Lushang Freda Pharmaceutical (600223) 天风证券·2025-03-26 12:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, but a 6% growth when excluding the impact of the real estate business. The net profit attributable to the parent company was 244 million yuan, down 19.73% year-on-year, while the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The gross margin for 2024 was 52.68%, up 6.19 percentage points year-on-year, while the sales expense ratio increased significantly to 44.77%, up 3.71 percentage points [2]. - The cosmetics segment showed steady growth, with revenue of 2.475 billion yuan, a year-on-year increase of 2.46%, accounting for 62.76% of total revenue. The gross margin for this segment was 62.57% [3][4]. Financial Performance - In Q4 2024, the company reported revenue of 1.180 billion yuan, a slight decrease of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year. The non-recurring net profit for Q4 was 64 million yuan, up 104.37% [1][2]. - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling 60.99 million yuan [1]. - The projected revenues for 2025-2027 are 4.281 billion yuan, 4.672 billion yuan, and 5.060 billion yuan, respectively, with net profits expected to be 291 million yuan, 322 million yuan, and 365 million yuan [5][12]. Brand Strategy and Market Position - The company employs a multi-brand strategy with a focus on the "5+N" brand development model, which has led to rapid growth in its cosmetics segment. Collaborations with cultural IPs have boosted sales significantly [4]. - The company is expanding its product offerings in the health sector, including the launch of new health-oriented products and the establishment of a supply chain service platform [5].