Winner Medical(SZ:300888)2024-06-21 10:07Group 1: Company Overview - The company operates two main business segments: medical consumables under the "Wanjian Medical" brand and health consumer products under the "Cotton Era" brand, both of which are developing synergistically [1] - The medical consumables business experienced rapid growth during the public health event, and adjustments were made in team building, product structure, capacity, and inventory in 2023 [1] - In 2024, the company has a clear strategy focusing on three main channels: overseas business, domestic serious medical, and retail daily medical, with steady progress in the medical sector [1] Group 2: Financial Performance - In 2023, the medical segment's performance was affected by the aftermath of the public health event, leading to a drop in overall performance [3] - The "Cotton Era" brand achieved a gross profit margin of 56.9% in 2023, an increase of 3.9 percentage points, and an operating profit of 490 million yuan, up 24.0% year-on-year [4] - The company plans to enhance profitability through discount control, cost reduction, new product iterations, and refined operational management in 2024 [4] Group 3: Sales and Market Strategy - During the 618 sales period in 2024, the overall sales revenue of "Cotton Era" increased by over 15% year-on-year, with key product categories ranking first in their respective markets [3] - The company plans to expand its offline store presence, targeting approximately 100 new stores in 2024, focusing on first and second-tier cities for direct sales and franchising in core third and fourth-tier cities [3] - The medical business's revenue structure is expected to stabilize, with traditional wound dressings contributing about one-third of the medical segment's revenue [4] Group 4: Future Outlook and Risk Management - The company views 2024 as a "new starting year" for operations, aiming to return to a predictable upward trajectory based on accumulated brand awareness and management capabilities [3] - The impact of recent U.S. tariffs on medical consumables is limited, as less than 1% of the medical segment's revenue comes from exports to the U.S. [4] - The company maintains a flexible cash reserve strategy, planning to invest in strategic acquisitions, new product development, and marketing network construction while balancing shareholder returns [5]