Winner Medical(SZ:300888) GOLDEN SUN SECURITIES·2024-12-08 06:33Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's consumer products continue to show rapid growth, with a projected annual revenue increase of 10% to 15% and a net profit growth of around 30% for 2024 [2]. - The medical consumables business is recovering, with expectations for long-term overseas expansion following the acquisition of GRI [2]. - The stock incentive plan is expected to enhance long-term performance potential by motivating employees [2]. Summary by Sections Recent Performance - The consumer products segment has shown excellent performance, with a sales increase of over 20% during the "Double Eleven" shopping festival [2]. - For the first three quarters of 2024, the company reported revenues of 6.07 billion yuan, a year-on-year increase of 1%, while the net profit attributable to the parent company was 470 million yuan, down 24% year-on-year [2]. Business Outlook - The consumer products business is expected to maintain high-quality growth, focusing on core products and effective marketing strategies [2]. - The medical consumables segment is on a recovery path, with a year-on-year revenue decrease of 12% for the first three quarters of 2024, but a return to growth in Q3 [2]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 747 million, 1.051 billion, and 1.229 billion yuan respectively, with corresponding P/E ratios of 29, 20.6, and 17.6 [3][4].