证券研究报告·公司点评报告·个护用品 稳健医疗（300888） 2025 年中报点评：双主业并驾齐驱，稳健向好 2025 年 08 月 25 日 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,185 | 8,978 | 11,219 | 12,866 | 14,764 | | 同比（%） | (27.89) | 9.69 | 24.96 | 14.68 | 14.75 | | 归母净利润（百万元） | 580.40 | 695.38 | 1,044.52 | 1,237.42 | 1,494.17 | | 同比（%） | (64.84) | 19.81 | 50.21 | 18.47 | 20.75 | | EPS-最新摊薄（元/股） | 1.00 | 1.19 | 1.79 | 2.12 | 2.57 | | P/E（现价&最新摊薄） | 42.23 | 35.25 | 23.47 | 19.81 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.6 billion in Q1 2025, a year-on-year increase of 36%, with a net profit attributable to the parent company of 250 million, also up 36%. The adjusted net profit was 230 million, reflecting a 62% increase [1]. - For the year 2024, the company anticipates a revenue of 9 billion, a 10% increase, and a net profit of 700 million, a 20% increase, with adjusted net profit expected to reach 600 million, up 43% [1]. - The medical consumables segment generated 3.9 billion, accounting for 44% of total revenue, with a slight increase of 1% and a gross margin of 36.49%, down 4 percentage points. The consumer goods segment generated 5 billion, accounting for 56% of total revenue, with a 17% increase and a gross margin of 56%, down 1 percentage point [1]. - The report highlights strong growth in key product categories, particularly in the medical segment, with surgical consumables and high-end dressings seeing significant revenue increases of 196.8% and 21%, respectively [2]. Financial Performance Summary - The company expects to achieve net profits of 1.04 billion, 1.26 billion, and 1.5 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.79, 2.17, and 2.58 [4]. - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 23.5%, and 20.1%, respectively [5]. - The company’s total assets are projected to reach approximately 22.26 billion by 2025, with total liabilities expected to be around 9.72 billion [12]. Market Position and Strategy - The company is focusing on enhancing its core product categories and improving its market ranking through effective brand marketing, particularly for its "Nai Si Gong Zhu" product line, which has seen significant growth [3][2]. - The report notes that the company has successfully increased its market presence in e-commerce channels, contributing to nearly 60% of the consumer goods segment's revenue in Q1 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company reported a revenue of 8.978 billion RMB for 2024, representing a year-on-year growth of 9.69%, and a net profit of 695 million RMB, up 19.81% [2]. - For Q1 2025, the company achieved a revenue of 2.605 billion RMB, a significant increase of 36.47%, with a net profit of 249 million RMB, also up 36.26% [2]. - The company is expected to benefit from dual growth drivers in the consumer goods and medical sectors [2]. Performance Analysis - The consumer goods segment showed strong growth, with Q4 2024 revenue reaching 2.908 billion RMB, a 33.72% increase [3]. - For 2024, the medical supplies and consumer goods segments generated revenues of 3.906 billion RMB and 4.991 billion RMB, growing by 1.14% and 17.09% respectively [3]. - Key product categories such as cotton soft towels and children's clothing saw revenue increases of 31.19% and 13.21% respectively [3]. Q1 2025 Development - In Q1 2025, the medical segment generated 1.25 billion RMB, a 46.3% increase, with core categories like surgical supplies and high-end dressings showing remarkable growth [4]. - The consumer segment achieved 1.34 billion RMB in revenue, up 28.8%, with the "Princess Nais" sanitary napkin leading the category with a 73.5% increase [4]. - E-commerce contributed 59.9% of total revenue, with rapid growth in supermarket channels, which saw a 70.9% year-on-year increase [4]. Profitability - The gross margin for 2024 and Q1 2025 was 48.46% and 47.32% respectively, with a slight improvement in Q1 2025 due to product mix optimization [5]. - The net profit margin remained stable at 7.75% for 2024 and improved to 9.54% in Q1 2025 [5]. - The company aims to enhance brand strength and operational efficiency while focusing on core product categories [5]. Earnings Forecast and Valuation - The company is projected to have EPS of 1.80, 2.12, and 2.54 RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27, 23, and 19 [6].