公司报告 | 年报点评报告 稳健医疗（300888） 证券研究报告 品牌健康心智加速消费品业务发展 公司发布年报及一季报 25Q1 公司营收 26 亿同增 36%，归母净利 2.5 亿同增 36%，扣非后归母净 利 2.3 亿同增 62%。 24 年公司营收 90 亿同增 10%，归母净利 7 亿同增 20%，扣非后归母净利 6 亿同增 43%。 24 年医用耗材收入 39 亿占总 44%，同增 1%，毛利率 36.49%同减 4pct。消 费品收入 50 亿占 56%，同增 17%，毛利率 56%，同减 1pct。 24 年医用耗材-传统伤口护理与包扎产品收入 12 亿，占总 13%，同增 4%； 消费品-干湿棉柔巾收入 16 亿，占总 17%，同增 31%；消费品-卫生巾营收 7 亿，占 8%，同增 18%。消费品-婴童服饰及用品收入 10 亿，占总 11%， 同增 13%。 25Q1 医疗板块营收 12.5 亿（其中新并购公司 GRI 营收 3.0 亿），同增 46.3%。 核心品类得到快速发展：手术室耗材、高端敷料、健康个护品类，分别实 现营收 3.7 亿、2.2 亿及 1.2 亿，同增 196.8% ...

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].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 稳健医疗（300888.SZ） 消费业务高速高质增长，靓丽业绩超出预期 2024 年公司收入同比+10%/归母净利润同比+20%。1）2024 年收入为 89.8 亿元，同比+10%； 归母净利润为 7.0 亿元，同比+20%；扣非归母净利润为 5.9 亿元，同比+43%；非经常损益主要 系政府补助及公允价值变动损益。2）盈利质量：2024 全年毛利率同比-1.7pct 至 47.3%；销售/管 理/财务费用率同比分别-0.3/-1.0/-0.3pct 至 25.2%/7.5%/-1.1%；期内计提资产减值损失 2.4 亿 元（同比减少 1.5 亿元）；综合以上，净利率同比+0.6pct 至 8.3%。3）单四季度：2024Q4 收入为 29.1 亿元，同比+34%；归母净利润为 1.4 亿元，净利率为 5.3%。4）公司 2024 年合计拟分配现 金股利 3.79 亿元，股利支付率约为 54%，以 2025 年 4 月 30 日收盘价计算的股息率约为 1.2%。 2025Q1 公司收入同比+36%/归母净利润同比+3 ...

期货日报网讯(记者刘威魁)为落实中央经济工作会议、中央金融工作会议部署，全面贯彻新发展理念， 紧密围绕服务会员、服务行业、服务市场、服务实体经济的工作职责和目标，广东证券期货业协会(以 下简称协会)在广东证监局指导下，积极协调各方资源，组织辖区期货行业开展"期货走进企业"系列活 动。 4月24日，在各方支持下，"期货走进企业"系列活动首站——走进上市公司"稳健医疗（300888）"得以 成行。协会副秘书长张健携中州期货、广州金控期货、鑫鼎盛期货等会员单位代表赴上市公司稳健医疗 调研交流，深入探讨辖区期货行业服务实体经济的路径，充分交流期货市场、期货工具赋能企业做大做 强的愿景。 调研座谈中，稳健医疗轮值CEO吴克震详细介绍了公司"稳稳当当做事、健健康康做人"的企业文化、绿 色可持续发展理念及近年经营成果。他提到，面对行业波动，公司通过优化供应链和拓展高端医用产品 线实现稳健增长，未来将深化科技创新与产业链协同。中州期货研究院杨志江结合国内棉花市场数据， 分析了国内外供需变化、政策影响及价格走势预判，为稳健医疗原料采购提供前瞻参考。中州期货总裁 陈扬发则围绕期货工具在风险管理、成本优化中的实践案例，强调期货市场 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company reported a revenue of 8.978 billion RMB for 2024, representing a year-on-year growth of 9.69%, and a net profit of 695 million RMB, up 19.81% [2]. - For Q1 2025, the company achieved a revenue of 2.605 billion RMB, a significant increase of 36.47%, with a net profit of 249 million RMB, also up 36.26% [2]. - The company is expected to benefit from dual growth drivers in the consumer goods and medical sectors [2]. Performance Analysis - The consumer goods segment showed strong growth, with Q4 2024 revenue reaching 2.908 billion RMB, a 33.72% increase [3]. - For 2024, the medical supplies and consumer goods segments generated revenues of 3.906 billion RMB and 4.991 billion RMB, growing by 1.14% and 17.09% respectively [3]. - Key product categories such as cotton soft towels and children's clothing saw revenue increases of 31.19% and 13.21% respectively [3]. Q1 2025 Development - In Q1 2025, the medical segment generated 1.25 billion RMB, a 46.3% increase, with core categories like surgical supplies and high-end dressings showing remarkable growth [4]. - The consumer segment achieved 1.34 billion RMB in revenue, up 28.8%, with the "Princess Nais" sanitary napkin leading the category with a 73.5% increase [4]. - E-commerce contributed 59.9% of total revenue, with rapid growth in supermarket channels, which saw a 70.9% year-on-year increase [4]. Profitability - The gross margin for 2024 and Q1 2025 was 48.46% and 47.32% respectively, with a slight improvement in Q1 2025 due to product mix optimization [5]. - The net profit margin remained stable at 7.75% for 2024 and improved to 9.54% in Q1 2025 [5]. - The company aims to enhance brand strength and operational efficiency while focusing on core product categories [5]. Earnings Forecast and Valuation - The company is projected to have EPS of 1.80, 2.12, and 2.54 RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27, 23, and 19 [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 60.06 RMB [8][9]. Core Views - The company reported a strong start in Q1 2025, with revenue growth accelerating. For 2024, the company achieved revenue of 8.98 billion RMB, a year-on-year increase of 9.7%, and a net profit of 700 million RMB, up 19.8% year-on-year. The Q1 2025 revenue was 2.61 billion RMB, reflecting a year-on-year growth of 36.5% [1][5]. - The growth in revenue and profit is attributed to the acceleration in consumer goods and the consolidation of GRI in the medical business. The consumer goods segment is showing improvement, and the medical segment has effectively absorbed high base pressures [1][2]. Summary by Sections Consumer Goods - In 2024 and Q1 2025, the health lifestyle consumer goods segment achieved revenues of 4.99 billion RMB and 1.34 billion RMB, respectively, with year-on-year growth of 17.1% and 28.8%. Key product categories such as cotton soft towels and sanitary napkins saw significant growth, with revenues increasing by 31% and 18% respectively in 2024 [2]. Medical Supplies - The medical supplies segment reported revenues of 3.91 billion RMB in 2024 and 1.25 billion RMB in Q1 2025, with year-on-year growth of 1.1% and 46.3%. The infection protection products faced a high base pressure, with a revenue decline of 61.2% in 2024, but this pressure is gradually being absorbed [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth diluting expenses [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of 1.06 billion RMB, 1.30 billion RMB, and 1.59 billion RMB for 2025, 2026, and 2027 respectively. The target price is based on a 33 times PE ratio for 2025 [5][9].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].

Core Insights - The company reported a revenue of 8.98 billion yuan for 2024, representing a year-on-year growth of 9.7% [1] - Excluding infection protection products, the revenue was 8.62 billion yuan, with a year-on-year growth of 18.6% [1] - The net profit attributable to shareholders was 700 million yuan, showing a year-on-year increase of 19.8% [1] - The non-recurring net profit attributable to shareholders was 590 million yuan, reflecting a year-on-year growth of 43.4% [1] Business Segments - The company operates in two main business segments: medical consumables and consumer products [1] - The medical consumables segment, branded as Winner, generated a revenue of 3.91 billion yuan, with a slight year-on-year increase of 1.1% [1] - The consumer products segment, branded as Purcotton, achieved a revenue of 4.99 billion yuan, marking a year-on-year growth of 17.1% [1] Profit Distribution - The board approved a profit distribution plan, proposing a cash dividend of 2.5 yuan per 10 shares (including tax), with no bonus shares [1] - The total cash dividend for 2024 is 379 million yuan (including tax), accounting for 54.43% of the net profit attributable to shareholders [2] - The mid-year cash dividend was 4 yuan per 10 shares, totaling 233 million yuan [2] Recent Performance - In the first quarter of 2025, the company reported a revenue of 2.605 billion yuan, reflecting a year-on-year growth of 36.47% [2] - The net profit attributable to shareholders for the first quarter was 249 million yuan, with a year-on-year increase of 36.26% [2]

Core Insights - The company reported a strong performance in 2024, with revenue of 8.978 billion yuan, a year-on-year increase of 9.69%, and a net profit of 0.695 billion yuan, up 19.81% [1] - The first quarter of 2025 continued the growth trend, achieving revenue of 2.605 billion yuan, a 36.47% increase year-on-year, and a net profit of 0.249 billion yuan, up 36.26% [1] - The dual-engine model of "medical + consumer" is driving significant growth through both organic growth and acquisitions [1] Consumer Business Performance - The consumer segment, represented by All Cotton Era, achieved revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [2] - The cotton soft towel business generated 1.56 billion yuan in revenue, up 31.2%, while the female care product line saw revenue growth to 0.7 billion yuan, an 18.0% increase [2] - The company is focusing on health and environmental concepts, enhancing product offerings in homewear and intimate apparel, with adult clothing revenue reaching 0.96 billion yuan, a 15.4% increase [2] Channel and Brand Strategy - The company adapted to online consumption trends, achieving online revenue of 3.07 billion yuan, an 18.9% increase, with Douyin platform revenue growing over 109% [3] - The company opened 92 new stores, bringing the total to 487, and increased its membership base to nearly 61 million, a 15.8% growth [3] - The brand's 15th anniversary celebration reinforced its commitment to sustainability and enhanced consumer emotional connection [3] Medical Segment Performance - The medical segment achieved revenue of 3.9 billion yuan in 2024, maintaining positive growth despite previous high base effects, with a 20.3% increase in other categories excluding pandemic-related products [4] - In Q1 2025, the medical segment revenue reached 1.25 billion yuan, a 46.3% increase, driven by both organic growth and expansion [4] - Key product lines such as high-end dressings and surgical consumables showed significant growth, with high-end dressings generating 0.78 billion yuan, a 31.2% increase [4] Global Expansion and Innovation - The company acquired U.S. medical consumables firm GRI, contributing 0.29 billion yuan in new revenue and enhancing its global supply chain [5] - Overseas revenue grew by 37.7%, accounting for over 54% of total medical revenue, indicating a strong international presence [5] - The company holds 1,087 R&D patents and continues to innovate in high-end consumables and chronic disease management [5] Shareholder Returns and Future Strategy - The company plans to distribute a total cash dividend of 6.50 yuan per 10 shares, representing 54.43% of net profit, reflecting strong cash flow management [7] - The chairman outlined a strategic goal of "century-long stability and brand enhancement," focusing on operational excellence, global expansion, brand building, talent strategy, sustainable development, and product innovation [7][8] - The dual focus on medical and consumer sectors is expected to drive sustainable growth and establish the company as a leader in global health and quality consumption [8]

（王志芳） 稳健医疗用品股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为稳健医疗用品股份有限公司（以下简称"公司"）董事会的独立董事， 在任职期间，严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 市公司治理准则》《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作》《公司章程》及《公司独立董事工作制度》等法律法规、规范 性文件的相关规定和要求，积极出席相关会议，忠实、勤勉地履行了独立董事的 职责，维护了公司和股东特别是中小股东的切身利益。现将本人2024年度的履职 情况汇报如下： 一、独立董事基本情况 本人王志芳，1968年出生，中国国籍，无境外居留权，1989年毕业于南开大 学，1992年毕业于中国人民银行金融研究所，获得经济学硕士学位；长江商学院 高级管理人员工商管理硕士。1992至2004年担任中国华能财务公司计划部副经理 及投资管理部经理；2004年至2023年担任华能资本服务有限公司投资管理部经理、 副总经理、党组成员。其中2014年至2023年担任天成租赁有限公司董事长及华能 景顺私募基金管理有限公司董事长。 经认真自查，任职期间，本人任职符 ...