面对复杂多变的外部环境，稳健医疗（300888）凭借多年的深耕细作与不断创新，于2024年收获了亮眼 的成绩，实现业绩与ESG表现的双轮驱动式发展。步入2025年，公司发展势头更为迅猛，第一季度的营 收和净利润均实现大幅增长，展现出强大的市场竞争力。其在医疗和消费品两大板块的布局持续优化， 产品创新与市场拓展协同推进，在行业内树立起独特的竞争优势，为全年的稳健发展奠定了坚实基础。 一季度营收创历史新高，机构看好公司今年增长潜力 医用耗材业务去年实现营收39.1亿元，同比增加1.1%，剔除感染防护产品后，在去年第一季度感染防护 产品带来的高基数的情况下，全年同比仍然保持了正增长。公司扣非后归母净利润大幅增长主要因上年 同期商誉减值、感染防护产品及相关设备损失较大。 进入2025年一季度，公司延续良好发展态势。公告显示，公司一季度实现营收26.05亿元，同比增长 36.47%，营收创上市以来同期新高；归母净利润2.49亿元，同比增长36.26%；扣非后归母净利润2.34亿 元，同比增长62.46%，增速创上市以来同期新高。其中，医疗板块营收12.5亿元，同比增长46.3%，得 益于手术室耗材、高端敷料和健康个护品 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [1]. Core Insights - The company has shown accelerated growth in both of its main business segments, with a notable increase in dividend payout ratio to 54.4% from 50% in the previous year [6]. - The first quarter of 2025 saw a significant revenue increase of 36% year-on-year, reaching 2.61 billion yuan, with net profit also rising by 36.3% to 249 million yuan [7][6]. - The consumer goods segment continues to perform well, with a revenue growth of 28.8% in Q1 2025, driven by strong sales in key products [6]. - The medical business has shown resilience, with a 46.3% year-on-year growth in Q1 2025, despite previous high base effects [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 89.78 billion yuan, with a year-on-year growth of 9.7%, and a net profit of 6.95 billion yuan, reflecting a 19.8% increase [5]. - The company expects net profits to reach 10.3 billion yuan in 2025, corresponding to a PE ratio of 30 [6]. - The gross margin for 2024 is reported at 47.3%, with an anticipated recovery in margins for both consumer and medical segments in 2025 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong performance in Q1 2025, with a net profit increase driven by robust brand momentum in the consumer goods segment [7] - Revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while net profit was 700 million yuan, up 19.8% [7] - Q1 2025 revenue was 2.61 billion yuan, reflecting a 36.5% year-on-year growth, with net profit at 250 million yuan, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, alongside a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.07 billion, 1.22 billion, and 1.41 billion yuan respectively [7] Summary by Sections Medical Consumables - In 2024, the medical consumables segment generated revenue of 3.91 billion yuan, a 1.1% year-on-year increase, while Q1 2025 revenue was 1.25 billion yuan, up 46.3% [8] - Key product categories such as high-end wound dressings and surgical consumables saw significant growth, with year-on-year increases of 31.2% and 48.8% respectively in 2024 [8] - The overseas channel revenue for 2024 and Q1 2025 was 2.13 billion and 700 million yuan, showing year-on-year growth of 37.7% and 84.1% respectively [8] Consumer Goods - The consumer goods segment achieved revenue of 4.99 billion yuan in 2024, a 17.1% year-on-year increase, with Q1 2025 revenue at 1.34 billion yuan, up 28.8% [9] - Specific product lines such as cotton soft towels and sanitary napkins experienced substantial growth, with Q1 2025 revenues increasing by 38.6% and 73.5% respectively [9] - Online sales channels contributed significantly, with 3.07 billion yuan in revenue for 2024 and 800 million yuan in Q1 2025, including a nearly 109% year-on-year growth in the Douyin channel for 2024 [9] Financial Performance - The gross profit margin for 2024 and Q1 2025 was 47.3% and 48.5%, with a slight year-on-year decrease of 1.7% and an increase of 0.8 percentage points respectively [10] - The net profit margin for 2024 was 7.8%, while Q1 2025 saw a slight decrease to 9.5% [10] - The inventory balance at the end of Q1 2025 was 1.96 billion yuan, a 34.1% increase, influenced by the acquisition of GRI [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong growth in net profit for Q1 2025, with a revenue increase of 36.5% year-on-year, reaching 2.5 billion yuan in net profit, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, along with a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The forecast for net profit for 2025-2027 has been adjusted upwards, with expected figures of 10.7 billion yuan, 12.2 billion yuan, and 14.1 billion yuan respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit of 700 million yuan, up 19.8% [7] - For Q1 2025, the revenue was 2.61 billion yuan, reflecting a 36.5% increase, and the net profit was 250 million yuan, up 36.3% [7] Medical Supplies Business - The medical supplies segment generated 3.91 billion yuan in revenue for 2024, a 1.1% increase year-on-year, and 1.25 billion yuan in Q1 2025, a 46.3% increase [8] - Key product categories such as high-end wound dressings and surgical supplies saw significant growth, with increases of 31.2% and 48.8% respectively in 2024 [8] Consumer Products Business - The consumer products segment reported a revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [9] - The brand "全棉时代" (All Cotton Era) continues to gain market traction, with notable growth in categories like wet and dry cotton towels, which saw a 38.6% increase in Q1 2025 [9] Profitability and Valuation - The gross margin for 2024 was 47.3%, with a slight increase to 48.5% in Q1 2025, while the net profit margin was 7.8% for 2024 and 9.5% for Q1 2025 [10] - The company’s P/E ratios for 2025-2027 are projected to be 28.5, 24.8, and 21.6 respectively, indicating a favorable valuation outlook [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% year-on-year, while the consumer goods segment brought in 5 billion, representing 56% of total revenue, with a 17% increase [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21% respectively [2]. Financial Performance Summary - The company’s revenue for 2023 is projected at 8.2 billion, with a growth rate of -27.89%. By 2025, revenue is expected to reach 11.2 billion, reflecting a growth rate of 24.80% [5]. - The net profit attributable to the parent company is forecasted to be 580 million in 2023, increasing to 1 billion by 2025, with a growth rate of 50.16% [5]. - Earnings per share (EPS) are expected to rise from 1.00 in 2023 to 1.79 in 2025, with corresponding price-to-earnings (P/E) ratios of 52.39 and 29.12 respectively [5]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its all-cotton product line [2]. - The "Nais Princess" brand has gained significant recognition due to its innovative cotton technology, leading to improved market rankings on major e-commerce platforms [3]. Revenue Breakdown - In Q1 2025, the medical segment generated 1.25 billion, with a notable contribution from the newly acquired GRI, which accounted for 300 million of this revenue [2]. - The consumer segment reported 1.34 billion in revenue, marking a year-on-year increase of 28.8%, with e-commerce channels contributing significantly to this growth [2]. Future Projections - The report maintains profit forecasts with slight adjustments, projecting net profits of 1.04 billion, 1.26 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [4]. - The expected EPS for these years is 1.79, 2.17, and 2.58, with corresponding P/E ratios decreasing from 29 to 20 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% and a gross margin of 36.49%, down 4 percentage points. The consumer goods segment generated 5 billion, accounting for 56% of total revenue, with a 17% increase and a gross margin of 56%, down 1 percentage point [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21%, respectively [2]. Financial Performance Summary - The company expects to achieve net profits of 1.04 billion, 1.26 billion, and 1.5 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.79, 2.17, and 2.58 [4]. - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 23.5%, and 20.1%, respectively [5]. - The company’s total assets are projected to reach approximately 22.26 billion by 2025, with total liabilities expected to be around 9.72 billion [12]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its "Nai Si Gong Zhu" product line, which has seen significant growth [3][2]. - The report notes that the company has successfully increased its market presence in e-commerce channels, contributing to nearly 60% of the consumer goods segment's revenue in Q1 2025 [2].

Investment Rating - The report maintains a strong buy investment rating for the company [3][10]. Core Views - The company's revenue is projected to grow by 9.7% year-on-year to 8.98 billion yuan in 2024, with the consumer goods segment growing by 17% to 4.99 billion yuan and the medical segment growing by 1% to 3.91 billion yuan [1][10]. - In Q1 2025, revenue increased by 36.5% year-on-year to 2.6 billion yuan, with consumer goods and medical segments growing by 29% and 46% respectively [1][10]. - The company has implemented reforms in its consumer goods business, including organizational restructuring and marketing innovations, which are beginning to show positive results [1][10]. Financial Performance - In 2024, the company achieved a net profit of 700 million yuan, with a year-on-year growth of 19.8%, and a non-recurring net profit of 590 million yuan, growing by 43.4% [1][10]. - The company plans to distribute a total cash dividend of 379 million yuan for 2024, accounting for 54.43% of the net profit [1][10]. - The medical segment's revenue for 2024 is expected to be 3.91 billion yuan, with a growth of 1.1% [7][10]. Segment Analysis - The consumer goods segment is expected to achieve a revenue of 4.99 billion yuan in 2024, with a year-on-year growth of 17.1%, driven by products like cotton soft towels and sanitary napkins [2][7]. - The medical segment is projected to show steady growth, with high-end wound dressings performing particularly well, contributing to a revenue of 1.25 billion yuan in Q1 2025, a year-on-year increase of 46.3% [7][10]. Profitability and Valuation - The company's net profit margin improved to 7.75% in 2024, with an overall gross margin of 47.32% [10][16]. - The projected earnings per share (EPS) for 2025 is 1.81 yuan, with a price-to-earnings (PE) ratio of 28.9 [9][16]. - The company is expected to achieve a net profit of 1.05 billion yuan in 2025, reflecting a growth of 51% [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE of 29 times for 2025 [7]. Core Views - The company is expected to achieve a revenue growth of 10% year-on-year in 2024, reaching 8.98 billion yuan, and a net profit growth of 20%, totaling 700 million yuan [1]. - The consumer business is experiencing rapid growth, with a projected revenue of 4.99 billion yuan in 2024, reflecting a year-on-year increase of 17.1% [3]. - The medical consumables segment is also showing healthy growth, with a revenue of 3.91 billion yuan in 2024, up 1.1% year-on-year [4]. Financial Performance Summary - For 2024, the company expects a gross margin of 47.3%, a decrease of 1.7 percentage points year-on-year, while the net profit margin is projected to increase by 0.6 percentage points to 8.3% [1]. - In Q1 2025, the company reported a revenue of 2.61 billion yuan, a 36% increase year-on-year, with a net profit also up by 36% to 250 million yuan [2]. - The company plans to distribute a cash dividend of 379 million yuan in 2024, with a payout ratio of approximately 54% [1]. Business Segment Analysis - The consumer products segment is driving growth, with core products like wet and dry cotton towels seeing revenue growth of 31% in 2024 and 39% in Q1 2025 [3]. - The medical consumables segment is expanding, particularly after the acquisition of GRI, with a revenue of 1.25 billion yuan in Q1 2025, reflecting a 46.3% year-on-year increase [4]. - The company has increased its store count to 487 by the end of 2024, with a net addition of 76 stores, and the total membership base has grown to nearly 61 million, a 15.8% increase year-on-year [3]. Future Outlook - The company anticipates a revenue growth of 23% in 2025, driven by an 18% increase in the consumer products segment and a 30% increase in the medical consumables segment [5]. - The projected net profit for 2025 is expected to reach 1.05 billion yuan, representing a 51.6% year-on-year growth [6].

Group 1 - The Guangdong Securities and Futures Industry Association is actively coordinating resources to implement the "Futures Entering Enterprises" series of activities, aimed at serving members, industries, markets, and the real economy [1][3] - The first event of the series took place at the listed company "Weigao Medical" where discussions focused on how the futures industry can support the real economy [3] - Weigao Medical's CEO highlighted the company's sustainable development philosophy and its strategies for stable growth amidst industry fluctuations, including supply chain optimization and expansion into high-end medical products [3][4] Group 2 - The event included insights from industry experts on the domestic cotton market, analyzing supply-demand changes and price trends to assist Weigao Medical in raw material procurement [3] - The importance of futures tools in risk management and cost optimization was emphasized, showcasing practical cases that underline the futures market's role in stabilizing operations for real enterprises [3][4] - The association's deputy secretary general noted the positive feedback from participants and the event's contribution to deepening cooperation between the futures industry and real enterprises, promoting high-quality development in Guangdong's futures sector [4]

Group 1: Index Fee Adjustments - Multiple public fund companies received notifications from China Securities Index Co., Ltd. and Shenzhen Securities Information Co., Ltd. regarding the reduction of licensing fees for passive investment index products [1] - The notifications included a reduction in annual basis point rates, a decrease in quarterly minimum fees, an expansion of the range of index products without a quarterly minimum fee, and the cancellation of fixed licensing fees, effective from April 1 [1] Group 2: Fund Suspension Before Holidays - Several funds announced a suspension of subscriptions before the May Day holiday, including those from Anxin Fund, Zheshang Fund, and others, with resumption on May 6 [2] - This suspension primarily affected bond funds, money market funds, and index funds related to interbank certificates of deposit, aimed at protecting investors from potential net value fluctuations due to large inflows seeking capital preservation [2] Group 3: Fund Issuance Data - In April, a total of 127 new funds were issued, with nearly half being index funds, amounting to 36.3 billion units [3] - Equity funds accounted for 66.14% of the new issuances, indicating a strong focus on this area by fund companies [3] - Notably, 11 products had issuance volumes exceeding 1 billion units, collectively representing 72% of the total new fund issuance for the month [3] Group 4: Market Insights from Fund Managers - Xie Zhiyu, a prominent fund manager, highlighted positive changes in the macroeconomic environment and the potential for A-shares and Hong Kong stocks to attract significantly more capital in the future [4] - He emphasized two key investment themes: technology assets benefiting from innovation cycles and dividend-paying stocks that provide stable returns, which are increasingly being recognized for their value [4] Group 5: Significant Fund Holdings - SF Holding disclosed that Zhang Kun's E Fund Blue Chip Select Mixed Fund became a top ten shareholder, holding 35 million shares, representing 0.7% of the company [5] - Compared to the previous year, the fund significantly increased its holdings by 3.179 million shares in the first quarter [7] - Zhu Shaoxing's Fortune Tianhui Growth Mixed Fund also increased its stake in Weigao Medical, holding 5.005 million shares, up from 3.9015 million shares at the end of the previous year [8]