稳健医疗（300888）：公司动态研究：战略品类引领增长，稳定向好趋势具备确定性

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing growth driven by its strategic product categories, with a stable and positive trend that shows certainty [4] - The cotton soft towel maintains its top position on e-commerce platforms, while the sanitary napkin category shows impressive growth [4] - The company's dual-track model of "medical + consumer" is expected to continue to drive volume growth, supported by a strong brand presence and consumer education [4][9] Summary by Relevant Sections Recent Performance - The brand "全棉时代" achieved a GMV growth of 33% year-on-year on Douyin from June 1 to June 15, while "奈丝公主" saw a GMV increase of 204% during the same period [4] - During the JD 618 sales event, categories such as sleepwear and disposable underwear saw double-digit growth, with "全棉时代" ranking 6th in the overall underwear category, achieving over 100% year-on-year growth [3] Product Development - The company launched its first natural cotton core sterilized sanitary napkin on June 16, enhancing safety through multiple protective measures [4] - The cotton soft towel remains the top seller on both Tmall and JD platforms, reinforcing its competitive advantage through a "medical-grade standard + all-cotton material" positioning [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 115.08 billion, 130.80 billion, and 148.47 billion yuan respectively, with net profits expected to be 9.95 billion, 11.70 billion, and 13.51 billion yuan [9][10] - The company is expected to achieve a PE ratio of 24, 20, and 18 times for the years 2025, 2026, and 2027 respectively [9][10] Market Performance - As of June 20, 2025, the company's stock price is 40.87 yuan, with a market capitalization of approximately 23.8 billion yuan [5][10] - The company's performance over the last 12 months shows a significant increase of 57.6%, compared to a 9.8% increase in the CSI 300 index [5]