Winner Medical(SZ:300888) KAIYUAN SECURITIES·2025-05-05 10:44Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong growth in net profit for Q1 2025, with a revenue increase of 36.5% year-on-year, reaching 2.5 billion yuan in net profit, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, along with a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The forecast for net profit for 2025-2027 has been adjusted upwards, with expected figures of 10.7 billion yuan, 12.2 billion yuan, and 14.1 billion yuan respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit of 700 million yuan, up 19.8% [7] - For Q1 2025, the revenue was 2.61 billion yuan, reflecting a 36.5% increase, and the net profit was 250 million yuan, up 36.3% [7] Medical Supplies Business - The medical supplies segment generated 3.91 billion yuan in revenue for 2024, a 1.1% increase year-on-year, and 1.25 billion yuan in Q1 2025, a 46.3% increase [8] - Key product categories such as high-end wound dressings and surgical supplies saw significant growth, with increases of 31.2% and 48.8% respectively in 2024 [8] Consumer Products Business - The consumer products segment reported a revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [9] - The brand "全棉时代" (All Cotton Era) continues to gain market traction, with notable growth in categories like wet and dry cotton towels, which saw a 38.6% increase in Q1 2025 [9] Profitability and Valuation - The gross margin for 2024 was 47.3%, with a slight increase to 48.5% in Q1 2025, while the net profit margin was 7.8% for 2024 and 9.5% for Q1 2025 [10] - The company’s P/E ratios for 2025-2027 are projected to be 28.5, 24.8, and 21.6 respectively, indicating a favorable valuation outlook [11]