证 券 研 究 报 告 稳健医疗（300888）2024 年中报业绩点评 强推（维持） 消费品业务表现亮眼，医用耗材Q2营收+7% 目标价：37.4 元 事项： ❖ 公司发布 2024 年中报。上半年，公司实现营收/归母净利润/扣非归母净利润 40.3/3.8/3.3 亿元，yoy-5.5%/-43.6%/-40.6%。单二季度，公司实现营收/归母净 利润/扣非归母净利润 21.2/2.0/1.8 亿元，yoy+11.0%/-33.8%/-23.9%。 评论： ❖ 消费品业务：核心爆品引领增长，盈利能力质量高。消费品业务 24H1 实现营 收 22.8 亿元，同比+10.6%（Q2 实现营收 12.4 亿元，同比+13.8%）；毛利率 56.9%，同比-1.3pcts，主要系棉花价格波动拖累；营业利润率 12.8%，同比0.1pcts，盈利质量高。1）分产品看，公司无纺/有纺产品上半年实现营收11.9/10.9 亿元，同比+14.8%/+6.3%，其中，核心爆品干湿棉柔巾增速亮眼，24H1/24Q2 分别实现营收增速+25%/+ 28%，卫生巾 24H1/24Q2 分别实现营收增速+8%/+ 16%。2）分渠 ...

美容护理 证 券 研 究 报 告 - 2024 年 09 月 03 日 稳健医疗 (300888) ——消费品业务加速增长，感染防护产品拖累见底 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 25.35 | | 一年内最高/最低（元） | 43.08/23.31 | | 市净率 息率（分红/股价） | 1.3 1.97 | | 流通 A 股市值（百万元） | 4,601 | | 上证指数/深证成指 | 2,802.98/8,268.05 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 19.43 | | | | | 资产负债率 % ...

稳健医疗（300888） 证券研究报告 2024 年 08 月 31 日 投资评级 行业 美容护理/个护用品 6 个月评级 增持（调低评级） 当前价格 25.57 元 目标价格 元 高基期效应趋淡，中期分红率 111% 公司发布 2024 年半年报 公司 24Q2 收入 21.2 亿，同比+11%，归母 2 亿，同比-33.8%，扣非 1.8 亿， 同比-23.9%；公司 24H1 收入 40.3 亿，同比-5.5%，归母净利润 3.8 亿，同 比-43.6%，扣非归母净利 3.3 亿，同比-40.6%。公司 24H1 分红 4.3 亿，分 红率 111.4%。 收入和归母净利润下降主要系 23Q1 感染防护产品带来高基数所致。24Q2 开始公共卫生事件对收入规模基数影响基本消除。 分产品看，公司 24H1 健康生活消费品收入 22.8 亿，同比+10.6%，其中干 湿棉柔巾/婴童服饰/成人服饰收入分别为 6.8 亿/4.5 亿/4.4 亿，同比 +24.8%/+4.3%/+8.9%；棉干湿棉柔巾收入大幅增长主要原因系加强与消费 者的沟通，且使用场景创新，产品力加强； 分产品看，公司 24 H1 健康生活消费 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][21]. Core Views - The report highlights a recovery in revenue growth in the second quarter, with a notable performance in the consumer goods segment. The overall revenue for the first half of 2024 decreased by 5.5% year-on-year to 4.03 billion yuan, primarily due to the normalization of demand for infection protection products [5][15]. - The medical segment's revenue saw a significant decline of 20.9% year-on-year, while the consumer goods segment grew by 10.6% to 2.28 billion yuan, driven by strong sales of core products like wet and dry cotton towels [5][19]. - The report anticipates a gradual improvement in profitability for the consumer goods segment and potential synergies from medical acquisitions in the medium to long term [21]. Summary by Sections Financial Performance - The company's revenue for the first half of 2024 was 4.03 billion yuan, down 5.5% year-on-year. The net profit attributable to shareholders decreased by 43.6% to 380 million yuan [5][22]. - The gross margin fell by 2.7 percentage points to 48.7% due to increased discounts and fluctuations in cotton prices [11][19]. - The second quarter of 2024 saw a revenue increase of 11% year-on-year to 2.12 billion yuan, with medical and consumer goods segments growing by 6.6% and 13.8%, respectively [15][18]. Business Segments - **Medical Segment**: Revenue decreased by 20.9% to 1.72 billion yuan, with infection protection product sales dropping significantly. However, excluding these products, conventional items saw a 7.5% increase [5][18]. - **Consumer Goods Segment**: Revenue increased by 10.6% to 2.28 billion yuan, with core products like wet and dry cotton towels leading the growth at 24.8% [5][19]. Future Outlook - The report maintains revenue forecasts, adjusting net profit estimates for 2024-2026 to 660 million, 904 million, and 1.016 billion yuan, respectively, reflecting expected growth rates of 14.2%, 36.4%, and 12.4% [21][22]. - The target price is set between 34-36 yuan, corresponding to a PE ratio of 22-23x for 2025 [21].

Group 1: Meeting Details - The meetings were conducted online on August 28, 2024 [1][2][3] - A total of 64 participants from various companies attended the meetings [1][2][3] Group 2: Participating Companies - Notable companies included: - Caixin Securities Asset Management [1] - UBS Securities [2] - Zhongjin Company [3] - Other participating firms included: - Dongxing Securities, Guotai Junan Securities, and Haitong Securities [1][2][3] Group 3: Participant Breakdown - The majority of participants were from securities firms, accounting for approximately 70% of the total [1][2][3] - Private equity firms represented around 20% of the attendees [1][2][3] - Consulting firms made up the remaining 10% [2][3]

稳健医疗用品股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |--------------|------------------------------------|--------------------------------------------------------------------| | | □特定对象调研 □ | 分析师会议 | | 投资者关系活 | □媒体采访 √ | 业绩说明会 | | 动类别 | □新闻发布会 □ | 路演活动 | | | □现场参观 | | | | □其他 （电话会议） | | | 参与单位名称 | 瑞众人寿保险、财通资管、玄元私募等 | 64 位机构投资者，名单详见附件（排 | | 及人员姓名 | 名不分先后） | | | 时间 | 2024 年 8 月 28 日 | | | 地点 | 公司总部会议室 | | | | 方修元：董事、首席财务官 | | | 上市公司接待 | 张燕：董事、医疗板块轮值 | CEO | | 人员姓名 | 廖美珍：董事、全棉时代副总裁 | | | | 陈惠选：副总经理、董事会秘书 | | ...

穿越周期·向上而生 2024年半年度业绩推介材料 2024年8月 免责声明 本材料由稳健医疗用品股份有限公司（以下简称"公司"）准备，仅供参考和一般信息之用 。您观看本材料 就表明您已经确认并同意如下限制： 本材料中包含的信息仅供参考和一般信息之用，不得以任何方式复制 、向任何其他人披露或散发 、或在 任何其他报告或文件中引用或使用。 本材料中包含的信息为截至相应报告期日的判断，可能发生变化，公司不承担任何更新该等信息的义务。 公司或其关联人、雇员不承担任何由于对本材料或其内容的任何使用而造成的任何损失，或以其它方式产 生的与本材料相关的损失。 稳健医疗 · 300888 01 上半年财务表现 02 上半年业务回顾 上半年财务表现 营收规模：第二季度增速转正，收入规模重回良性发展周期 基于去年第一季度感染防护产品（6.2亿元）带来的高基数的影响，2024年上半年公司实现营业收入40.3亿元，同比下降5.5%。从今年第 二季度开始，公共卫生事件对公司收入规模基数的影响基本消除，第二季度公司实现营业收入21.2亿元，同比增长11.0%，可预期的是， 收入规模将进入正增长的良性发展周期。 营业收入 （亿元） 营收业 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 28 年 月 日 稳健医疗（300888.SZ） 消费业务收入利润表现亮眼，医用业务 Q2 恢复增长 2024H1：收入同比-5%/归母净利润同比-44%。2024H1 公司收入为 40.3 亿元，同比5%，归母净利润为 3.8 亿元，同比-44%，扣非归母净利润为 3.3 亿元，同比-41%（非经常 损益主要系公允价值变动损益 0.49 亿元、政府补助 0.16 亿元）。盈利质量方面，2024H1 公 司毛利率同比-2.7pct 至 48.7%（主要系医疗业务毛利率同比去年的高基数有所下降）；销 售/管理/财务费用率同比分别+3.7/+0.9/+0.3pct 至 26.2%/7.7%/-0.9%（销售费用率增加 主要系广宣费用、销售佣金及电商平台费用增加）；综合以上，净利率同比-6.5pct 至 10.1%。 2024Q2：收入同比+11%/扣非归母净利润同比-24%，恢复健康增长。2024Q2 公司收 入为 21.2 亿元，同比+11%，归母净利润为 2.0 亿元，同比-34%，扣非归母净利润为 1.8 亿 元，同比-24%（非经常损 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,033,505,104.33, a decrease of 5.47% compared to CNY 4,266,838,038.66 in the same period last year[26]. - Net profit attributable to shareholders decreased by 43.64% to CNY 384,150,379.21 from CNY 681,617,022.69 year-on-year[26]. - The net profit after deducting non-recurring gains and losses was CNY 326,915,114.82, down 40.57% from CNY 550,058,459.19 in the previous year[26]. - The net cash flow from operating activities increased by 22.22% to CNY 193,333,516.76, compared to CNY 158,178,712.89 in the same period last year[26]. - Total assets at the end of the reporting period were CNY 16,568,835,512.57, a decrease of 3.17% from CNY 17,112,022,449.97 at the end of the previous year[26]. - The net assets attributable to shareholders decreased by 0.88% to CNY 11,431,205,386.28 from CNY 11,533,224,328.00 at the end of the previous year[26]. - The gross margin for infection protection products dropped significantly from 53.3% in the first half of 2023 to 20.2% in the first half of 2024[26]. - The company reported a total non-operating income of approximately ¥57.24 million, with government subsidies contributing ¥16.33 million and fair value changes from financial assets and liabilities accounting for ¥48.69 million[30]. Dividend and Share Capital - The company plans to distribute a cash dividend of CNY 4.00 per 10 shares, based on a total of 582,329,808 shares[7]. - The company has undergone a capital reduction, decreasing its total share capital from 594,387,367 shares to 588,292,708 shares due to the cancellation of repurchased shares[23]. - The company’s total share capital as of the dividend distribution announcement was 588,292,708 shares, with 5,962,900 shares in the repurchase account[174]. Market Position and Product Development - The company has established itself as a benchmark in the domestic medical consumables industry, with a comprehensive product line including traditional wound care, high-end dressings, and surgical supplies[36]. - The company has received certifications from the EU, FDA, and Japan's Ministry of Health, allowing it to export products to Europe, the USA, and Japan[37]. - The company has expanded its product offerings in high-end wound dressings, targeting chronic wound healing scenarios, with significant potential for ODM and import substitution[38]. - The health consumer goods segment, under the Purcotton brand, emphasizes comfort, health, and environmental sustainability, with a diverse product range including cotton wipes and sanitary products[39]. - The company has developed and launched silicone gel foam dressings and foam dressings, receiving national Class II and Class III medical device registration certificates[64]. - The company has successfully upgraded its silicone gel foam dressing to the fourth generation and launched it successfully[64]. - The company has developed a unique probiotic anti-allergy and antibacterial gauze, which effectively reduces allergens and inhibits the growth of pathogenic bacteria, now used in infant clothing[90]. Research and Development - The company has achieved a total of 125 invention patents, 792 utility model patents, and 422 design patents domestically, along with 29 invention patents and 6 utility model patents internationally as of June 30, 2024[66]. - The company has established partnerships with major universities and research institutions for collaborative research projects, enhancing its R&D capabilities[64]. - The company aims to break the foreign monopoly in artificial blood vessels through the establishment of an advanced fiber materials innovation platform in collaboration with Wuhan Textile University[64]. - The company has increased its patent count significantly and has participated in the formulation of multiple national and industry standards[163]. Sales and Distribution - The company has seen a significant increase in brand recognition and reputation due to its commitment to quality and stable pricing during public health events[37]. - The company has established a new industrial base for medical bio and infection control products in the Guangdong-Hong Kong-Macao Greater Bay Area, covering an area of approximately 15,000 square meters[76]. - As of June 30, 2024, the company has opened 444 offline stores in over 100 key cities across China, including Shenzhen, Shanghai, and Beijing[74]. - The company’s online sales channels include major e-commerce platforms such as Tmall, JD.com, and Amazon, effectively covering a large consumer base[73]. - The online sales channel achieved operating revenue of 1.38 billion CNY in the first half of 2024, a year-on-year increase of 11.1%, with significant growth in interest e-commerce platforms like Douyin, which saw nearly 80% growth[83]. - The health consumer goods segment reported operating revenue of 2.28 billion CNY in the first half of 2024, a year-on-year increase of 10.6%, accounting for 57% of the company's total revenue[82]. Environmental Compliance and Sustainability - The company strictly adheres to various environmental protection laws and standards, including the Environmental Protection Law of the People's Republic of China[183]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[183]. - The company has completed carbon footprint verification for five core products and is implementing carbon reduction measures, including a 30% reduction in steam consumption through low-temperature bleaching processes[90]. - The company has implemented measures to ensure that all subsidiaries are operating within the specified pollution discharge standards[188]. - The company has a solid waste disposal agreement with a disposal unit for general solid waste and a separate agreement for hazardous waste with a third-party disposal company[197]. - The company has ceased the use of gas boilers since 2022, relying on clean energy sources[194]. Risk Management - The company faces risks from changes in industry policies and standards, which could adversely affect operations if not adapted to promptly[151]. - Raw material price fluctuations, particularly cotton, pose a risk; the company has implemented a procurement strategy to mitigate cost pressures[152]. - Foreign sales accounted for 21.61% of total revenue in the first half of 2024, exposing the company to exchange rate fluctuations[154]. - The company has a mechanism to adjust prices for long-term clients to mitigate the impact of currency fluctuations[156]. Corporate Governance - The company has been recognized for its corporate governance, receiving awards such as "Best Practice of the Board Office" for two consecutive years[164]. - The company has maintained a high level of information disclosure, achieving an A rating in the Shenzhen Stock Exchange's information disclosure assessment for two consecutive years[165]. - The company’s governance structure has been continuously improved, enhancing risk management and decision-making capabilities[164]. - The company has implemented an employee stock ownership plan and stock incentive measures to motivate its workforce[175].

证券代码：300888 证券简称：稳健医疗 公告编号：2024-056 稳健医疗用品股份有限公司 第四届监事会第二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 稳健医疗用品股份有限公司（以下简称"公司"）第四届监事会第二次会议 于 2024 年 8 月 26 日（星期一）以现场结合通讯方式召开。会议通知已于 2024 年 8 月 16 日通过邮件和即时通讯工具的方式送达各位监事。本次会议应出席监 事 3 人，实际出席监事 3 人。经全体监事推举，本次会议由监事吴克震先生主 持，董事会秘书列席会议，会议的召开符合《公司法》和《公司章程》的有关规 定。 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1.审议通过《关于公司〈2024 年半年度报告及摘要〉的议案》。 经审核，监事会认为董事会编制和审核《2024 年半年度报告》的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 3.审议通过《关 ...