福瑞股份（300049）：MASH药物持续获批加速行业变革，卖水人有望进一步受益

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Viewpoints - The company achieved a revenue of 713 million yuan in the first half of 2025, representing a year-on-year increase of 11%. However, the net profit attributable to the parent company decreased by 31.1% to 50 million yuan [1]. - The MASH drug Rezdiffra has shown strong commercial performance, with Q2 sales reaching 212.8 million USD, a 55% increase quarter-on-quarter. The total sales for the first half of the year amounted to 350.1 million USD [2]. - The company is enhancing its organizational efficiency through management upgrades, global sales network expansion, and capacity base expansion, which is expected to support its global business capabilities [2]. Financial Summary - The company's projected net profits for 2025-2027 are adjusted to 203 million yuan, 306 million yuan, and 421 million yuan, with corresponding growth rates of 79%, 51%, and 38% [3]. - The expected revenue for 2025 is 1.688 billion yuan, with a year-on-year growth rate of 25.1% [4]. - The earnings per share (EPS) for 2025 is projected to be 0.77 yuan, with a net profit margin of 12% [4].