Lushang Freda Pharmaceutical (600223) 开源证券·2025-03-26 05:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][15] Core Views - The company reported a decline in net profit attributable to shareholders by 19.7% year-on-year for 2024, but the performance excluding real estate was stable [6] - The company achieved a revenue of 3.983 billion yuan in 2024, a decrease of 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6] - The company focuses on the health sector, with a positive outlook for its cosmetics business, which is expected to stabilize and recover in the future [6][8] Financial Summary - Revenue for 2024 was 3.983 billion yuan, with a year-on-year decline of 13.0% [6][9] - The net profit attributable to shareholders for 2024 was 244 million yuan, down 19.7% year-on-year, while the non-recurring net profit increased by 54.5% [6][9] - The company’s gross margin improved to 52.7% in 2024, up 6.2 percentage points year-on-year [7][12] - The projected net profit for 2025-2027 is estimated at 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] Business Performance - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, reflecting a growth of 2.5% [7] - The pharmaceutical segment reported revenue of 512 million yuan, a decrease of 1.4% due to policy changes in the industry, but is expected to stabilize in the second half of the year [7][8] - The company is accelerating the high-end transformation of its raw materials business, with a focus on customized services for food-grade and cosmetic-grade products [8]