Winner Medical(SZ:300888) KAIYUAN SECURITIES·2024-08-23 11:08Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to enter a new operational phase driven by both medical and consumer sectors as the impact of the pandemic diminishes. The forecast for 2024-2026 shows an increase in net profit, with estimates of 916 million, 1,026 million, and 1,160 million yuan respectively, leading to an EPS of 1.56, 1.74, and 1.97 yuan. The current stock price corresponds to PE ratios of 15.1, 13.5, and 12.0 for the respective years [3][12] Summary by Sections 1. Company Overview - The company has experienced significant fluctuations in historical performance due to the pandemic, with the medical supplies and consumer health products showing inverse trends during the pandemic. As the pandemic's impact fades, both sectors are expected to drive growth [12] 2. Medical Supplies Sector - The medical supplies sector is transitioning towards a one-stop professional medical system, with a focus on high-end wound dressings and surgical consumables. The revenue from conventional products is projected to grow steadily, with a CAGR of 21.5% from 2019 to 2023. The sales of infection prevention products are expected to stabilize, with annual sales projected between 250 million and 350 million yuan for 2024 [14][17][18] 3. Consumer Health Products Sector - The consumer health products sector is expected to see continuous brand strengthening and quality improvement. The revenue for this sector is projected to grow at a CAGR of 9.1% from 2019 to 2023, with significant growth opportunities in sanitary napkins and apparel. The company is focusing on high-quality products and effective marketing strategies to capture market share [30][31][33] 4. Financial Projections - The company’s financial projections indicate a recovery in revenue, with total revenue expected to reach 8,605 million yuan in 2024, up from 8,185 million yuan in 2023. The net profit is projected to increase significantly in the coming years, reflecting a recovery from the pandemic's impact [6][12] 5. Market Position and Strategy - The company has established a strong market position through acquisitions and a diversified product matrix. It aims to enhance its market presence in both domestic and international markets, leveraging partnerships with well-known medical supply companies [20][28]