证券研究报告 | 行业专题 | 纺织服饰 品牌景气分化，制造情绪改善 ——纺织服装行业二季度前瞻报告 投资要点 ❑ 纺织制造：情绪改善，聚焦稳增长超跌龙头 纺织服饰 报告日期：2025 年 07 月 23 日 行业评级: 看好(维持) 分析师：马莉 执业证书号：S1230520070002 mali@stocke.com.cn 分析师：詹陆雨 执业证书号：S1230520070005 zhanluyu@stocke.com.cn 分析师：邹国强 执业证书号：S1230523080010 zouguoqiang@stocke.com.cn 研究助理：周敏 zhoumin@stocke.com.cn 相关报告 1 《聚焦内需，稳健为王——纺 织服装行业 24 年报及 25Q1 业 绩综述》 2025.05.05 http://www.stocke.com.cn 1/7 请务必阅读正文之后的免责条款部分 ❑ 品牌服饰：景气分化，聚焦稳健成长个股 ❑ 中报来看，H 股运动整体表现仍然领跑。其中预计 25H1 安踏体育、361 度保持双位数收 入增长，利润角度预计安踏主业部分仍然保持正向增长，但由于 24H1 的 Am ...

消费 - 可选品和必需品的估值探讨 20250721 摘要 电力定价机制改革加速，现货市场逐步推行，新能源如风电和光伏发电 时间集中，易引发产能过剩，促使电力价格按照分秒变化，火电作为必 选消费品，长期估值和永续价值稳定。 火电行业定位为调节性电源，国家实施容量电费政策保障其生存，即使 不发电也能覆盖固定成本。2022-2023 年新增火电装机容量被今年用 电负荷增长抵消，供需格局或改善。 新能源装机动力依然强劲，国家出台政策旨在推动高质量发展，防止恶 性竞争。若新能源装机增速放缓，对电力行业是好事，过剩产能可能拉 低长期估值。储能技术与风光结合，叠加碳税，将形成新的平衡。 火电竞价趋势分化，北方煤基电价稳定上涨，南方下降。火电竞价上涨 时煤炭价格下跌，供需格局改善，企业市值考核驱动盈利改善。长期煤 价压力向下，但短期可能上涨。 随着盈利改善，2026 年起红利分红将增加，发电厂重视市值考核，分 红率或股息率将上升。港股平均股息率约 8%，华能、华电、大唐等公 司达到此水平，投资价值高。 Q&A 公用事业行业在市场划分中的尴尬处境是什么？ 公用事业行业在市场划分中处于一个较为尴尬的地位。通常市场会将行业划分 ...

在第三届中国国际供应链促进博览会（下称"链博会"）上，稳健医疗轮值CEO吴克震手持一包全棉时代棉柔巾，向记者展示其独特的溯源码。他介绍称，每 包棉柔巾都拥有唯一的溯源码，消费者扫码即可追溯产品生产、工厂信息、原材料成分和相关检测报告等信息。 同样致力于供应链数字化转型的还有餐饮巨头百胜中国。 吴克震说，"一物一码"溯源系统让企业精准掌握从原料到终端的全链路销售数据，同时提升了绿色供应链的透明度。 施云打了个比方：就像每个人都有身份证，无论走到哪里，都能查到相关记录。货物也一样，通过码可以知道它在供应链的每个节点经历了什么。这样不仅 能提高监管效率，还能对比不同工厂的生产表现，优化供应链。 麦当劳成立了供应商数字化委员会，邀请供应商的数字化负责人加入其中，分享经验。委员会对供应商进行数字化成熟度评估，类似于考试，但目的不是排 名，而是推动整个供应链的合作伙伴进行数字化改革，提高协同效率。 在全球范围内，供应链上游减碳被视为零售行业减碳进程中最关键且最具挑战的环节。星巴克方面称，其全链条中的碳排放约70%来自供应商，在优化自身 运营排碳路径的同时，星巴克也想推动供应链的低碳转型。 星巴克选择通过数字化管理的方式进 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 60.06 [6][4]. Core Views - The company is positioned as a "healthcare enterprise driven by both consumption and medical sectors," with its brands "Winner" and "Purcotton" gaining influence. The consumption segment is expected to maintain growth momentum despite short-term fluctuations due to public sentiment events, while the medical segment is anticipated to recover due to both internal and external growth drivers [1][3]. - The company has shown strong performance in its core product categories, particularly during the 618 shopping festival, with significant sales growth in key items such as facial towels and baby products [2][3]. Summary by Sections Consumption Segment - In Q1 2025, the consumption segment achieved revenue of RMB 1.34 billion, representing a year-on-year increase of 28.8%. Although Q2 revenue growth is expected to slow due to industry sentiment issues, core categories continue to perform well. The company has implemented product innovation and precise marketing strategies, leading to significant sales in e-commerce platforms [2][3]. - The marketing strategy has focused on product safety and brand recognition, particularly in the sanitary napkin category, which is expected to see continued growth alongside innovations in adult underwear and cotton soft towels [3][4]. Medical Segment - The medical segment is benefiting from ongoing product innovation and channel expansion, with a focus on domestic hospital channels and consumer medical channels. The acquisition of GRI is expected to enhance export capabilities due to its global production capacity [3][4]. Financial Forecast and Valuation - The company is projected to achieve net profits of RMB 1.061 billion, RMB 1.301 billion, and RMB 1.589 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 1.82, RMB 2.23, and RMB 2.73. The report maintains a target PE of 33 times for 2025, reflecting the dual growth drivers of consumption and medical sectors [4][10].

Core Viewpoint - The company, Steady Medical, has shown strong performance in its consumer products and medical business segments, with significant growth in sales and profits, particularly during promotional events like the 618 shopping festival. Group 1: Consumer Products Performance - The consumer products segment performed well during the 618 shopping festival, with key categories such as facial towels, baby wet and dry wipes, and baby wraps ranking first in sales on platforms like Tmall and JD.com [2] - The company achieved notable sales growth in sanitary napkins and underwear, with traditional platforms like Tmall and JD.com showing good growth, while Douyin saw breakthrough growth during the event [2] - The company is confident in achieving its equity incentive goals for the year [2] Group 2: E-commerce Strategy - Online channels contribute over 60% to the overall revenue of the consumer products business, making it a primary source of profit [3] - The company covers a wide range of online platforms, including traditional e-commerce sites and interest-based platforms like Douyin and Xiaohongshu, as well as its own website and mini-programs [3] - Future strategies include focusing on strategic product development on traditional platforms and leveraging interest-based platforms for content dissemination to drive growth [3] Group 3: Adult Apparel Business Changes - The adult apparel segment has undergone changes to enhance market competitiveness, focusing on underwear and loungewear [4] - The company has strengthened its core fabric research and innovation, emphasizing comfort and health in its cotton products [4] - A high-profile endorsement from actress Zhao Liying has been utilized to boost brand awareness, with interactive marketing strategies during the 618 festival [4] Group 4: Membership Growth - As of the end of Q1 2025, the total membership across all channels exceeded 64 million, reflecting a 3.5% increase since the beginning of the year [5] - The company aims to enhance member engagement and loyalty through improved services and participation in brand activities [5] - A themed event focusing on comfort and environmental sustainability was held to engage young consumers [5] Group 5: Medical Business Development - The medical business strategy focuses on developing high-potential products like high-end dressings and surgical kits while nurturing emerging categories such as masks and disinfectants [6] - The company anticipates continued growth in high-end dressings and surgical supplies, with stable growth expected in traditional wound dressings [6] - The demand for infection prevention products is expected to normalize, providing stable revenue contributions [6] Group 6: Domestic Hospital Business Strategy - The domestic hospital business is expected to achieve good growth in 2025, focusing on traditional wound care, surgical supplies, and high-end dressings [7] - The company plans to leverage procurement opportunities to increase market share in traditional wound care [7] - Efforts are being made to promote non-standardized products and expand market opportunities in surgical supplies [7] Group 7: Financial Performance - For Q1 2025, the company reported a main revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up 36.26% [8] - The company’s gross profit margin stands at 48.46%, indicating strong profitability [8] - Recent institutional ratings show 19 buy ratings and 3 hold ratings, with an average target price of 57.07 yuan [8]

Summary of the Conference Call for Steady Medical and All Cotton Era Industry and Company Overview - The conference call primarily discusses the performance and strategies of Steady Medical and its brand All Cotton Era in the sanitary products and medical supplies industry [2][3][4]. Key Points and Arguments Overall Growth and Performance - Steady Medical expects to maintain high growth in 2025 despite the impact of the 315 incident, with strong online and offline performance in sanitary napkins, particularly the Nice Princess brand [2][3]. - The company has not adjusted its annual growth target and remains confident in improving profitability, aiming to achieve its annual equity incentive goals [2][6]. Product Performance - The Nice Princess sanitary napkin has a repurchase rate exceeding 60% on Douyin, indicating strong consumer loyalty [4][12]. - The cotton soft towel category is focusing on supply chain safety marketing in the short term, with plans to return to material education and launch new products in the second half of 2025 [2][9]. Financial Metrics - Q2 gross margin is expected to improve due to lower raw material costs and product structure adjustments, despite increased marketing expenses following the 315 incident [7][21]. - The company achieved a double-digit revenue and profit increase in Q1 2025, with overall growth expected to remain in the high double digits [3][6]. Market Competition - The sanitary napkin market is highly competitive, with new players entering and shifting brand rankings. All Cotton Era focuses on safety and comfort, leveraging its medical background and clean production facilities to differentiate itself [10][12]. - The company has made significant progress in brand recognition and market share, entering the top ten rankings during the 618 shopping festival [10][11]. Channel Performance - Steady Medical's key products are performing well in Douyin and KA channels, with high e-commerce achievement rates. However, offline store sales are slightly sluggish but do not significantly impact overall profitability [5][18]. - The company plans to open 60 new stores in 2025, focusing on high-quality growth and profitability for each new location [19][20]. Future Product Plans - In 2025, All Cotton Era plans to focus on three strategic product categories: cotton soft towels, sanitary napkins, and intimate apparel, with significant market potential in each [23][28]. - The company aims to enhance consumer understanding of its products through material education and marketing, emphasizing its core advantages of 100% cotton materials and medical endorsements [9][28]. Medical Business Insights - The medical segment is seeing good growth domestically, with a focus on high-margin products and expanding customer bases in hospitals [15][21]. - The acquisition of GRI has brought additional capacity and sales growth, particularly in the U.S. market, despite potential goodwill impairment risks due to geopolitical factors [24]. Marketing and Brand Strategy - All Cotton Era is enhancing its brand promotion for medical-grade products, emphasizing its advantages over new national standards [24]. - The company is actively expanding its presence in KA channels and optimizing product categories to increase market penetration [25][26]. Additional Important Insights - The company is optimistic about the second half of 2025, expecting significant sales growth in sanitary napkins and intimate apparel, particularly in KA and Douyin channels [16][17]. - The overall market for sanitary napkins exceeds 100 billion yuan, with intimate apparel also exceeding 100 billion yuan, indicating substantial growth opportunities [23].

她们选择全棉产品的背后，正是对稳健集团"医学贴近生活，全棉呵护健康"理念的认同。在制造业回 归"产品力"、消费市场更加理性的大背景下，品牌不再只靠营销声量赢得注意，而是回归生产现场、回 归真实体验，用专业和透明赢得认可。 走进工厂：看得见的品质，是信任的起点 在央视财经《超级生产线》深度走访节目中，郭晶晶与陈伟鸿一同探访稳健医疗旗下棉柔巾生产基地。 从原材料储存区到洁净的自动化车间，两人见证了优质棉花如何在无菌无尘环境下，经过开松、梳理、 热轧等多个环节，最终转化为柔软强韧的棉柔巾成品。 郭晶晶感慨道："消费者使用的产品，卫生安全是重中之重，这样严格的生产把控，让人更放心。"她还 特别关注环保细节，包括工厂对可持续棉花的采购与先进的污水处理系统。陈伟鸿则指出："在追求产 品品质的同时不忘环保责任，这样的企业值得点赞。" 5月以来，稳健集团（股票简称：稳健医疗（300888），股票代码：300888.SZ）旗下全棉时代品牌活动 引发广泛关注：品牌代言人、前奥运冠军郭晶晶与知名主持人陈伟鸿走进全棉时代棉柔巾智能工厂，实 地探访产品制造全过程；作为全棉时代家居服全球代言人，赵丽颖则空降全棉时代京东直播间，亲自推 荐 ...

Group 1: Company Overview - Steady Medical Group, founded in 1991, has evolved into a health enterprise focusing on medical and consumer sectors, listed on the Shenzhen Stock Exchange in 2020 [13] - The company aims to "protect health, care for life, and protect the environment" with its main brands being "Winner Medical" and "Purcotton" [13] Group 2: Annual Performance Review - In 2024, the company achieved a total revenue of 89.8 billion CNY, a 9.7% increase from 2023's 81.9 billion CNY [18] - Excluding infection protection product revenue, the adjusted revenue was 86.2 billion CNY, reflecting an 18.6% year-on-year growth [18] - The revenue structure for 2024 was 43% from medical consumables and 56% from consumer products [18] Group 3: Profitability - The net profit attributable to shareholders reached 7.0 billion CNY, a 19.8% increase compared to 2023 [21] - The net profit margin improved to 7.7%, up 0.7 percentage points from the previous year [21] - The gross profit margin for 2024 was 47.3%, indicating a stable profitability trend [20] Group 4: Asset Quality and R&D Investment - Total assets at the end of 2024 were 184 billion CNY, a 7.5% increase from the previous year [26] - The asset-liability ratio stood at 35.4%, maintaining a low level [26] - The company emphasized R&D, with a steady increase in the number of patents and medical product registrations [26] Group 5: Shareholder Returns - The proposed cash dividend for 2024 is 3.8 billion CNY, representing 54% of the net profit [30] - Cumulative cash dividends since listing amount to 26.1 billion CNY, accounting for 93% of the net proceeds from the IPO [30] Group 6: Medical Consumables Business - The medical segment generated 39.1 billion CNY in revenue for 2024, showing resilience despite a high base from infection protection products [34] - Excluding infection protection, the medical consumables revenue was 35.5 billion CNY, a 20.4% increase year-on-year [34] - Core categories such as high-end dressings and surgical consumables saw revenue growth exceeding 30% [34] Group 7: Consumer Products Business - The consumer segment, led by Purcotton, achieved 49.9 billion CNY in revenue, a 17.1% increase from 2023 [43] - Online sales contributed 62% of the revenue, while offline stores accounted for 30% [46] - The company added 92 new offline stores in 2024, bringing the total to 487 [46] Group 8: Q1 2025 Performance Overview - In Q1 2025, total revenue reached 26.1 billion CNY, a 36.5% increase year-on-year [53] - The medical business revenue for Q1 2025 was 12.5 billion CNY, up 46.3% [54] - The consumer business generated 13.4 billion CNY, reflecting a 28.8% growth [54]

Group 1: Company Performance and Market Opportunities - The company reported significant growth in the sanitary napkin segment, with a market size in China exceeding 100 billion RMB, indicating vast growth potential despite being a relatively small player [5] - The aging population and increasing health management needs are driving demand for medical supplies, creating a larger market space for the company [2] - The company aims to enhance its market competitiveness by focusing on disposable medical supplies through acquisitions and expanding its product categories [2] Group 2: Strategic Initiatives - The company is committed to providing integrated solutions for hospitals, pharmacies, and home care, addressing pain points in quality, supply chain, and digital integration [2] - Continuous investment in R&D is prioritized to innovate products that fill market gaps and meet patient and healthcare institution needs [2] - The company is advancing smart manufacturing and AI technology applications to improve production efficiency and reduce costs [2] Group 3: Channel Strategy and Growth Projections - The medical segment's channel strategy includes overseas business, domestic hospital lines, consumer medical business, and cross-border e-commerce, with a focus on significant growth in domestic hospital lines in 2025 [9][10] - The overseas business is primarily focused on Europe, while the domestic hospital segment is being segmented into traditional dressings, surgical materials, and high-end dressings [9] - The cross-border e-commerce channel has been the fastest-growing, particularly on platforms like Amazon, despite potential impacts from current tariff policies [10] Group 4: Impact of Tariff Policies - The company anticipates limited impact from U.S. tariff policies, with affected sales in overseas divisions and cross-border e-commerce remaining in single-digit percentages of the medical segment [6][7] - Strategies to mitigate tariff impacts include increasing investments in South America and expanding existing U.S. operations [6][7] - The company maintains strong competitive advantages in the U.S. market for medical supplies, with various strategies to manage tariff-related challenges [7] Group 5: Brand Management and Investor Relations - The company has implemented a market value management system to protect and return value to investors, with regular monitoring against industry benchmarks [11] - A rising trend in dividend payouts has been established, with plans for mid-year dividends starting in 2024 [11] - The company emphasizes transparency and communication with investors, enhancing information disclosure and hosting performance briefings [11] Group 6: Product Development and Consumer Engagement - The company is focusing on product innovation in the sanitary napkin sector, utilizing high-quality cotton and advanced technologies to enhance user experience [5] - Initiatives to improve consumer trust include product traceability through QR codes and real-time factory monitoring [14][15] - The company is actively engaging with consumers for feedback on product improvements, integrating suggestions into new product developments [14]

Core Insights - The company reported a revenue of 8.98 billion yuan for 2024, representing a year-on-year growth of 9.7% [1] - Excluding infection protection products, the revenue was 8.62 billion yuan, with a year-on-year growth of 18.6% [1] - The net profit attributable to shareholders was 700 million yuan, showing a year-on-year increase of 19.8% [1] - The non-recurring net profit attributable to shareholders was 590 million yuan, reflecting a year-on-year growth of 43.4% [1] Business Segments - The company operates in two main business segments: medical consumables and consumer products [1] - The medical consumables segment, branded as Winner, generated a revenue of 3.91 billion yuan, with a slight year-on-year increase of 1.1% [1] - The consumer products segment, branded as Purcotton, achieved a revenue of 4.99 billion yuan, marking a year-on-year growth of 17.1% [1] Profit Distribution - The board approved a profit distribution plan, proposing a cash dividend of 2.5 yuan per 10 shares (including tax), with no bonus shares [1] - The total cash dividend for 2024 is 379 million yuan (including tax), accounting for 54.43% of the net profit attributable to shareholders [2] - The mid-year cash dividend was 4 yuan per 10 shares, totaling 233 million yuan [2] Recent Performance - In the first quarter of 2025, the company reported a revenue of 2.605 billion yuan, reflecting a year-on-year growth of 36.47% [2] - The net profit attributable to shareholders for the first quarter was 249 million yuan, with a year-on-year increase of 36.26% [2]