Winner Medical(300888) EBSCN·2025-05-07 10:25Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment, which includes health and personal care products, represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][20] Market Position - The company is expanding its market presence through both organic growth and acquisitions, with a focus on enhancing its overseas capabilities [13] - The consumer goods segment is leveraging a product strategy centered around popular items, contributing to robust sales growth [13]