Winner Medical(SZ:300888) KAIYUAN SECURITIES·2024-09-26 12:41Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The acquisition of Global Resources International (GRI) for $1.2 billion is aimed at creating a one-stop solution for global medical consumables, enhancing the company's production and logistics capabilities [2][3] - GRI's global production and logistics layout will help the company address supply chain risks and seize production transfer opportunities effectively [4] - The acquisition is expected to improve the company's profitability in the medical consumables sector, despite a slight downward adjustment in profit forecasts for 2024 [2][4] Financial Summary - The company's revenue for 2024 is projected to be 8.904 billion yuan, with a year-on-year growth of 8.8% after a decline of 27.9% in 2023 [5] - The net profit attributable to the parent company is expected to be 871 million yuan in 2024, recovering from a significant drop of 64.8% in 2023 [5] - The gross margin is forecasted to be 49.1% in 2024, slightly improving from 49.0% in 2023 [5] Strategic Significance - The acquisition of GRI fills the gap in the company's overseas production capacity and enhances its cost advantages through production bases in Vietnam and the Dominican Republic [4] - GRI's established sales channels and teams in North America and Europe will facilitate better service to OEM clients and help in acquiring new customers [4]