Winner Medical(SZ:300888) Tianfeng Securities·2025-03-26 10:23Investment 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 production environment [2]. - The company plans to enhance its innovation and competitiveness by focusing on four core strategic products: cotton soft towels, sanitary napkins, intimate clothing, and newborn products [3]. Financial Projections - The expected EPS for 2024, 2025, and 2026 are projected to be 1.4, 1.8, and 2.2 respectively, with corresponding P/E ratios of 32x, 25x, and 20x [4]. - Revenue is forecasted to grow from 8,185.02 million in 2023 to 11,567.06 million by 2026, reflecting a compound annual growth rate [9]. - The company’s net profit is expected to increase from 580.40 million in 2023 to 1,268.68 million by 2026, indicating a recovery and growth trajectory [11].