[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 消费品业务快速增长，品牌势能持续向上 --- 稳健医疗 2025 中报点评 事件： [Table_Summary] 公司发布 2025 年中报，2025H1 营业收入同比增长 31.3%至 53 亿元， 归母净利润同比增长 28.1%至 4.9 亿元。单 Q2 营业收入同比增长 26.7%至 26.9 亿元，归母净利润同比增长 20.7%至 2.4 亿元。 点评： 费用管控良好，盈利能力相对稳定。2025H1 公司毛利率同比下降 0.4pct 至 48.3%，医疗/消费品业务毛利率分别同比-0.7pct/+1.7pct 至 37.4%/58.6%。消费品业务毛利率提升主要得益于棉花价格下行及产品 结构改善。费用端，销售/管理费用率分别同比-2.5pct/+0.6pct。综合 2025H1 净利率同比下降 0.3pct 至 9.8%。 营运状况保持稳定。2025H1 公司存货同比增长 33.9%至 19.5 亿元，存 货周转天数同比下降 6 天至 142 天。应收/应付账款周转天数同比下降 1/16 天至 37/69 天。半 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6]. Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 5.3 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 490 million yuan, up 28.1% year-on-year [5][6]. - The medical segment showed robust growth, with revenue of 2.52 billion yuan in H1, a year-on-year increase of 46.4%. Excluding the newly acquired GRI, the medical segment's revenue was 1.95 billion yuan, up 13.2% year-on-year [5][6]. - The consumer goods segment also performed well, with revenue of 2.75 billion yuan in H1, a year-on-year increase of 20.3%. The core product categories, such as sanitary napkins, saw significant growth, with revenue increasing by 67.6% [5][6]. Financial Performance Summary - H1 2025 revenue breakdown: - Medical segment: 2.52 billion yuan, up 46.4% year-on-year - Consumer goods segment: 2.75 billion yuan, up 20.3% year-on-year - H1 2025 net profit: 490 million yuan, up 28.1% year-on-year - H1 2025 gross margin: 48.3%, down 0.4 percentage points year-on-year [5][6]. Earnings Forecast and Investment Recommendations - The company plans to distribute a mid-term dividend of 260 million yuan, with a payout ratio of 53% [5][6]. - Forecasted net profits for 2025-2027 are 1 billion yuan, 1.21 billion yuan, and 1.45 billion yuan, with growth rates of 43.8%, 21.0%, and 19.7% respectively [5][6].

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a significant increase in Q1 2025, indicating a positive trend in financial performance [3][4]. Financial Performance - In 2024, the company achieved a revenue of 8.98 billion yuan, a year-on-year increase of 9.7%, and a net profit attributable to shareholders of 700 million yuan, up 19.8% [3]. - For Q1 2025, the company reported a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, also up 36.3% [3]. Medical Consumables Segment - In 2024, the revenue from medical consumables accounted for 43.5% of total revenue, with a slight increase of 1.1% year-on-year. However, excluding the contribution from the acquired GRI, the revenue declined by 6.4% [4]. - The gross margin for medical consumables decreased by 3.9 percentage points to 36.5% in 2024, with a notable decline in the gross margin of infection protection products [4]. - In Q1 2025, the revenue from medical consumables surged by 46.3%, with a 10.5% growth when excluding GRI's impact [4]. Health and Lifestyle Products Segment - The health and lifestyle products segment accounted for 55.6% of total revenue in 2024, with a year-on-year growth of 17.1% and a slight decrease in gross margin by 1.0 percentage points [6]. - For Q1 2025, this segment's revenue grew by 28.8% year-on-year [6]. - Online and offline sales channels contributed to the revenue, with online sales growing by 18.9% and offline sales by 9.3% in 2024 [6][7]. Product Performance - In 2024, the revenue from infection protection products dropped significantly by 61.2%, while other product categories such as high-end wound dressings and surgical consumables showed strong growth [5]. - In Q1 2025, surgical consumables and high-end wound dressings experienced substantial growth rates of 196.8% and 21.1%, respectively [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported strong performance in Q1, with significant contributions from both the medical and consumer goods sectors [1][13] - The revenue for 2024 reached 8.98 billion yuan, a year-on-year increase of 9.7%, while the net profit attributable to shareholders was 700 million yuan, up 19.8% [5][6] - The company has adjusted its profit forecasts for 2025 and 2026, increasing the net profit estimates by 17% and 18% respectively [13] Financial Performance - In Q1 2025, the company achieved a revenue of 2.61 billion yuan, representing a year-on-year growth of 36.5%, and a net profit of 250 million yuan, up 36.3% [6] - The medical consumables segment saw a revenue increase of 1.1% in 2024, while the consumer goods segment grew by 17.1% [7][9] - The gross profit margin for 2024 decreased by 1.7 percentage points to 47.3%, with a notable decline in the medical consumables segment [11][19] Revenue Breakdown - The medical consumables accounted for 43.5% of total revenue in 2024, with a significant contribution from the acquisition of GRI [7] - The consumer goods segment represented 55.6% of total revenue in 2024, with strong growth in online and offline sales channels [9][10] Future Projections - The company forecasts revenues of 11.17 billion yuan in 2025, with a growth rate of 24.4%, and a net profit of 1.02 billion yuan, reflecting a growth rate of 46.6% [14] - The projected EPS for 2025 is 1.75 yuan, with a P/E ratio of 30 [14][19]

Investment Rating - The investment rating for the company is "Buy" with a target price of 60.06 RMB [8][9]. Core Views - The company reported a strong start in Q1 2025, with revenue growth accelerating. For 2024, the company achieved revenue of 8.98 billion RMB, a year-on-year increase of 9.7%, and a net profit of 700 million RMB, up 19.8% year-on-year. The Q1 2025 revenue was 2.61 billion RMB, reflecting a year-on-year growth of 36.5% [1][5]. - The growth in revenue and profit is attributed to the acceleration in consumer goods and the consolidation of GRI in the medical business. The consumer goods segment is showing improvement, and the medical segment has effectively absorbed high base pressures [1][2]. Summary by Sections Consumer Goods - In 2024 and Q1 2025, the health lifestyle consumer goods segment achieved revenues of 4.99 billion RMB and 1.34 billion RMB, respectively, with year-on-year growth of 17.1% and 28.8%. Key product categories such as cotton soft towels and sanitary napkins saw significant growth, with revenues increasing by 31% and 18% respectively in 2024 [2]. Medical Supplies - The medical supplies segment reported revenues of 3.91 billion RMB in 2024 and 1.25 billion RMB in Q1 2025, with year-on-year growth of 1.1% and 46.3%. The infection protection products faced a high base pressure, with a revenue decline of 61.2% in 2024, but this pressure is gradually being absorbed [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth diluting expenses [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of 1.06 billion RMB, 1.30 billion RMB, and 1.59 billion RMB for 2025, 2026, and 2027 respectively. The target price is based on a 33 times PE ratio for 2025 [5][9].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].