Winner Medical(SZ:300888) KAIYUAN SECURITIES·2025-05-05 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong performance in Q1 2025, with a net profit increase driven by robust brand momentum in the consumer goods segment [7] - Revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while net profit was 700 million yuan, up 19.8% [7] - Q1 2025 revenue was 2.61 billion yuan, reflecting a 36.5% year-on-year growth, with net profit at 250 million yuan, up 36.3% [7] - The company plans to distribute a cash dividend of 0.25 yuan per share, alongside a mid-term dividend of 0.4 yuan per share, resulting in an annual dividend payout ratio of 54.4% [7] - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.07 billion, 1.22 billion, and 1.41 billion yuan respectively [7] Summary by Sections Medical Consumables - In 2024, the medical consumables segment generated revenue of 3.91 billion yuan, a 1.1% year-on-year increase, while Q1 2025 revenue was 1.25 billion yuan, up 46.3% [8] - Key product categories such as high-end wound dressings and surgical consumables saw significant growth, with year-on-year increases of 31.2% and 48.8% respectively in 2024 [8] - The overseas channel revenue for 2024 and Q1 2025 was 2.13 billion and 700 million yuan, showing year-on-year growth of 37.7% and 84.1% respectively [8] Consumer Goods - The consumer goods segment achieved revenue of 4.99 billion yuan in 2024, a 17.1% year-on-year increase, with Q1 2025 revenue at 1.34 billion yuan, up 28.8% [9] - Specific product lines such as cotton soft towels and sanitary napkins experienced substantial growth, with Q1 2025 revenues increasing by 38.6% and 73.5% respectively [9] - Online sales channels contributed significantly, with 3.07 billion yuan in revenue for 2024 and 800 million yuan in Q1 2025, including a nearly 109% year-on-year growth in the Douyin channel for 2024 [9] Financial Performance - The gross profit margin for 2024 and Q1 2025 was 47.3% and 48.5%, with a slight year-on-year decrease of 1.7% and an increase of 0.8 percentage points respectively [10] - The net profit margin for 2024 was 7.8%, while Q1 2025 saw a slight decrease to 9.5% [10] - The inventory balance at the end of Q1 2025 was 1.96 billion yuan, a 34.1% increase, influenced by the acquisition of GRI [10]