Winner Medical(SZ:300888) Changjiang Securities·2025-11-09 23:30Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company has shown a strong performance in Q3 2025, with revenue, net profit attributable to the parent company, and net profit excluding non-recurring items reaching 2.6 billion, 240 million, and 220 million yuan respectively, representing year-on-year growth of 27.7%, 42.1%, and 50.8% [4][11]. - Short-term outlook indicates that consumption is expected to accelerate in Q4 due to increased investment in new products and marketing, with strong momentum in elastic single products and stable growth from the medical segment [2][11]. Summary by Sections Revenue Performance - For Q1-Q3 2025, the company's revenue grew by 19%, with Q3 showing a sequential acceleration. The growth in revenue is attributed to the fading of public sentiment issues and the impact of new endorsements. Revenue growth rates for sanitary napkins, cotton soft towels, and adult apparel were 64%, 16%, and 17% respectively [11]. - The medical segment reported a year-on-year revenue increase of 44% for Q1-Q3 2025, with core products such as surgical consumables, high-end dressings, and health personal care items growing by 185.3%, 26.2%, and 24.6% respectively [11]. Profitability - The gross margin improved by 1.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter to 48.3%. This improvement is driven by a higher proportion of high-margin products and stable discount rates [11]. - The report notes a decrease in the sales expense ratio by 1.8 percentage points, attributed to scale effects, reduced public relations expenses, and refined internal operations [11]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 1.0 billion, 1.2 billion, and 1.4 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24, 20, and 17 times [2][11].