稳健医疗2023年报及2024年一季报点评：多渠道深度协同，消费品业务增长靓丽

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 38.00 yuan from the previous 45.32 yuan [4][11]. Core Insights - The company's 2023 performance was pressured primarily by a decline in demand for infection protection products, leading to a significant drop in revenue by 27.89% to 8.185 billion yuan and a net profit decrease of 64.84% to 580 million yuan. However, the consumer goods segment showed robust growth, with a revenue increase of 6.36% [3][4]. - The report forecasts a gradual recovery in performance, driven by improved store efficiency and management strategies, with expected EPS for 2024 and 2025 revised down to 1.52 yuan and 1.68 yuan, respectively, and a new estimate for 2026 at 1.85 yuan [3][4][11]. Summary by Sections Financial Performance - In 2023, the medical business significantly impacted overall performance, with medical consumables revenue declining by 46.74%. In contrast, the consumer goods segment, including cotton soft towels and children's clothing, saw gross margin improvements of 3.43 percentage points and 4.60 percentage points, respectively, contributing to an overall gross margin of 49.00% [3][4]. - For Q1 2024, revenue was reported at 1.909 billion yuan, down 18.84%, with a net profit of 182 million yuan, reflecting a 51.60% decrease compared to the previous year [3][4]. Market Position and Strategy - The company is focusing on enhancing its brand image and optimizing multi-channel collaboration, with a membership base covering 5.242 million individuals. The report highlights a 15.50% year-on-year increase in store efficiency, which is expected to support sustained growth [3][4][6]. - The report also notes that the company has established a strong presence in high-end wound dressings, with revenue of 180 million yuan, up 33.90%, and international sales channels generating 380 million yuan, up 21.30% [3][4]. Valuation and Comparables - The report references comparable companies with an average PE of approximately 25 times for 2024, suggesting that the company's valuation should align with this benchmark due to its steady growth in consumer goods and expanding brand influence [11][12].