福瑞达（600223）：核心业务表现稳健，毛利率提升明显

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [4]. Core Insights - The company's core business remains stable, with a notable improvement in gross margin. In 2024, the company achieved revenue of 3.983 billion yuan, a year-on-year decrease of 13.02%, primarily due to the impact of the real estate business divestiture. Excluding real estate, core business revenue remained flat. The net profit attributable to shareholders was 244 million yuan, down 19.73% year-on-year, while the net profit excluding non-recurring items was 215 million yuan, up 54.54% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4, the company recorded revenue of 1.180 billion yuan, a slight decline of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year [1]. - The gross margin improved by 6.19 percentage points to 52.68% in 2024, mainly due to the divestiture of low-margin real estate business and optimization of the cosmetics and raw materials business structure. The net profit margin decreased by 0.56 percentage points to 7.44% [2]. Business Segments - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, a year-on-year increase of 2.46%, with a gross margin of 62.57%. The "Yilian" brand achieved revenue of 963 million yuan, up 12.36% year-on-year, while "Aier Doctor" reported revenue of 1.301 billion yuan, down 3.48% year-on-year [3]. - The pharmaceutical segment's revenue was 512 million yuan, a decrease of 1.41% year-on-year, with a gross margin of 52.32%. The company is expanding its distribution channels and launching new functional food products [3]. Profit Forecast - The company forecasts revenues of 4.389 billion yuan in 2025, 4.710 billion yuan in 2026, and 5.056 billion yuan in 2027, with corresponding growth rates of 10.20%, 7.32%, and 7.34% respectively. The net profit attributable to shareholders is expected to be 283 million yuan in 2025, 317 million yuan in 2026, and 360 million yuan in 2027 [4][10].