两个月暴涨超300%！“口罩一哥”回来了？

Core Viewpoint - Zhendemedical has experienced a significant surge in stock price, rising nearly 300% in the past two months, surpassing its previous peak during the pandemic, despite the overall decline in the medical device industry [3][4][7]. Company Overview - Zhendemedical, established in 1994, specializes in medical devices, particularly in modern wound care, surgical infection control, and ostomy care products [8][9]. - The company was recognized as a leader in mask production during the pandemic, but its main business remains in medical dressings, where it ranks among the top three exporters in China [9]. Recent Performance - In the first three quarters of 2025, Zhendemedical reported revenue of 3.184 billion yuan, a year-on-year increase of 1.88%, while net profit fell by 33.91% to 203 million yuan [9]. - The stock price has fluctuated significantly since the pandemic, with an over 80% decline from its peak, and the company has been operating at low levels for an extended period [11]. Stock Price Surge - The recent stock price increase is attributed to a share transfer involving 5% of the company’s shares to investor Sun Jimu, which led to a direct stock price surge upon announcement [13][16]. - Sun Jimu, a prominent figure in the steel industry, has seen a paper profit of nearly 1 billion yuan from this investment [17]. Market Dynamics - The medical device industry is currently experiencing a downturn, with the medical device index down nearly 4% since September, while Zhendemedical has shown resilience with a 250% increase in stock price over the same period [7]. - The global wound dressing market is projected to grow to $18.9 billion by 2030, with a compound annual growth rate of 4.1%, presenting opportunities for Zhendemedical [21]. Competitive Landscape - The high-end dressing market is dominated by international giants like 3M and Smith & Nephew, while domestic companies, including Zhendemedical, are positioned for growth due to increasing domestic demand and technological advancements [23]. - Zhendemedical is shifting towards high-value medical fields and expanding into home healthcare products, which could become a new growth driver [24]. International Expansion - In the first three quarters of 2025, Zhendemedical's overseas revenue reached 1.292 billion yuan, a year-on-year increase of 13.34%, with plans to increase international revenue share to 70% by 2027 [26]. - The company is also facing challenges from currency fluctuations and geopolitical tensions, which could impact profitability [28]. Valuation Concerns - Zhendemedical's current valuation stands at 85 times earnings, significantly higher than the industry average of 28 times, raising concerns about potential overvaluation [31]. - Comparatively, other companies in the sector, such as Yingke Medical and Stable Medical, have lower valuations despite better performance metrics [32].