Core Viewpoint - The report highlights that Steady Medical (300888.SZ) is experiencing a recovery in its stock performance, with a recent peak price of 44.45 yuan, and emphasizes the company's sustainable growth in its core business areas [1] Group 1: Stock Performance - Steady Medical's stock closed at 40.10 yuan, with a decline of 6.68%, and a total market capitalization of 23.351 billion yuan [1] - The stock saw a consecutive increase over four trading days from December 10 to December 13, with respective gains of 0.40%, 8.55%, 2.77%, and 2.07% [1] - On December 16, 2024, the stock reached its highest price of the previous year at 44.45 yuan, closing at 43.26 yuan with a gain of 2.12% [1] Group 2: Research Insights - Tianfeng Securities published a report titled "Steady Medical (300888): All-Cotton Era Sustainable Development, Medical Export Provides New Opportunities," authored by analyst Sun Haiyang [1] - The report states that the public health events' impact on the medical business has passed, and the All-Cotton Era has returned to a healthy and sustainable growth trajectory without sacrificing profit and gross margin [1] - The report identifies that the medical production capacity and brand expansion overseas will provide new development opportunities for the company [1] - The earnings forecast has been adjusted, and Steady Medical has been upgraded to a "Buy" rating [1]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price set at 42.36 CNY [1][4]. Core Insights - The report highlights that All Cotton Era's sustainable development and medical exports present new opportunities for growth. The company's differentiation strategy, focusing on 100% cotton products, has led to sustainable growth despite market pressures [1][2]. - The medical segment has seen a recovery from the high base effect of infection protection products, positively impacting brand recognition and sales growth. The acquisition of GRI is expected to enhance production capacity and market access, particularly in the U.S. [3][4]. Summary by Sections Investment Rating - The investment rating is adjusted to "Buy" based on improved earnings forecasts and sustainable growth prospects [4]. Company Overview - All Cotton Era has maintained a strong market position through its commitment to high-quality products and effective marketing strategies. The company has adapted tactically to market changes while adhering to its core strategy of "product leadership and operational excellence" [2][4]. Financial Performance - The report projects the company's net profit for 2024-2026 to be 810.26 million, 1,034.53 million, and 1,268.68 million CNY respectively, with EPS expected to be 1.39, 1.78, and 2.18 CNY per share [4][10]. - The company’s revenue is forecasted to grow from 8,356.91 million CNY in 2024 to 11,567.06 million CNY in 2026, reflecting a compound annual growth rate [10]. Strategic Initiatives - The acquisition of GRI is noted for its strategic significance, providing access to global production bases and enhancing the product line's synergy with All Cotton Era's offerings [3][4]. - The report emphasizes the importance of maintaining high product quality and operational efficiency to ensure sustainable sales growth [2][4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's consumer goods business is expected to accelerate growth due to enhanced marketing efforts and industry events, with sales growth for core products exceeding 30% in October and November 2024 [3][4] - The medical segment has returned to normalized growth after the high base effect from pandemic-related products has diminished, and the acquisition of GRI is anticipated to enhance overseas capacity and channel expansion [3][4] Summary by Sections Consumer Segment - The company focuses on 100% cotton products, which has led to a recovery in market share and rapid sales growth for its core product, cotton soft towels. The brand "PurCotton" and "Princess Nais" have shown significant sales increases, with a 41.5% year-on-year growth in October and November [4][5] - The implementation of national standards for cotton soft towels has improved market conditions, and the company has invested in consumer education regarding material differences [5][6] - The company plans to open approximately 100 new stores annually, focusing on enhancing product categories and improving store efficiency to drive profitability [4][30] Medical Segment - The medical business has seen a return to double-digit growth, with a 13.1% increase in revenue in the third quarter, driven by regular medical consumables [30] - The acquisition of GRI is expected to yield synergies in production, sales networks, and product offerings, enhancing profitability in the long term [30][31] - The company has reported a significant increase in sales through online channels, with a 35% growth for the "Princess Nais" brand in the wake of negative events affecting competitors [17][18] Financial Projections - The company has revised its revenue growth forecasts for the consumer segment upward, expecting net profits to reach 8.1 billion, 10.6 billion, and 12.2 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 39.4%, 31.1%, and 15.4% [4][36] - The target price has been adjusted to 43-47 yuan, corresponding to a price-to-earnings ratio of 24-26x for 2025 [4][36]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4]. Core Views - The company's consumer goods business is expected to accelerate growth due to enhanced marketing efforts and industry events. Sales growth for the core categories of cotton soft towels and sanitary napkins exceeded 30% in October and November 2024 [3][4]. - The medical segment has returned to normalized growth as the high base effect from pandemic-related products has diminished. The acquisition of GRI is expected to enhance overseas capacity and channel expansion [3][4]. - The company has adjusted its revenue growth forecasts for the consumer business for Q4 2024 and 2025, anticipating a compound annual growth rate of 39.4% for 2024, 31.1% for 2025, and 15.4% for 2026 [4][36]. Summary by Sections Consumer Segment - The company focuses on 100% cotton products, which have seen rapid sales growth. The cotton soft towel category has maintained high growth rates, with online sales increasing by 37% in October and November [5][6]. - The sanitary napkin brand "Nais Princess" has performed well amid negative events in the industry, with online sales growth accelerating to 35% in the same period [17][18]. - The company plans to open approximately 100 new stores annually, focusing on optimizing product categories and improving store efficiency [4][28]. Medical Segment - The medical business has seen a return to double-digit growth, with a 13.1% increase in revenue in Q3 2024. The acquisition of GRI is expected to contribute positively to earnings [30][31]. - The company aims to leverage synergies from the GRI acquisition to enhance production, sales networks, and product offerings [30][31]. Financial Projections - The company has revised its profit forecasts upward, expecting net profits of 8.1 billion, 10.6 billion, and 12.2 billion yuan for 2024, 2025, and 2026 respectively [4][36]. - The target price has been adjusted to 43-47 yuan, reflecting a price-to-earnings ratio of 24-26x for 2025 [4][36].

Investment Rating and Target Price - The report initiates coverage on Winner Medical with a "Buy" rating and a target price of RMB 48.44, based on a 25-year 28X target PE [1] - The target price implies a 30.2% upside from the closing price of RMB 37.20 as of December 10, 2024 [10] Core Investment Thesis - Winner Medical is positioned as a dual-driven "consumer + medical" health enterprise, with a clear upward inflection point in its operations [1] - The consumer segment is expected to accelerate growth in 2024, driven by product leadership, integrated marketing, and channel expansion [1] - The medical segment has fully digested the high base of infection protection products, with Q3 2024 returning to normalized growth, and regular products are expected to benefit from industry expansion [1] Consumer Segment Highlights - The consumer segment, led by Purcotton, is gaining momentum with strong growth drivers [2] - Product innovation and SKU optimization are improving operational efficiency [2] - Marketing efforts centered on the "cotton ≠ synthetic" concept are enhancing brand recognition [2] - Online and offline channels are expanding, with Q1-Q3 2024 revenue growth of +7.1%/+13.8%/+20.6% YoY [2] - The consumer segment is expected to maintain strong growth potential, with ample room for channel expansion [26] Medical Segment Highlights - The high base of infection protection products has been fully digested, with Q1-Q3 2024 revenue declining by -68.1% YoY to RMB 260 million [3] - Q1-Q3 2024 revenue for infection protection products declined by -87.6%/-19.8%/+3.1% YoY, indicating a return to normal growth [3] - Regular medical products are accelerating growth, with Q1-Q3 2024 revenue increasing by +4.3%/+11.0%/+14.3% YoY, driven by product innovation and channel expansion [3] Equity Incentive Plan - The company plans to grant 7.476 million restricted shares to 308 employees, accounting for 1.28% of the total share capital [4] - The performance targets for 2025-2027 are set at 13% (trigger) and 18% (target) YoY revenue growth, with the same requirements for both medical and consumer segments [4] Financial Forecasts and Valuation - The company is expected to achieve net profits of RMB 818 million, RMB 1.006 billion, and RMB 1.186 billion in 2024-2026, with YoY growth of +41.0%/+22.9%/+18.0% [5] - EPS is projected to be RMB 1.41, RMB 1.73, and RMB 2.04 for 2024-2026, respectively [5] - The target PE of 28X for 2025 is based on the average PE of comparable companies [5] Market Differentiation - The report differs from market concerns about the growth potential of both segments [26] - The consumer segment is expected to maintain strong growth momentum, with Q1-Q3 2024 revenue increasing by +13.7% YoY to RMB 3.36 billion [26] - The medical segment has fully digested the high base of infection protection products, with regular products expected to benefit from both internal and external growth drivers [27] Business Overview - Winner Medical operates in both the medical and consumer sectors, with a focus on providing one-stop medical consumable solutions and high-quality cotton-based consumer products [22] - The medical segment covers wound care, infection protection, and health care products, with extensive coverage in domestic and international markets [22] - The consumer segment, under the Purcotton brand, offers a wide range of cotton-based products, including cotton towels, feminine care, baby care, and home textiles [22] Historical Performance and Future Outlook - The company has experienced significant growth over the past three decades, transitioning from OEM medical supplies to a dual-driven "medical + consumer" business model [32][33] - The consumer segment has become a core driver of long-term growth, with over 5.242 million members and 444 offline stores as of H1 2024 [33] - The company is expected to benefit from the recovery of regular medical products and the continued growth of the consumer segment, with a clear inflection point in operations [46]

Group 1: Business Performance and Strategy - The company maintains a core strategy of "product leadership and excellent operations," which has led to sustainable sales growth based on quality, marketing, and operational improvements rather than short-term market behaviors [3] - In the consumer goods sector, the revenue growth is driven by the company's long-term accumulation and three core advantages: 100% cotton concept, quality gene, and medical background [1] - The medical segment's revenue from overseas sales accounted for 45% of total medical income in the first three quarters of 2024, indicating significant growth potential [3] Group 2: Product Development and Market Positioning - The high-end dressing category achieved sales of 570 million yuan in the first three quarters of 2024, representing 21% of medical business revenue, with a year-on-year growth of 34% [3] - The company insists on using 100% cotton and high-grade cotton for its cotton soft towels, maintaining a commitment to quality and differentiation in the market [4] - The pricing strategy for existing products remains unchanged, but discounting has tightened, and new products are introduced to enhance the overall pricing matrix [4] Group 3: Future Outlook and Shareholder Returns - The company plans to dynamically balance shareholder cash returns with its investment development, aiming for a sustainable and stable dividend rate [4] - The gross profit margin for regular medical products is expected to maintain around 40%, with management initiatives aimed at improving overall profitability [4] - The company has implemented a mid-term dividend for the first time in August 2024, achieving a dividend payout ratio of 61% for the first half of the year [4]

Group 1: Meeting Details - The online research meeting took place on December 6, 2024, involving multiple institutions and participants [1][2][3][4]. - A total of 165 participants from various investment firms and securities companies attended the meeting [1][2][3][4]. Group 2: Participating Institutions - Notable institutions included Anzhong Investment, Baoyin Asset Management, and Beijing Chengsheng Investment, among others [1][2][3][4]. - The list of participants features a diverse range of investment firms, including both private equity and public securities companies [1][2][3][4]. Group 3: Participant Representation - Each institution was represented by one or more individuals, indicating a collaborative approach to the research meeting [1][2][3][4]. - The representation included various roles, such as analysts and fund managers, highlighting the expertise present at the meeting [1][2][3][4].

Summary of Conference Call Company and Industry - The conference call focuses on **Wanjian Medical**, a leading company in the **medical and consumer goods** sectors, which has been under continuous tracking by the Huatai team since 2024 [1][2]. Key Points and Arguments Business Performance - The company has seen a **recovery in operational performance** with improved brand and product strength, leading to a **revenue growth rate** that has matched previous high baselines [2]. - In the first three quarters of the year, the company reported a **21% revenue growth**, indicating a strong recovery from past high baseline pressures [2][29]. - The **medical segment** has benefited from ongoing product innovation and channel expansion, leading to a gradual acceleration in growth [2]. Strategic Developments - The company announced the acquisition of **DNA**, which is expected to enhance its export capabilities significantly [2]. - A **stock incentive plan** has been implemented to lock in core team members, which is anticipated to boost organizational motivation and market confidence [2]. Competitive Advantages - The company emphasizes three core competitive advantages: **comprehensive concept**, **quality gene**, and **medical background**. These have been pivotal in differentiating its products in a crowded market [5][7]. - The focus on **high-quality cotton** products has been maintained, distinguishing them from lower-cost synthetic alternatives [6][7]. Marketing and Brand Strategy - The company has engaged high-profile brand ambassadors, such as **Guo Jingjing** and **Zhao Liying**, to enhance brand recognition and consumer engagement [10]. - Marketing strategies have evolved to include **KOLs** and increased content output, aligning with consumer needs [10]. Future Outlook - The company is optimistic about the **sustainability of growth** in both the medical and consumer goods sectors, with a focus on long-term strategies rather than short-term gains [11]. - The **medical segment** is expected to see significant growth from international markets, particularly following the acquisition of **GRI**, which has established production bases in key regions [12][13]. Financial Performance - The **gross margin** for the medical segment has been reported to be high, with certain product lines achieving margins above **50%** [32]. - The company aims to balance revenue contributions from domestic and international markets, targeting a **50-50 split** in the future [38]. Challenges and Risks - The company acknowledges the competitive nature of the domestic market and the need to enhance its **export capabilities** to mitigate risks associated with domestic competition [38]. - There are concerns regarding the **economic environment** and its impact on operational efficiency, with a focus on improving ROI and cost management [33][44]. Other Important Content - The company has been actively engaging in **brand education** to inform consumers about the benefits of its products, particularly in the context of sustainability and health [28][40]. - The management has expressed a commitment to **dividend policies** and shareholder returns, emphasizing the importance of sustainable growth for long-term investor value [45][46]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, competitive advantages, and future growth prospects in the medical and consumer goods sectors.

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's consumer products continue to show rapid growth, with a projected annual revenue increase of 10% to 15% and a net profit growth of around 30% for 2024 [2]. - The medical consumables business is recovering, with expectations for long-term overseas expansion following the acquisition of GRI [2]. - The stock incentive plan is expected to enhance long-term performance potential by motivating employees [2]. Summary by Sections Recent Performance - The consumer products segment has shown excellent performance, with a sales increase of over 20% during the "Double Eleven" shopping festival [2]. - For the first three quarters of 2024, the company reported revenues of 6.07 billion yuan, a year-on-year increase of 1%, while the net profit attributable to the parent company was 470 million yuan, down 24% year-on-year [2]. Business Outlook - The consumer products business is expected to maintain high-quality growth, focusing on core products and effective marketing strategies [2]. - The medical consumables segment is on a recovery path, with a year-on-year revenue decrease of 12% for the first three quarters of 2024, but a return to growth in Q3 [2]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 747 million, 1.051 billion, and 1.229 billion yuan respectively, with corresponding P/E ratios of 29, 20.6, and 17.6 [3][4].

证券代码：300888 证券简称：稳健医疗 公告编号：2024-085 稳健医疗用品股份有限公司 关于参加 2024 年度深圳辖区上市公司 集体接待日活动的公告 本公司及董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。 为进一步加强与投资者的互动交流，稳健医疗用品股份有限公司（以下简称 "公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 12 月 12 日（周四）14:30-17:00，其中公 司与投资者互动的时间为 15:40-17:00。 届时公司董事长兼总经理李建全先生，董事、副总经理兼财务总监方修元先 生，独立董事陈俊发先生、副总经理兼董事会秘书陈惠选女士将在线就公司业绩、 公司治理、发展战略、经营状况、股权激励和可持续发展等投资者关心的 ...