Winner Medical(SZ:300888) Soochow Securities·2025-06-30 03:22Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing strong growth in its sanitary napkin segment, particularly during the "618" shopping festival, and is expected to see positive performance from new cotton soft towel products [7] - The consumer segment showed a revenue of 1.34 billion yuan in Q1 2025, with a year-on-year growth of 28.8%, driven by key products like sanitary napkins and adult apparel [7] - The medical segment reported a revenue of 1.25 billion yuan in Q1 2025, with a year-on-year growth of 46.3%, supported by high-value products and successful channel expansion [7] Financial Forecasts - Total revenue is projected to grow from 8,185 million yuan in 2023 to 14,630 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.7% [1][8] - Net profit attributable to the parent company is expected to increase from 580.4 million yuan in 2023 to 1,333.2 million yuan in 2027, with a CAGR of about 19.4% [1][8] - The earnings per share (EPS) is forecasted to rise from 1.00 yuan in 2023 to 2.29 yuan in 2027, indicating a strong growth trajectory [1][8] Market Data - The closing price of the company's stock is 39.88 yuan, with a market capitalization of approximately 23.22 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 40.01 in 2023 to 17.42 in 2027, suggesting an improving valuation over time [1][8]