Lushang Freda Pharmaceutical (600223) 新浪财经·2025-03-26 08:30Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, but showed significant growth in its core cosmetic brand, Yilian, particularly in Q4, indicating a positive trend in product performance and market recovery [1][2]. Financial Performance - For the full year 2024, the company achieved revenue of 3.983 billion yuan, down 13.0%, and a net profit of 244 million yuan, down 19.7%. However, the net profit excluding non-recurring items increased by 54.5% to 215 million yuan [1]. - In Q4 2024, revenue was 1.180 billion yuan, a slight decrease of 0.3%, while net profit rose by 10.7% to 72 million yuan, and net profit excluding non-recurring items surged by 104.4% to 64 million yuan [2]. Cosmetic Business Performance - The cosmetic segment showed signs of recovery in Q4, with revenue increasing by 0.7% year-on-year. For the full year, cosmetic business revenue reached 2.475 billion yuan, up 2.5% [2]. - Yilian's revenue for 2024 was 963 million yuan, a 12.4% increase, with Q4 revenue of 305 million yuan, up 24% year-on-year. The brand's product iterations, such as the spray products, performed well, with sales growth of 13% and 35% respectively [2]. - The company expanded its offline presence, with over 500 stores for Yilian and Aier Bo Shi, contributing nearly 300 million yuan in sales for the year [2]. Drug and Raw Material Revenue - The pharmaceutical segment generated 512 million yuan in revenue, a decline of 1.4%. The company established an integrated production and sales system focused on academic and brand marketing [3]. - Revenue from raw materials and additives was 343 million yuan, down 2.4%. The company successfully passed GMP compliance checks for sodium hyaluronate and obtained EU certification for its raw materials [3]. Profitability and Cost Management - Q4 gross margin improved significantly to 54.65%, up 9.9 percentage points, driven by business structure optimization. The gross margin for cosmetics was 63.1%, while pharmaceuticals stood at 57% [4]. - The company's net profit margin for Q4 was 6.13%, reflecting a stable performance [5]. Future Outlook - The company is expected to continue benefiting from the ongoing upgrades and adjustments in its business model, with Yilian showing strong growth potential. Projections for net profit in 2025 and 2026 are 310 million yuan and 340 million yuan, respectively, with corresponding PE ratios of 24x and 22x [5].