股东方面，截至2025年3月31日，稳健医疗股东户数21410户，较上次减少2643户，户均持股市值35.28 万元，户均持股数量2.76万股。 7月4日，稳健医疗今日收盘40.2元，下跌2.43%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到30.74倍，总市值234.10亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8稳健医疗30.7433.662.05234.10亿行业平均 38.9646.134.06105.57亿行业中值43.1140.682.5868.23亿1依依股份17.7118.692.1340.20亿2科思股份 18.4112.792.6371.92亿3珀莱雅19.5820.685.59320.96亿4敷尔佳21.6919.712.27130.34亿5豪悦护理 22.3022.582.5887.49亿6诺邦股份27.6630.552.0329.09亿7爱美客27.8726.686.34522.33亿9百亚股份 36.6140.187.31115.58亿10力合科创37.0839.411.3396.73亿11润本股份39.5340.685.75122.11亿12 ...

资金流向方面，6月26日，稳健医疗主力资金净流出209.55万元，近5日总体呈流出状态，5日共流出 2480.19万元。 6月26日，稳健医疗今日收盘39.82元，下跌1.17%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到30.45倍，总市值231.88亿元。 从行业市盈率排名来看，公司所处的美容护理行业市盈率平均39.12倍，行业中值42.46倍，稳健医疗排 名第13位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8稳健医疗30.4533.352.03231.88亿行业平均 39.1246.454.08105.69亿行业中值42.4639.882.5867.61亿1依依股份16.7117.632.0137.92亿2科思股份 18.2512.682.6171.31亿3珀莱雅19.9221.045.68326.51亿4敷尔佳21.7419.752.27130.60亿5豪悦护理 22.0522.332.5586.52亿6爱美客27.8026.616.32521.00亿7诺邦股份28.9331.952.1330.43亿9百亚股份 36.3539.887.26114.73亿10力合科创3 ...

Company Overview - Company name is稳健医疗, which closed at 50.47 yuan on June 10, with a 2.25% increase, resulting in a rolling PE ratio of 38.59 times and a total market value of 29.39 billion yuan [1] - The main business of the company includes research, production, and sales of cotton-based products, with key products being high-end wound dressings, traditional wound care products, surgical consumables, infection protection products, and personal health products [1] Financial Performance - For Q1 2025, the company reported 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%, with a gross profit margin of 48.46% [2] - The company's PE ratio is 38.59 (TTM) and 42.26 (static), with a price-to-book ratio of 2.58 [2] Industry Comparison - The average PE ratio for the beauty and personal care industry is 44.04, with a median of 49.17, placing the company at 14th in the industry ranking [1][2] - The total market value of the industry averages 115.99 billion yuan, with the median at 74.78 billion yuan [2] Market Position - The company has consistently ranked among the top three exporters of medical dressings in China for several years [1] - The "winner" brand has entered over 2,000 hospitals and nearly 40,000 pharmacies in China, with a significant presence in major chains [1]

Group 1 - The core point of the news is the significant shift of foreign trade enterprises in China towards domestic sales due to the temporary reduction of tariffs in the US-China trade relationship, which has created a 90-day window for lower tariffs [2][5] - Many foreign trade companies, particularly in Shandong province, are launching initiatives to promote domestic consumption, such as the "2025 Foreign Trade Quality Shopping Season" [2][9] - Companies like Yinfeng Co., which previously relied heavily on exports, are adapting their product offerings to cater to domestic consumers and are increasing their domestic sales proportion from 15% to 50% [3][4] Group 2 - Yinfeng Co. has shifted its focus to the domestic market by designing products that appeal to different age groups and utilizing online platforms for sales [3][4] - The company is also exploring markets in Europe, Japan, South Korea, and countries along the Belt and Road Initiative to mitigate risks associated with reliance on the US market [4][5] - Another company, Shanhai Home Products, is facing challenges due to its high export ratio to the US and is now actively seeking to expand its domestic market presence [5][6] Group 3 - The overall trend indicates a transformation in China's economic structure from being export-driven to being driven by domestic demand, necessitating support from government policies to encourage consumer spending [8] - Shandong province, as a major foreign trade hub, has reported a 7.6% year-on-year increase in imports and exports in the first four months of the year, with a focus on various product categories [9][10] - The provincial government is organizing multiple promotional activities to facilitate connections between foreign trade enterprises and domestic buyers, aiming to enhance the integration of domestic and foreign trade [10]

Group 1 - The core viewpoint of the news highlights the performance and market position of the company, Steady Medical, in the healthcare industry, particularly in the medical dressing sector [1][2]. - As of May 9, the company's stock closed at 51.45 yuan, reflecting a 3.31% increase, with a rolling price-to-earnings (PE) ratio of 39.34 times and a total market capitalization of 29.961 billion yuan [1]. - The average PE ratio for the beauty and healthcare industry is 41.70 times, with a median of 45.39 times, placing Steady Medical at the 14th position within the industry [1][3]. Group 2 - Steady Medical specializes in the research, production, and sales of cotton-based products across various sectors, including medical, personal care, and home care [2]. - The company's main products include high-end wound dressings, traditional wound care products, infection control products, and various cotton-based personal care items [2]. - According to recent performance data, for the first quarter of 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up by 36.26%, with a gross profit margin of 48.46% [2].

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]

点击注册小程序 2 4 年 医用耗材收入占总收入的比重为 43.5%，收入同比增长1.1%，其中24年9月收购的美国医用耗材公 司GRI贡献收入2.9亿，剔除后收入同比下滑6.4%；毛利率同比下降3.9PCT至36.5%（感染防护产品毛利率 同比下降23.5PCT至21.2%，剔除后其他品类毛利率下降1.1PCT），营业利润率同比下降1.1PCT至7.6%； 25Q1收入同比增长46.3%，剔除GRI并表影响同比增长10.5%。 1）分渠道来看： 2 4 年 海外渠道收入占比为 54.4%，收入同比增长37.7%； 25Q1国外收入同比增长 84.1%，C端业务（国内药店、电商）收入同比增长超40%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 24年收入/归母净利润同比+9.7%/+ ...

2025 年 5 月 7 日 公司研究 Q1 业绩表现亮眼，医疗和消费品板块协同发力 ——稳健医疗（300888.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：52.22 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.82 | | 总市值(亿元)： | 304.09 | | 一年最低/最高(元)： | 22.99/54.80 | | 近 3 月换手率： | 61.74% | 股价相对走势 -30% -12% 6% 24% 42% 04/24 07/24 10/24 01/25 稳健医疗 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % ...

上 市 公 司 美容护理 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 19.60 | | 资产负债率% | 31.72 | | 总股本/流通 A 股（百万） | 582/176 | | 流通 B 股/H 股（百万） | -/- | 2025 年 05 月 05 日 稳健医疗 (300888) ——两大业务均加速增长，分红率稳步提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 52.22 | | 一年内最高/最低（元） | 54.80/23.31 | | 市净率 | 2.7 | | 息率（分红/股价） | 1.72 | | 流通 A 股市值（百万元） | 9,165 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： -40% -20% 0% 20% 40% 60% 80% 04-30 05-31 06-30 07-31 08-31 09-3 ...

2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 52.22 | | 一年最高最低(元) | 54.80/23.31 | | 总市值(亿元) | 304.09 | | 流通市值(亿元) | 91.65 | | 总股本(亿股) | 5.82 | | 流通股本(亿股) | 1.76 | | 近 3 个月换手率(%) | 204.85 | 股价走势图 美容护理/个护用品 2025Q1 净利润高增，消费品业务延续强劲品牌势能 数据来源：聚源 -30% 0% 30% 60% 90% 2024-05 2024-09 2025-01 稳健医疗 沪深300 相关研究报告 《Q3 收入提速重启增长道路，股权激 励彰显信心—公司信息更新报告》 -2024.10.31 《收购 GRI 协同赋能，打造全球耗材 一站式解决方案—公司信息更新报 告》-2024.9.26 《消费高质量增长&医疗恢复增长，看 好新元年向上—公司信息更新报告》 -2024.8.30 | | | ——公司信息更新报告 | | --- | --- | --- | | ...