上 市 公 司 美容护理 2025 年 08 月 24 日 稳健医疗 (300888) —— 消费品核心品类引领增长，医疗业务二季度提速 报告原因：有业绩公布需要点评 买入（维持） 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 42.09 | | 一年内最高/最低（元） | 54.80/23.31 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 1.54 | | 流通 A 股市值（百万元） | 7,391 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 19.79 | | 资产负债率% | 31.87 | | 总股本/流通 A 股（百万） | 582/176 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [1]. Core Insights - The company has shown accelerated growth in both of its main business segments, with a notable increase in dividend payout ratio to 54.4% from 50% in the previous year [6]. - The first quarter of 2025 saw a significant revenue increase of 36% year-on-year, reaching 2.61 billion yuan, with net profit also rising by 36.3% to 249 million yuan [7][6]. - The consumer goods segment continues to perform well, with a revenue growth of 28.8% in Q1 2025, driven by strong sales in key products [6]. - The medical business has shown resilience, with a 46.3% year-on-year growth in Q1 2025, despite previous high base effects [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 89.78 billion yuan, with a year-on-year growth of 9.7%, and a net profit of 6.95 billion yuan, reflecting a 19.8% increase [5]. - The company expects net profits to reach 10.3 billion yuan in 2025, corresponding to a PE ratio of 30 [6]. - The gross margin for 2024 is reported at 47.3%, with an anticipated recovery in margins for both consumer and medical segments in 2025 [6].