福瑞达2024年三季报点评：化妆品阶段性承压，关注新品表现

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.96 CNY, up from the previous target of 7.44 CNY [4]. Core Views - The company's cosmetics business has faced temporary pressure, leading to a downward revision of profit forecasts. The expected EPS for 2024-2026 is 0.28 CNY (-0.03), 0.31 CNY (-0.06), and 0.34 CNY (-0.09) [3]. - The company's Q1-Q3 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 280.3 million CNY, 17.1 million CNY, and 15.1 million CNY, respectively, showing a year-on-year decline of 17%, 28%, and an increase of 40% [3]. - The cosmetics segment's revenue for Q1-Q3 was 170.8 million CNY, a year-on-year increase of 3%, while the pharmaceutical and raw materials segments saw declines of 7% and 2%, respectively [3]. Summary by Sections Revenue Performance - The company's Q3 revenue was 87.7 million CNY, with a year-on-year decline of 5%. The pharmaceutical segment grew by 20%, while the raw materials segment declined by 7% [3]. - The cosmetics segment's revenue for Q1-Q3 was 52.2 million CNY in Q3, down 5% year-on-year, while the pharmaceutical segment reached 13 million CNY, up 20% [3]. Profitability - The gross margins for cosmetics, pharmaceuticals, and raw materials were 62.32%, 50.48%, and 39.39%, respectively, with cosmetics margins remaining relatively stable [3]. - The company has adjusted its organizational structure to focus on product lines, which may enhance future performance [3]. Brand Performance - The brand "Yail Doctor" and "Yilian" showed different growth rates, with Yilian's revenue increasing by 8% to 65.8 million CNY, while Yail Doctor's revenue increased by 2% to 90.9 million CNY [3]. - New product launches and brand collaborations have contributed positively to sales, with specific product lines showing significant growth [3].