福瑞达（600223）：25Q1符合预期，颐莲享受性价比消费崛起红利

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported Q1 2025 earnings that met market expectations, with total revenue of 876 million yuan, a year-on-year decline of 1.6%, primarily due to the divestment of its real estate business. The net profit attributable to shareholders was 50.71 million yuan, down 14.1% year-on-year, influenced by reduced revenue, decreased profits from associates, and increased R&D expenses [7][10] - The gross margin improved to 51.3%, up 0.5 percentage points year-on-year, while the net profit margin was 7.2%, down 1.0 percentage points. The sales expense ratio decreased to 35.5%, down 0.8 percentage points year-on-year [7][12] - The cosmetics segment showed resilience, with revenue of 530 million yuan, a year-on-year decline of 2.6%, and a gross margin of 61.1%. The Yilian brand achieved revenue of 250 million yuan, a 25% increase year-on-year, while the Aierbos brand saw a revenue decline of 18.4% [7] - The pharmaceutical and raw materials segments remained stable, with pharmaceutical revenue at 110 million yuan, maintaining year-on-year levels, and a gross margin of 54.8%. The raw materials segment achieved revenue of 90 million yuan, a 2.4% increase year-on-year [7] - The company aims to leverage its R&D advantages to build a comprehensive health industry chain across cosmetics, raw materials, and pharmaceuticals. The report maintains profit forecasts for 2025-2027, expecting net profits of 330 million, 370 million, and 420 million yuan, corresponding to P/E ratios of 23, 20, and 18 times [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 4,009 million yuan, with a year-on-year growth rate of 0.7%. The net profit attributable to shareholders is expected to be 329 million yuan, reflecting a growth rate of 35.1% [6] - The gross margin is anticipated to improve to 57.8% in 2025, with a return on equity (ROE) of 7.5% [6]