稳健医疗：第二季度收入增速转正，消费品业务表现亮眼

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].