化妆品增长稳健，经营持续向好

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][2][8]. Core Insights - The company's cosmetics business reported revenue of 544 million yuan in Q1 2024, a year-on-year increase of 15.12%, with a slight decline in gross margin by 0.67 percentage points to 62.19% [1]. - The company is expected to focus on its core cosmetics and pharmaceutical businesses following the complete divestment from real estate, with projected net profits for 2024-2026 of 345 million, 427 million, and 517 million yuan, respectively, reflecting growth rates of 14%, 24%, and 21% [2]. Summary by Sections Company Overview - The company has undergone management restructuring, enhancing internal governance and incentives, which is expected to positively impact the performance of its brands, including 瑷尔博士 and 颐莲 [2]. Financial Performance - Q1 2024 revenue for 瑷尔博士 was 294 million yuan, up 20.63% year-on-year, while 颐莲's revenue was 200 million yuan, up 17.45% year-on-year [15]. - The pharmaceutical segment faced challenges with a 23% decline in revenue to 110 million yuan in Q1 2024 [15]. Future Outlook - The company plans to continue upgrading its product lines and launching new products, particularly in the high-end market segment, to enhance brand positioning and sales [15]. - The report anticipates steady growth in the cosmetics sector, driven by product innovation and market expansion strategies [2][15].