Winner Medical(SZ:300888) Shenwan Hongyuan Securities·2025-09-29 05:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][23] Core Insights - The company successfully held its five-year anniversary event, focusing on "brand enhancement and steady growth," showcasing a resilient growth trajectory with a compound annual growth rate (CAGR) of 14% in revenue from 2019 to 2024 [7] - The company reported a total revenue of 8.978 billion yuan in 2024, with a net profit attributable to shareholders of 695 million yuan, demonstrating strong performance across economic cycles [7] - The company emphasizes shareholder returns, with cumulative cash dividends and buybacks reaching 3.57 billion yuan, fully utilizing IPO funds [7] - The two main business segments, consumer products and medical services, are experiencing high-quality development, with clear strategic directions for future growth [7] Financial Data and Profit Forecast - Total revenue is projected to reach 10.779 billion yuan in 2025, with a year-on-year growth rate of 20.1% [6] - The net profit attributable to shareholders is expected to be 1.026 billion yuan in 2025, reflecting a significant year-on-year increase of 47.5% [6] - Earnings per share (EPS) is forecasted to be 1.76 yuan in 2025, with a projected price-to-earnings (PE) ratio of 21 [6] - The gross margin is expected to remain stable, with a slight increase to 48.3% in 2025 [6] Business Segment Performance - The consumer products segment, particularly the "All Cotton Era" brand, achieved revenue of 27.5 billion yuan in the first half of 2025, a year-on-year increase of 20.3% [7] - The medical segment reported revenue of 25.2 billion yuan in the first half of 2025, a substantial year-on-year growth of 46.4% [7] - Key products in the consumer segment, such as cotton soft towels and sanitary napkins, showed strong growth, with revenues of 8.1 billion yuan and 5.3 billion yuan, respectively [7] ESG Strategy - The company has released its ESG strategy, highlighting its commitment to environmental, social, and governance responsibilities, achieving a Wind ESG rating of A in 2025 [7] - The strategy includes setting carbon peak and carbon neutrality goals, promoting green upgrades in the cotton industry, and building a responsible supply chain [7] Marketing Initiatives - The company announced a partnership with international table tennis champion Sun Yingsha as its global brand ambassador, aiming to enhance brand recognition and drive sales during peak shopping seasons [7]