2024年一季报点评：扣非净利大幅增长，大健康产业提效可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [2][15]. Core Insights - The company is focusing on the health industry and is gradually improving efficiency through organizational restructuring and strategic focus, leading to a favorable development trend [2]. - The first quarter of 2024 saw a significant increase in non-recurring net profit, attributed to the growth in the cosmetics segment and a low base from the previous year's real estate losses [5][6]. - The cosmetics segment achieved a revenue of 544 million yuan, reflecting a year-on-year growth of 15.1%, with key brands showing strong performance [1][5]. Financial Performance Summary - In Q1 2024, the company reported total revenue of 891 million yuan, a year-on-year increase of 29.99%, while the net profit attributable to shareholders was 59 million yuan, down 54.4% due to the impact of real estate divestiture [5]. - The non-recurring net profit for Q1 2024 was 52 million yuan, marking a substantial increase of 242.5% [5]. - The gross margin for Q1 2024 was 50.84%, an increase of 11.45 percentage points year-on-year, driven by the rising share of the cosmetics business [6]. Segment Performance - The cosmetics business contributed significantly to the overall revenue, with brands like Yilian and Aier Doctor achieving revenues of 200 million and 290 million yuan, respectively, with year-on-year growth rates of 17.5% and 20.6% [1]. - The pharmaceutical segment experienced a revenue decline of 23.3%, while the raw materials and additives segment saw a revenue increase of 10.3% [16]. Earnings Forecast - The company's net profit forecasts for 2024-2026 have been adjusted to 340 million, 420 million, and 500 million yuan, respectively, with corresponding P/E ratios of 25, 21, and 17 times [2].