Winner Medical(SZ:300888) Tianfeng Securities·2025-05-04 14:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% year-on-year, while the consumer goods segment brought in 5 billion, representing 56% of total revenue, with a 17% increase [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21% respectively [2]. Financial Performance Summary - The company’s revenue for 2023 is projected at 8.2 billion, with a growth rate of -27.89%. By 2025, revenue is expected to reach 11.2 billion, reflecting a growth rate of 24.80% [5]. - The net profit attributable to the parent company is forecasted to be 580 million in 2023, increasing to 1 billion by 2025, with a growth rate of 50.16% [5]. - Earnings per share (EPS) are expected to rise from 1.00 in 2023 to 1.79 in 2025, with corresponding price-to-earnings (P/E) ratios of 52.39 and 29.12 respectively [5]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its all-cotton product line [2]. - The "Nais Princess" brand has gained significant recognition due to its innovative cotton technology, leading to improved market rankings on major e-commerce platforms [3]. Revenue Breakdown - In Q1 2025, the medical segment generated 1.25 billion, with a notable contribution from the newly acquired GRI, which accounted for 300 million of this revenue [2]. - The consumer segment reported 1.34 billion in revenue, marking a year-on-year increase of 28.8%, with e-commerce channels contributing significantly to this growth [2]. Future Projections - The report maintains profit forecasts with slight adjustments, projecting net profits of 1.04 billion, 1.26 billion, and 1.5 billion for 2025, 2026, and 2027 respectively [4]. - The expected EPS for these years is 1.79, 2.17, and 2.58, with corresponding P/E ratios decreasing from 29 to 20 [4].