福瑞达：颐莲保持高增，静待瑷尔博士拐点-20250429

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Insights - The company reported a revenue of 880 million yuan in Q1 2025, a year-on-year decrease of 1.6%, and a net profit attributable to shareholders of 51 million yuan, down 14.1% year-on-year [5][6]. - The growth of the brand "Yilian" remains strong, with a revenue of 250 million yuan in Q1 2025, representing a year-on-year increase of 25%. In contrast, "Aier Doctor" saw a revenue decline of 19.7% to 240 million yuan [6]. - The company is focusing on major product lines, with significant sales growth in key products such as Yilian spray and "Pongrun" lotion, which increased by 69% and 65% year-on-year, respectively [6]. - The gross profit margin improved by 0.5 percentage points to 51.3%, driven by better margins in raw materials and additives [6]. - The company has a strong cash position and is expected to maintain its profit forecasts, with projected net profits of 290 million yuan, 330 million yuan, and 370 million yuan for 2025, 2026, and 2027, respectively [7]. Financial Summary - The latest closing price of the company's stock is 7.55 yuan, with a total market capitalization of 7.7 billion yuan [4]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.29 yuan, with a price-to-earnings (P/E) ratio of 26.31 [10]. - The company’s revenue is expected to grow from 3.983 billion yuan in 2024 to 5.227 billion yuan in 2027, reflecting a compound annual growth rate [10][11].