Winner Medical(300888)2025-05-08 10:25Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.978 billion yuan for 2024, representing a year-on-year increase of 9.69%, and a net profit attributable to shareholders of 695 million yuan, up 19.81% year-on-year [2] - The first quarter of 2025 saw a revenue of 2.605 billion yuan, a significant increase of 36.47% year-on-year, with the medical segment growing by 46.3% and the consumer goods segment by 28.8% [2] - The company is expected to maintain a positive development trend, driven by strong sales growth from its key products and effective brand activities [2][3] Revenue Summary - In 2024, the medical business generated revenues of 7.81 billion yuan, 8.26 billion yuan, and 4.03 billion yuan from high-end dressings, operating room consumables, and health personal care, respectively, with year-on-year growth rates of 31.21%, 48.83%, and 34.98% [3] - The consumer goods segment achieved revenues of 15.57 billion yuan, 7.00 billion yuan, 9.65 billion yuan, and 9.63 billion yuan from various products, with year-on-year growth rates of 31.19%, 18.03%, 15.39%, and 13.21% respectively [3] Channel Performance - In 2024, the consumer goods segment's revenue from online, offline stores, and supermarkets was 3.07 billion yuan, 1.487 billion yuan, and 320 million yuan, with year-on-year growth rates of 18.87%, 9.24%, and 33.4% respectively [4] - The company has nearly 61 million members, reflecting a 15.8% increase from the previous year, indicating strong brand penetration [4] Profitability Analysis - The company's gross margin and net margin for 2024 were 47.32% and 8.25%, respectively, with a slight decrease in gross margin due to cotton price fluctuations [5] - For the first quarter of 2025, the gross margin and net margin improved to 48.46% and 10.05%, respectively, driven by contributions from newly acquired companies [5] Investment Recommendations - The company is expected to continue its core strategy of "product leadership and operational excellence," focusing on both medical and consumer segments [7] - Revenue projections for 2025-2027 are adjusted to 112.50 billion yuan, 129.65 billion yuan, and 149.97 billion yuan, with corresponding EPS estimates of 1.72 yuan, 2.09 yuan, and 2.53 yuan [7]