福瑞达2024一季报点评：化妆品营收符合预期，关注新品表现

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.23, down from the previous forecast of 11.52 [4][3]. Core Views - The company's cosmetic revenue meets expectations, with a year-on-year growth of 15%. The performance of new products is noteworthy, and the long-term outlook for the cosmetic business is positive [3][4]. - The report indicates a slight optimization in Q1 2024 net profit, which is expected to be 0.59 billion, reflecting a stable growth in the cosmetic segment [3][4]. - The pharmaceutical segment is under pressure, leading to a downward revision of profit forecasts for 2024-2026 [3][4]. Financial Summary - Income Statement: - Total revenue for 2022 was 12,951 million, with a forecast of 4,347 million for 2024 and 5,965 million for 2026. Net profit is projected to grow from 303 million in 2023 to 511 million in 2026 [2]. - Profitability Ratios: - Gross margin is expected to improve from 46.5% in 2023 to 58.9% in 2026. EBIT margin is projected to increase from 6.0% to 14.2% over the same period [2]. - Return Ratios: - Return on equity (ROE) is forecasted to rise from 7.6% in 2023 to 9.6% in 2026, while return on invested capital (ROIC) is expected to increase from 3.5% to 8.3% [2]. - Debt Ratios: - The debt-to-asset ratio is projected to decrease from 40.1% in 2023 to 24.5% in 2026, indicating improved financial stability [2]. - Valuation Ratios: - The price-to-earnings (PE) ratio is expected to decline from 28.11 in 2023 to 16.67 in 2026, suggesting the stock may become more attractive over time [2]. Market Performance - The company's stock has a 52-week price range of 6.68 to 11.57, with a current market capitalization of 8,529 million [5][4].