福瑞达：战略聚焦见成效，谱写版图新篇章

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [49]. Core Insights - The company has seen a decline in its raw material business since 2020, but has experienced an improvement in gross margin since 2023, with a year-on-year increase of 3.5 percentage points in gross margin from Q1 to Q3 2023 [1][3]. - The company has established itself as a leading player in the global hyaluronic acid market, with a production capacity of 420 tons per year as of 2022 [3]. - The company is focusing on expanding its product offerings in high-value medical-grade hyaluronic acid and other active ingredients, which is expected to drive future growth [27][42]. Summary by Sections Raw Material Business - The company has adjusted the pricing of its raw material products, leading to a rapid growth in revenue despite a temporary decline in gross margin [1]. - The sales revenue from customized products with higher gross margins has increased significantly [1]. Market Position - The company is recognized as one of the largest production bases for hyaluronic acid globally, exporting to over 70 countries and regions [3]. - According to Frost Sullivan, the company ranked second in global sales of hyaluronic acid in 2021 [3]. Financial Projections - The company is projected to achieve revenues of 4.496 billion and 4.398 billion in 2023 and 2024, respectively, with a year-on-year growth rate of -65% and -2% [14]. - The expected net profit attributable to the parent company is forecasted to be 287 million and 368 million for 2023 and 2024, reflecting significant growth rates of 531% and 28% [14]. Strategic Focus - The company is actively pursuing the registration of its medical-grade hyaluronic acid products, which is anticipated to open up new market opportunities [37][42]. - The report highlights the company's strategic shift towards health-related industries, emphasizing the importance of innovation and product development in maintaining competitive advantage [49][50].