Winner Medical(SZ:300888)2024-10-30 01:23Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is expected to return to positive growth as the impact of public health events diminishes, with a projected revenue increase driven by improved cotton prices and effective management strategies [2][3]. - The introduction of an equity incentive plan aims to strengthen growth confidence among key personnel, with performance targets set for revenue growth over the next three years [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 6.07 billion yuan, a year-on-year increase of 0.99%, while net profit attributable to shareholders was 553 million yuan, a decline of 74.25% [3]. - The gross margin for the first three quarters was 48.14%, down 2.03 percentage points year-on-year, primarily due to rising raw material costs and changes in product mix [2]. - The medical consumables segment generated 2.66 billion yuan in revenue, up 11.5% year-on-year, accounting for 43.7% of total revenue [3]. - The consumer goods segment saw revenues of 3.36 billion yuan, a 13.7% increase year-on-year, representing 55.4% of total revenue [4]. Future Projections - The company is projected to achieve revenues of 8.61 billion yuan, 9.81 billion yuan, and 11.08 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.2%, 13.9%, and 12.9% [8]. - Net profit attributable to shareholders is expected to reach 781.75 million yuan, 952.77 million yuan, and 1.16 billion yuan for the same years, reflecting growth rates of 34.7%, 21.9%, and 21.4% [8]. Valuation Metrics - The report provides projected earnings per share (EPS) of 1.34 yuan, 1.64 yuan, and 1.99 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 22.78, 18.69, and 15.39 [9].