福瑞达（600223）：2025年一季报点评：颐莲增势良好，药品及原料业务企稳

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 876 million yuan in Q1 2025, a year-on-year decline of 1.63%. The net profit attributable to the parent company was 51 million yuan, down 14.1% year-on-year, while the net profit after deducting non-recurring items was 47 million yuan, a decrease of 9.67% year-on-year [2][6] Revenue Breakdown - In the cosmetics segment, the company experienced a slight revenue decline of 3.3% year-on-year, with a gross margin decrease of 1.1 percentage points. The "Yilian" brand showed strong growth of 24.5%, while "Aier Doctor" saw a decline of 19.7%. The sales of the "Yilian" brand's spray line increased by 69% year-on-year, and the second-tier product "Pengrun Water Emulsion" saw a 65% increase in sales. The pharmaceutical business revenue slightly decreased by 0.9%, with gross margins remaining stable. The raw materials business revenue grew by 2.4%, with gross margins improving by 9.8 percentage points [12][12] Profitability Analysis - The decline in net profit attributable to the parent company was primarily due to increased management and R&D expenses. The net profit margin decreased by 0.8 percentage points, despite a slight overall improvement in gross margin by 0.5 percentage points. The sales, management, and R&D expense ratios changed by -0.77, +0.59, and +1.08 percentage points year-on-year, respectively [12][12] Future Outlook - The company is expected to focus on its main brands in the cosmetics business, with "Yilian" showing good momentum and "Aier Doctor" undergoing adjustments. The company anticipates better growth as the product matrix improves and channel structures optimize. The pharmaceutical business is expected to accelerate channel expansion, and the raw materials segment is seeing significant gross margin optimization. The projected EPS for 2025-2027 is 0.27, 0.31, and 0.35 yuan per share, respectively [12][12]