Winner Medical(SZ:300888) Huachuang Securities·2024-09-16 08:46Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 37.4 yuan [2]. Core Insights - The company's performance in the consumer goods segment is strong, with medical consumables showing a revenue increase of 7% in Q2 [2]. - The company reported a total revenue of 40.3 billion yuan for the first half of 2024, with a year-over-year decline of 5.5% [2]. - The consumer goods business achieved a revenue of 22.8 billion yuan in H1 2024, reflecting a year-over-year growth of 10.6% [2]. - The medical consumables segment saw a revenue of 17.2 billion yuan in H1 2024, down 20.9% year-over-year, but Q2 showed a recovery with a 6.6% increase [2]. Financial Performance Summary - In H1 2024, the company achieved a net profit attributable to shareholders of 3.8 billion yuan, down 43.6% year-over-year [2]. - The gross margin for the consumer goods segment was 56.9%, slightly down by 1.3 percentage points due to cotton price fluctuations [2]. - The company’s overall gross margin for H1 2024 was 48.7%, a decrease of 2.7 percentage points compared to the previous year [2]. - The company expects net profits for 2024-2026 to be 8.0 billion, 9.3 billion, and 11.0 billion yuan respectively, with corresponding P/E ratios of 18, 15, and 13 times [2][3].