased to 12.99% [3]. Brand Strategy - The company employs a "5+N" brand development strategy, focusing on multi-brand growth and successful collaborations with cultural IPs [4]. - Specific product lines, such as the probiotic series from the Aier Doctor brand, have achieved sales exceeding 500 million yuan [4]. Future Outlook - The company is expected to continue its growth trajectory, with the main brand, Yilian, showing steady growth and new sub-brands like Kemi accelerating their growth [5]. - The company is also expanding into new business areas, including health products and medical supplies, enhancing its overall market position [5].