Winner Medical(SZ:300888) Tianfeng Securities·2025-03-26 07:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5][4]. Core Insights - The company is leveraging its brand advantage to transform crises into opportunities, particularly in response to recent quality control issues [1]. - The market for sanitary napkins in China exceeds 100 billion, with the company's product line, Nai Si Gong Zhu, expected to grow significantly due to its strong product quality and brand reputation [2]. - The company plans to enhance innovation and competitiveness around four core strategic products: cotton soft towels, sanitary napkins, intimate apparel, and newborn products [3]. Financial Projections - The expected EPS for 2024, 2025, and 2026 are projected to be 1.39, 1.78, and 2.18 respectively, with corresponding P/E ratios of 31.89, 24.98, and 20.37 [4][9]. - Revenue is forecasted to grow from 8,356.91 million in 2024 to 11,567.06 million by 2026, reflecting a compound annual growth rate [9][10]. - The company’s net profit is expected to increase from 810.26 million in 2024 to 1,268.68 million by 2026, indicating a recovery from previous declines [9][10]. Market Position - Nai Si Gong Zhu has gained recognition in the market due to its medical-grade certification, which surpasses standard hygiene requirements, thus enhancing consumer trust [2][3]. - The company has implemented strict internal controls and management systems to ensure product quality and consumer safety, including a project for traceability of raw materials [1]. Strategic Initiatives - The company is focusing on product quality and innovation, particularly in the sanitary napkin segment, by introducing new product lines based on the "Five Super" technology [3]. - Efforts are being made to improve the marketing and packaging of cotton soft towels to enhance consumer engagement and emotional value [3].