Winner Medical(300888) Orient Securities·2025-05-16 13:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.5 CNY based on a 30x PE valuation for 2025 [4][10]. Core Insights - The company achieved a revenue of 89.8 billion CNY in 2024, representing a year-on-year growth of 9.7%, and a net profit attributable to the parent company of 6.95 billion CNY, up 19.8% year-on-year [9]. - The medical consumables business showed resilience, with a 20.4% year-on-year growth when excluding the impact of infection protection products, which saw a 61% decline [9]. - The consumer goods segment demonstrated strong performance, with a revenue increase of 17% in 2024, driven by significant sales growth in key products [9]. Financial Performance Summary - Revenue Forecast: The company expects revenues to grow from 81.85 billion CNY in 2023 to 146.45 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 13.6% [4][10]. - Net Profit: The net profit is projected to increase from 5.8 billion CNY in 2023 to 14.27 billion CNY in 2027, reflecting a strong growth trajectory [4][10]. - Earnings Per Share (EPS): EPS is forecasted to rise from 1.00 CNY in 2023 to 2.45 CNY in 2027 [4][10]. - Profit Margins: The gross margin is expected to slightly decline from 49.0% in 2023 to 46.2% in 2027, while the net margin is projected to improve from 7.1% to 9.7% over the same period [4][10].