Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has taken proactive measures in response to a recent incident involving the illegal recycling of sanitary products, aiming to protect consumer interests and restore brand confidence [7]. - The company's dual business model, encompassing both medical and consumer products, is showing strong growth potential despite short-term disruptions [7]. - The financial forecast indicates a recovery in revenue and profit margins, with expected net profits of 7.9 billion, 10.3 billion, and 11.6 billion for the years 2024 to 2026, respectively [7]. Financial Data Summary - Total revenue for 2023 is projected at 8.185 billion, with a year-on-year decline of 27.9%. However, revenue is expected to grow to 10.780 billion in 2025, reflecting a 23.1% increase [6][17]. - The net profit for 2023 is estimated at 580 million, with a significant year-on-year decrease of 64.8%. The profit is expected to recover to 1.026 billion by 2025, marking a 29.8% increase [6][17]. - The gross margin is projected to stabilize around 48% over the next few years, with a slight improvement expected by 2026 [6][17]. Business Performance Insights - The consumer products segment has shown resilience, with a 14% year-on-year revenue growth in the first three quarters of 2024, driven by strong sales in key product categories [7]. - The medical business has also demonstrated a recovery, achieving double-digit growth in Q3 2024, supported by high-demand products and strategic acquisitions [7]. - The company has implemented a stock incentive plan, indicating confidence in achieving revenue growth of 13-18% from 2025 to 2027 [7].