稳健医疗用品股份有限公司 2023 年度内部控制自我评价报告 根据《深圳证券交易所创业板股票上市规则》、《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》、《企业内部控制基本规 范》及其配套指引的规定和要求，结合稳健医疗用品股份有限公司（以下简称 "公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，我们对公司截至 2023 年 12 月 31 日内部控制的有效性进行了评价。 二、 内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制有效性评价结论的因素。 三、 内部控制评价工作情况 (一) 内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的主要单位包括 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 38.00 yuan from the previous 45.32 yuan [4][11]. Core Insights - The company's 2023 performance was pressured primarily by a decline in demand for infection protection products, leading to a significant drop in revenue by 27.89% to 8.185 billion yuan and a net profit decrease of 64.84% to 580 million yuan. However, the consumer goods segment showed robust growth, with a revenue increase of 6.36% [3][4]. - The report forecasts a gradual recovery in performance, driven by improved store efficiency and management strategies, with expected EPS for 2024 and 2025 revised down to 1.52 yuan and 1.68 yuan, respectively, and a new estimate for 2026 at 1.85 yuan [3][4][11]. Summary by Sections Financial Performance - In 2023, the medical business significantly impacted overall performance, with medical consumables revenue declining by 46.74%. In contrast, the consumer goods segment, including cotton soft towels and children's clothing, saw gross margin improvements of 3.43 percentage points and 4.60 percentage points, respectively, contributing to an overall gross margin of 49.00% [3][4]. - For Q1 2024, revenue was reported at 1.909 billion yuan, down 18.84%, with a net profit of 182 million yuan, reflecting a 51.60% decrease compared to the previous year [3][4]. Market Position and Strategy - The company is focusing on enhancing its brand image and optimizing multi-channel collaboration, with a membership base covering 5.242 million individuals. The report highlights a 15.50% year-on-year increase in store efficiency, which is expected to support sustained growth [3][4][6]. - The report also notes that the company has established a strong presence in high-end wound dressings, with revenue of 180 million yuan, up 33.90%, and international sales channels generating 380 million yuan, up 21.30% [3][4]. Valuation and Comparables - The report references comparable companies with an average PE of approximately 25 times for 2024, suggesting that the company's valuation should align with this benchmark due to its steady growth in consumer goods and expanding brand influence [11][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY over the next six months [1][11]. Core Insights - The company experienced a significant decline in revenue and profit in 2023, with total revenue of 81.9 billion CNY, down 27.9% year-on-year, and a net profit attributable to shareholders of 5.8 billion CNY, down 64.8% year-on-year [2][5]. - The medical consumables segment faced challenges due to a sharp decline in demand for infection protection products, leading to an overall revenue drop in this category [2][3]. - The health consumer products segment showed resilience, with a revenue increase of 6.4% in 2023, driven by strong performance in offline sales channels [3][4]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 21.7 billion CNY, down 41.4% year-on-year, and a net loss of 15.7 billion CNY, a decline of 491.6% year-on-year [2][3]. - For Q1 2024, revenue from medical consumables was 8.6 billion CNY, down 37.3% year-on-year, while health consumer products generated 10.4 billion CNY, up 7.1% year-on-year [3][4]. Revenue Breakdown - The medical consumables business generated 38.6 billion CNY in 2023, a decrease of 46.7%, accounting for 47.2% of total revenue [2][3]. - The health consumer products segment achieved a revenue of 42.6 billion CNY in 2023, with significant contributions from various product lines [3][4]. Profitability Metrics - The overall gross margin for the company in 2023 was 49%, with a notable improvement in the gross margin for health consumer products to 56.9% [2][3]. - The net profit margin for 2023 was 7.1%, down 7.4 percentage points year-on-year [2][3]. Future Projections - EPS is projected to be 1.60 CNY in 2024, with corresponding PE ratios of 20, 18, and 16 for the years 2024, 2025, and 2026 respectively [4][5]. - Revenue is expected to recover gradually, with a forecasted growth rate of 6.3% in 2024 and 11.5% in 2025 [5][9].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company experienced a significant decline in revenue and net profit in 2023, with revenue down 27.89% to 8.185 billion yuan and net profit down 64.84% to 580 million yuan [2][4] - The medical consumables and consumer goods segments showed divergent performance, with medical consumables revenue declining by 46.74% due to reduced demand for infection protection products, while consumer goods revenue grew by 6.36% [2][4] - The report anticipates a return to stable growth in 2024, particularly in the medical consumables segment as the base effect of infection protection products diminishes [4] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 81.85 billion yuan, a year-on-year decline of 27.89%, and a net profit of 580 million yuan, down 64.84% [2][4] - The first quarter of 2024 saw revenue of 19.09 billion yuan, a decrease of 18.84% year-on-year, and a net profit of 1.82 billion yuan, down 51.60% [2][4] - The gross margin for 2023 improved to 49.00%, up 1.61 percentage points year-on-year, primarily due to the higher revenue contribution from consumer goods [3][6] Business Segments - Medical consumables accounted for 47% of total revenue in 2023, with a significant decline in revenue from infection protection products, which fell by 80.73% [2][4] - The consumer goods segment, which includes health and lifestyle products, achieved a revenue increase of 6.36% in 2023, with a gross margin improvement of 4 percentage points [2][4] Market Dynamics - The overseas channel for medical consumables saw a revenue increase of 15.4% in 2023, while domestic sales through hospitals and pharmacies faced significant declines [2][4] - The company plans to focus on five strategic products in the medical consumables segment to drive growth and enhance product capabilities [4] Future Outlook - The report projects a recovery in earnings for 2024, with adjusted profit forecasts reflecting a decrease of 11% and 18% for 2024 and 2025, respectively [4][5] - Expected EPS for 2024, 2025, and 2026 are 1.60 yuan, 1.80 yuan, and 2.00 yuan, respectively, with corresponding P/E ratios of 20 and 17 for 2024 and 2025 [5][6]

证券研究报告 | 年报点评报告 2024年04月28日 稳健医疗（300888.SZ） 短期业绩承压，消费品业务经营质量稳健提升 据公司公告，2023年收入同比-28%/业绩同比-65%。2023年公司收入为81.9亿元， 买入（维持） 同比-28%；业绩为5.8亿元，同比-65%（业绩同比大幅下滑主要系医疗板块收入及利润同 比大幅下滑+处理感染防护产品及部分相关设备减少业绩2.5亿元+商誉减值减少业绩1.88 股票信息 亿元）；扣非业绩为4.1亿元，同比-74%（非经常损益主要系理财收益和政府补助）。盈 行业 个护用品 利质量方面，2023年公司毛利率同比+1.6pct至49%，我们判断主要系消费板块降本控费 增效成果显现；销售/管理/财务费用率同比分别+7.5/+2.9/+0.3pct至25.5%/8.5%/-0.8%， 前次评级 买入 估计销售费用率大幅上升主要系消费品业务占比上升所致；净利率同比-7.1pct至7.7%。 4月26日收盘价(元) 31.30 2024Q1收入同比-19%/业绩同比-52%。2024Q1公司收入为19.1亿元，同比-19%， 总市值(百万元) 18,413.56 业绩为1 ...

Investment Rating - The investment rating for the company is "Buy" with a target price range of 34.00 - 36.00 CNY [6]. Core Views - The company experienced a significant decline in revenue due to the normalization of demand for pandemic-related products, with a 27.8% year-on-year decrease in 2023, resulting in total revenue of 8.12 billion CNY [1][7]. - The medical segment saw a 47% drop in revenue to 3.86 billion CNY, primarily due to an 81% decrease in pandemic-related product sales, while non-pandemic products grew by double digits [1][23]. - The consumer goods segment grew by 6% to 4.26 billion CNY, driven by an increase in offline store numbers and improved store efficiency [1][24]. - The company’s gross margin improved by 1.6 percentage points to 49.0%, with medical and consumer goods margins changing by -4 and +4 percentage points, respectively [1][13]. - The net profit attributable to shareholders fell by 64.8% to 580 million CNY, with a net profit margin decrease of 7 percentage points to 7.7% [1][7]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 8.12 billion CNY, down 27.8% year-on-year, and a net profit of 580 million CNY, down 64.8% [1][3]. - The first quarter of 2024 continued to show a decline in revenue, down 19% to 1.91 billion CNY, with medical revenue decreasing by 37% and consumer goods revenue increasing by 7% [2][17]. - The gross margin for the first quarter of 2024 was 47.6%, a decrease of 3 percentage points year-on-year [2][17]. Business Segments - Medical Segment: Revenue decreased by 47% to 3.86 billion CNY in 2023, with pandemic-related products down 81% to 910 million CNY, while non-pandemic products grew by approximately 17% [1][23]. - Consumer Goods Segment: Revenue increased by 6% to 4.26 billion CNY, with e-commerce growth at 1.2% and offline stores growing by 18.7% [1][24]. Profitability and Margins - The overall gross margin improved to 49.0%, with medical goods margin decreasing to 40.4% and consumer goods margin increasing to 56.9% [1][13][24]. - The net profit margin for 2023 was 7.7%, down from the previous year, reflecting the impact of reduced sales and increased fixed costs [1][7]. Future Outlook - The company expects to open approximately 100 new stores in 2024, focusing on enhancing profitability through strategic adjustments [2][27]. - The forecast for net profit for 2024-2026 is adjusted to 800 million, 940 million, and 1.06 billion CNY, reflecting a growth of 37.1%, 18.5%, and 12.3% respectively [2][27].

2023 环境、社会及管治报告 关于本报告 稳健医疗用品股份有限公司 报告说明 本报告是稳健医疗用品股份有限公司第二份环境、社会 及管治报告，暨第四份企业社会责任报告。本报告客观、 真实地反映了稳健医疗用品股份有限公司及各子公司 2023 年履行企业社会责任方面的活动开展情况，重点披 露公司环境、社会及公司治理等方面表现的相关信息。 称谓说明 | 称谓 | 指代内容 | | --- | --- | | 稳健医疗、 | 稳健医疗用品股份有限公司（报 | | 公司、我们 | 告主体） | | 全棉时代 | 深圳全棉时代科技有限公司 | | 隆泰医疗 | 浙江隆泰医疗科技有限公司 | | 黄冈稳健 | 稳健医疗（黄冈）有限公司 | | 荆门稳健 | 稳健医疗用品（荆门）有限公司 | | 嘉鱼稳健 | 稳健医疗（嘉鱼）有限公司 | | 武汉稳健 | 稳健医疗（武汉）有限公司 | | 崇阳稳健 | 稳健医疗（崇阳）有限公司 | | 天门稳健 | 稳健医疗（天门）有限公司 | | 深圳稳健 | 稳健医疗用品股份有限公司深圳 | | | 分公司 | | 稳健桂林 | 稳健（桂林）乳胶用品有限公司 | | 稳健平安 | 稳健 ...

Stock code: 300888 Environmental, Social and Governance Report Winner Medical Co., Ltd. Deserts and Cotton Fields About This Report Overview This report has been approved by the Board of Directors on April 23, 2024 after being confirmed by the management. Report Access The simplified Chinese version of this report is available for readers to reference. The electronic version of this report can be downloaded from our official website (www.winnermedical. cn). This is the second environmental, social and gover ...

稳健医疗用品股份有限公司 审计报告及财务报表 二○二三年度 信会师报字[2024]第 ZI10222 号 稳健医疗用品股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-8 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | 表 | | | | 三、 | 财务报表附注 事务所执业资质证明 | 1-148 | 审计报告 信会师报字[2024]第 ZI10222 号 稳健医疗用品股份有限公司全体股东： 一、 审计意见 我们审计了稳健医疗用品股份有限公司（以下简称稳健医疗）财 务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及 ...

独立财务顾问报告 深圳市他山企业管理咨询有限公司 关于稳健医疗用品股份有限公司 2020 年限制性股票激励计划 部分限制性股票作废事项的 二〇二四年四月 | 释 义 | 3 | | --- | --- | | 声 明 | 4 | | 一、本激励计划已履行的审批程序 | 5 | | 二、本次限制性股票作废情况 | 7 | | 三、独立财务顾问意见 | 8 | | 四、备查文件及备查地点 | 9 | 深圳市他山企业管理咨询有限公司 独立财务顾问报告 释 义 在本报告中，除非上下文文意另有所指，下列词语具有如下含义： | 稳健医疗、上市公司、公司 | 指 | 稳健医疗用品股份有限公司（证券简称：稳健医疗； | | --- | --- | --- | | 证券代码：300888） | | | | 股权激励计划、限制性股票 | | 稳健医疗用品股份有限公司 2020 年限制性股票激励 | | 激励计划、本激励计划、本 | 指 | | | 计划 | | | | 计划 | | | | 《股权激励计划（草案）》 | 指 | 《稳健医疗用品股份有限公司 2020 年限制性股票激 | | 励计划（草案）》 | | | | | | ...