证券研究报告 | 公司深度 gszqdatemark 2025 02 26 年 月 日 稳健医疗（300888.SZ） 健康消费引领增长，医疗耗材持续向上 两大业务基本面同步改善，2025 年期待业绩快速释放。2024 年公司基本面企稳 并逐步向好，2025 年业绩有望实现快速增长。1）消费品业务：2024 年以来同比 快速增长，主要得益于产品推新、精准营销等措施逐渐取得成效，伴随着品牌心智 逐步建立，未来有望迈入高质量增长、渠道利润率持续改善的阶段，我们预计 2024~2026 年业务收入 CAGR 约 14%。2）医用耗材业务过去收入及利润波动较 大，影响公司报表业绩表现，2024 年逐步进入正常轨道，未来主业预计健康增长， 同时收购 GRI 为中长期海外业务打开空间。综合来看，我们期待未来两大业务协 同发展，预计共同驱动 2024 年公司收入增长 11%/归母净利润增长 30%左右，预 计 2025 年收入增长 22%/归母净利润增长 40%左右。 此前公司发布股权激励计划，有望激发中长期业绩潜力。发布股权激励计划草案， 针对 2025~2027 年设置业绩目标。此前公司发布股权激励计划草案，考核年度为 ...

2025 年全棉时代战略"产品领先、卓越运营、品牌向上、数智赋能" 产品方面，稳住四大核心战略品的创新力和竞争力。渠道方面，2024 年全 棉时代电商渠道增长优于线下，特别是抖音和传统电商增速引领全渠道， 2025 年预计将继续保持这一趋势。公司将发挥电商运作方面的能力和优 势，把销售做好。 线下渠道方面，2024 年门店同店同比所有增长，2025 年公司要继续精进。 展店计划方面，公司要继续寻找优质项目，2025 年目标新开百家左右新店。 营销方面，公司提出"品牌向上"，要求更优质的内容和更精准的投放，获 得用户共鸣，继续提升品牌势能。 奈丝公主 24 年 12 月电商快速增长 24 年 11 月卫生巾行业舆情事件发生后，奈丝公主凭借过硬的产品品质和 稳健医疗的安心洁净车间的生产环境，承接住了流量红利，多年来积累的 产品品质得到了用户和零售商的认可，12 月在各大电商平台市场排名显著 提升。基于这样难得市场机会，公司希望中长期，无论在线上还是线下， 总体目标是通过不断的努力，成为中国排名前列的卫生巾品牌。 首先从潜力来说，卫生巾的市场潜力比棉柔巾更大。中国卫生巾市场规模 达 1000 亿，头部品牌可做到几十 ...

| 序号 | 机构名称 | 姓名 | 参会方式 | | | 调研时间 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 北京诚盛投资 | 魏琦 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 2 | 北京沣沛投资 | 李爽 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 3 | 北京恒诚拓新 | 高文力 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 4 | 北京金百镕投资 | 马学进 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 5 | 北京久银投资 | 周月婵 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 6 | 北京清和泉资本 | 柯嘉雯 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 7 | 北京橡果资管 | 魏鑫 | 线上调研 | 2025 | 年 1 | 月 | 17 | 日 | | 8 | 北京星石投资 | 蒋京杰 | 线上调研 | 2025 | 年 1 ...

证券研究报告 | 公司点评 gszqdatemark 2025 01 19 年 月 日 稳健医疗（300888.SZ） 健康消费、医用耗材双轮驱动，期待 2025 年业绩释放 2025 年期待医用耗材+消费品两大业务协同发展，带动业绩释放。1）我们估计 2024Q4 公司收入有望快速增长，带动公司 2024 年收入预计增长 10%~15%/归 母净利润有望增长 30%左右：①消费品业务估计 2024Q4 保持快速增长态势，主 要系公司产品推新、精准营销、高效运营等措施取得成效，未来有望持续。据公司 公告，电商"双十一"活动期间，全棉时代品牌全渠道销售额同比超 20%。②医 疗耗材业务恢复健康增长，2024Q4 并表 GRI 后预计同比高速增长。2）展望 2025 年，我们判断消费品业务基本面强劲表现预计持续，品牌提升、运营提效、渠道 提质共同驱动业务增长；医疗业务收购 GRI 后进一步扩张业务版图，有望拓展海 外业务空间。 健康消费品业务：品牌向上，坚持价值回归，产品及渠道优化有望带动 2025 年 业务销售增长、利润率稳健有升。1）公司目前已经形成线上、线下全覆盖的渠道 布局，持续拓展线下优质门店、关闭低效 ...

证券代码：300888 证券简称：稳健医疗 稳健医疗用品股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 （电话会议） | | 参与单位名称 | 华夏基金、博时基金、交银施罗德基金、民生加银基金等 位机构投资者， 235 | | 及人员姓名 | 名单详见附件（排名不分先后） | | 时间 | 2025 年 1 月 17 日 | | 地点 | 总部会议室/电话会议 | | 上市公司接待 | 监事、稳健医疗轮值 CEO：吴克震 | | | 董事、全棉时代副总裁：廖美珍 | | 人员姓名 | 副总经理、董事会秘书：陈惠选 | | | 一、管理层介绍 | | | 2024 年，感染防护产品高基数对财务报表的扰动已过去，医疗板块回归 | | | 到常态化运营；全棉时代在保持毛利率稳定的状态下，每个季度收入增速逐 | | | 季提升（一到三季度收入增速分别是 7%、13%和 21%），全棉时代回归到健 | | ...

Core Viewpoint - The report highlights that Steady Medical (300888.SZ) is experiencing a recovery in its stock performance, with a recent peak price of 44.45 yuan, and emphasizes the company's sustainable growth in its core business areas [1] Group 1: Stock Performance - Steady Medical's stock closed at 40.10 yuan, with a decline of 6.68%, and a total market capitalization of 23.351 billion yuan [1] - The stock saw a consecutive increase over four trading days from December 10 to December 13, with respective gains of 0.40%, 8.55%, 2.77%, and 2.07% [1] - On December 16, 2024, the stock reached its highest price of the previous year at 44.45 yuan, closing at 43.26 yuan with a gain of 2.12% [1] Group 2: Research Insights - Tianfeng Securities published a report titled "Steady Medical (300888): All-Cotton Era Sustainable Development, Medical Export Provides New Opportunities," authored by analyst Sun Haiyang [1] - The report states that the public health events' impact on the medical business has passed, and the All-Cotton Era has returned to a healthy and sustainable growth trajectory without sacrificing profit and gross margin [1] - The report identifies that the medical production capacity and brand expansion overseas will provide new development opportunities for the company [1] - The earnings forecast has been adjusted, and Steady Medical has been upgraded to a "Buy" rating [1]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price set at 42.36 CNY [1][4]. Core Insights - The report highlights that All Cotton Era's sustainable development and medical exports present new opportunities for growth. The company's differentiation strategy, focusing on 100% cotton products, has led to sustainable growth despite market pressures [1][2]. - The medical segment has seen a recovery from the high base effect of infection protection products, positively impacting brand recognition and sales growth. The acquisition of GRI is expected to enhance production capacity and market access, particularly in the U.S. [3][4]. Summary by Sections Investment Rating - The investment rating is adjusted to "Buy" based on improved earnings forecasts and sustainable growth prospects [4]. Company Overview - All Cotton Era has maintained a strong market position through its commitment to high-quality products and effective marketing strategies. The company has adapted tactically to market changes while adhering to its core strategy of "product leadership and operational excellence" [2][4]. Financial Performance - The report projects the company's net profit for 2024-2026 to be 810.26 million, 1,034.53 million, and 1,268.68 million CNY respectively, with EPS expected to be 1.39, 1.78, and 2.18 CNY per share [4][10]. - The company’s revenue is forecasted to grow from 8,356.91 million CNY in 2024 to 11,567.06 million CNY in 2026, reflecting a compound annual growth rate [10]. Strategic Initiatives - The acquisition of GRI is noted for its strategic significance, providing access to global production bases and enhancing the product line's synergy with All Cotton Era's offerings [3][4]. - The report emphasizes the importance of maintaining high product quality and operational efficiency to ensure sustainable sales growth [2][4].

公司研究·公司快评 纺织服饰·服装家纺 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 优于大市 稳健医疗（300888.SZ） 材质营销叠加行业事件凸显产品优势，消费品业务有望加速增长 事项： 公司近况：2024 年第四季度，公司消费品业务在营销发力叠加行业热点事件发酵的背景下，有望实现加速 增长。第三方线上数据显示，2024 年 10-11 月，全棉时代品牌和奈丝公主品牌合计销售额增速相比 2024 年前三季度显著加速，公司两大核心品类棉柔巾和卫生巾 10-11 月销售增长均超过 30%；医疗板块，三季 度开始防疫产品高基数影响基本消除，回归常态化增长；外延增长方面收购 GRI，有利于海外产能和渠道 拓张。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年12月13日 国信纺服观点：1）消费板块：公司产品为 100%全棉材质，通过 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4]. Core Views - The company's consumer goods business is expected to accelerate growth due to enhanced marketing efforts and industry events. Sales growth for the core categories of cotton soft towels and sanitary napkins exceeded 30% in October and November 2024 [3][4]. - The medical segment has returned to normalized growth as the high base effect from pandemic-related products has diminished. The acquisition of GRI is expected to enhance overseas capacity and channel expansion [3][4]. - The company has adjusted its revenue growth forecasts for the consumer business for Q4 2024 and 2025, anticipating a compound annual growth rate of 39.4% for 2024, 31.1% for 2025, and 15.4% for 2026 [4][36]. Summary by Sections Consumer Segment - The company focuses on 100% cotton products, which have seen rapid sales growth. The cotton soft towel category has maintained high growth rates, with online sales increasing by 37% in October and November [5][6]. - The sanitary napkin brand "Nais Princess" has performed well amid negative events in the industry, with online sales growth accelerating to 35% in the same period [17][18]. - The company plans to open approximately 100 new stores annually, focusing on optimizing product categories and improving store efficiency [4][28]. Medical Segment - The medical business has seen a return to double-digit growth, with a 13.1% increase in revenue in Q3 2024. The acquisition of GRI is expected to contribute positively to earnings [30][31]. - The company aims to leverage synergies from the GRI acquisition to enhance production, sales networks, and product offerings [30][31]. Financial Projections - The company has revised its profit forecasts upward, expecting net profits of 8.1 billion, 10.6 billion, and 12.2 billion yuan for 2024, 2025, and 2026 respectively [4][36]. - The target price has been adjusted to 43-47 yuan, reflecting a price-to-earnings ratio of 24-26x for 2025 [4][36].