Investment Rating and Target Price - The report initiates coverage on Winner Medical with a "Buy" rating and a target price of RMB 48.44, based on a 25-year 28X target PE [1] - The target price implies a 30.2% upside from the closing price of RMB 37.20 as of December 10, 2024 [10] Core Investment Thesis - Winner Medical is positioned as a dual-driven "consumer + medical" health enterprise, with a clear upward inflection point in its operations [1] - The consumer segment is expected to accelerate growth in 2024, driven by product leadership, integrated marketing, and channel expansion [1] - The medical segment has fully digested the high base of infection protection products, with Q3 2024 returning to normalized growth, and regular products are expected to benefit from industry expansion [1] Consumer Segment Highlights - The consumer segment, led by Purcotton, is gaining momentum with strong growth drivers [2] - Product innovation and SKU optimization are improving operational efficiency [2] - Marketing efforts centered on the "cotton ≠ synthetic" concept are enhancing brand recognition [2] - Online and offline channels are expanding, with Q1-Q3 2024 revenue growth of +7.1%/+13.8%/+20.6% YoY [2] - The consumer segment is expected to maintain strong growth potential, with ample room for channel expansion [26] Medical Segment Highlights - The high base of infection protection products has been fully digested, with Q1-Q3 2024 revenue declining by -68.1% YoY to RMB 260 million [3] - Q1-Q3 2024 revenue for infection protection products declined by -87.6%/-19.8%/+3.1% YoY, indicating a return to normal growth [3] - Regular medical products are accelerating growth, with Q1-Q3 2024 revenue increasing by +4.3%/+11.0%/+14.3% YoY, driven by product innovation and channel expansion [3] Equity Incentive Plan - The company plans to grant 7.476 million restricted shares to 308 employees, accounting for 1.28% of the total share capital [4] - The performance targets for 2025-2027 are set at 13% (trigger) and 18% (target) YoY revenue growth, with the same requirements for both medical and consumer segments [4] Financial Forecasts and Valuation - The company is expected to achieve net profits of RMB 818 million, RMB 1.006 billion, and RMB 1.186 billion in 2024-2026, with YoY growth of +41.0%/+22.9%/+18.0% [5] - EPS is projected to be RMB 1.41, RMB 1.73, and RMB 2.04 for 2024-2026, respectively [5] - The target PE of 28X for 2025 is based on the average PE of comparable companies [5] Market Differentiation - The report differs from market concerns about the growth potential of both segments [26] - The consumer segment is expected to maintain strong growth momentum, with Q1-Q3 2024 revenue increasing by +13.7% YoY to RMB 3.36 billion [26] - The medical segment has fully digested the high base of infection protection products, with regular products expected to benefit from both internal and external growth drivers [27] Business Overview - Winner Medical operates in both the medical and consumer sectors, with a focus on providing one-stop medical consumable solutions and high-quality cotton-based consumer products [22] - The medical segment covers wound care, infection protection, and health care products, with extensive coverage in domestic and international markets [22] - The consumer segment, under the Purcotton brand, offers a wide range of cotton-based products, including cotton towels, feminine care, baby care, and home textiles [22] Historical Performance and Future Outlook - The company has experienced significant growth over the past three decades, transitioning from OEM medical supplies to a dual-driven "medical + consumer" business model [32][33] - The consumer segment has become a core driver of long-term growth, with over 5.242 million members and 444 offline stores as of H1 2024 [33] - The company is expected to benefit from the recovery of regular medical products and the continued growth of the consumer segment, with a clear inflection point in operations [46]

Group 1: Business Performance and Strategy - The company maintains a core strategy of "product leadership and excellent operations," which has led to sustainable sales growth based on quality, marketing, and operational improvements rather than short-term market behaviors [3] - In the consumer goods sector, the revenue growth is driven by the company's long-term accumulation and three core advantages: 100% cotton concept, quality gene, and medical background [1] - The medical segment's revenue from overseas sales accounted for 45% of total medical income in the first three quarters of 2024, indicating significant growth potential [3] Group 2: Product Development and Market Positioning - The high-end dressing category achieved sales of 570 million yuan in the first three quarters of 2024, representing 21% of medical business revenue, with a year-on-year growth of 34% [3] - The company insists on using 100% cotton and high-grade cotton for its cotton soft towels, maintaining a commitment to quality and differentiation in the market [4] - The pricing strategy for existing products remains unchanged, but discounting has tightened, and new products are introduced to enhance the overall pricing matrix [4] Group 3: Future Outlook and Shareholder Returns - The company plans to dynamically balance shareholder cash returns with its investment development, aiming for a sustainable and stable dividend rate [4] - The gross profit margin for regular medical products is expected to maintain around 40%, with management initiatives aimed at improving overall profitability [4] - The company has implemented a mid-term dividend for the first time in August 2024, achieving a dividend payout ratio of 61% for the first half of the year [4]

Group 1: Meeting Details - The online research meeting took place on December 6, 2024, involving multiple institutions and participants [1][2][3][4]. - A total of 165 participants from various investment firms and securities companies attended the meeting [1][2][3][4]. Group 2: Participating Institutions - Notable institutions included Anzhong Investment, Baoyin Asset Management, and Beijing Chengsheng Investment, among others [1][2][3][4]. - The list of participants features a diverse range of investment firms, including both private equity and public securities companies [1][2][3][4]. Group 3: Participant Representation - Each institution was represented by one or more individuals, indicating a collaborative approach to the research meeting [1][2][3][4]. - The representation included various roles, such as analysts and fund managers, highlighting the expertise present at the meeting [1][2][3][4].

Summary of Conference Call Company and Industry - The conference call focuses on **Wanjian Medical**, a leading company in the **medical and consumer goods** sectors, which has been under continuous tracking by the Huatai team since 2024 [1][2]. Key Points and Arguments Business Performance - The company has seen a **recovery in operational performance** with improved brand and product strength, leading to a **revenue growth rate** that has matched previous high baselines [2]. - In the first three quarters of the year, the company reported a **21% revenue growth**, indicating a strong recovery from past high baseline pressures [2][29]. - The **medical segment** has benefited from ongoing product innovation and channel expansion, leading to a gradual acceleration in growth [2]. Strategic Developments - The company announced the acquisition of **DNA**, which is expected to enhance its export capabilities significantly [2]. - A **stock incentive plan** has been implemented to lock in core team members, which is anticipated to boost organizational motivation and market confidence [2]. Competitive Advantages - The company emphasizes three core competitive advantages: **comprehensive concept**, **quality gene**, and **medical background**. These have been pivotal in differentiating its products in a crowded market [5][7]. - The focus on **high-quality cotton** products has been maintained, distinguishing them from lower-cost synthetic alternatives [6][7]. Marketing and Brand Strategy - The company has engaged high-profile brand ambassadors, such as **Guo Jingjing** and **Zhao Liying**, to enhance brand recognition and consumer engagement [10]. - Marketing strategies have evolved to include **KOLs** and increased content output, aligning with consumer needs [10]. Future Outlook - The company is optimistic about the **sustainability of growth** in both the medical and consumer goods sectors, with a focus on long-term strategies rather than short-term gains [11]. - The **medical segment** is expected to see significant growth from international markets, particularly following the acquisition of **GRI**, which has established production bases in key regions [12][13]. Financial Performance - The **gross margin** for the medical segment has been reported to be high, with certain product lines achieving margins above **50%** [32]. - The company aims to balance revenue contributions from domestic and international markets, targeting a **50-50 split** in the future [38]. Challenges and Risks - The company acknowledges the competitive nature of the domestic market and the need to enhance its **export capabilities** to mitigate risks associated with domestic competition [38]. - There are concerns regarding the **economic environment** and its impact on operational efficiency, with a focus on improving ROI and cost management [33][44]. Other Important Content - The company has been actively engaging in **brand education** to inform consumers about the benefits of its products, particularly in the context of sustainability and health [28][40]. - The management has expressed a commitment to **dividend policies** and shareholder returns, emphasizing the importance of sustainable growth for long-term investor value [45][46]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, competitive advantages, and future growth prospects in the medical and consumer goods sectors.

证券研究报告 | 公司点评 gszqdatemark 2024 12 07 年 月 日 稳健医疗（300888.SZ） 消费品延续快速增长，医疗海外业务中长期具备空间 近况跟踪：消费品业务表现优秀，医用耗材业务发展顺利。1）我们判断 2024Q4 以来 公司消费品业务销售保持快速增长态势：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%，其中棉柔巾、婴童浴巾、婴童抱被等 7 个大单品 销售额在天猫及京东同类目中排名第一。我们判断业务取得亮眼业绩，主要系公司产品 推新、精准营销、高效运营等措施取得成效。2）此前公司发布三季报：2024Q1~Q3 公 司收入为 60.7 亿元，同比+1%；扣非归母净利润为 4.7 亿元，同比-24%。结合考虑 2024Q4 收入及利润均有望稳健增长，我们估计 2024 全年公司收入有望同比增长 10%~15%/归母净利润有望增长 30%左右。 公司发布股权激励计划，目前已经完成首次授予，有望激发中长期业绩潜力。1）公司 发布股权激励计划，授予限制性股票 747.63 万股，约占总股本的 1.28%。首次授予的 激励对象为 308 人，授予价格为 15. ...

证券代码：300888 证券简称：稳健医疗 公告编号：2024-085 稳健医疗用品股份有限公司 关于参加 2024 年度深圳辖区上市公司 集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，稳健医疗用品股份有限公司（以下简称 "公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 12 月 12 日（周四）14:30-17:00，其中公 司与投资者互动的时间为 15:40-17:00。 届时公司董事长兼总经理李建全先生，董事、副总经理兼财务总监方修元先 生，独立董事陈俊发先生、副总经理兼董事会秘书陈惠选女士将在线就公司业绩、 公司治理、发展战略、经营状况、股权激励和可持续发展等投资者关心的 ...

Investment Rating and Valuation - The report assigns a "Buy" rating to the company with a current price of 33.84 yuan and a fair value of 41.62 yuan [1][2][3] - The stock has shown significant growth over the past 3 and 6 months with increases of 44.44% and 17.71% respectively [6] Financial Performance and Projections - Revenue for 2024E is projected at 9,031 million yuan, a 10.3% increase from 2023A, with further growth expected to reach 12,635 million yuan by 2026E [6] - EBITDA is forecasted to grow from 1,348 million yuan in 2023A to 2,131 million yuan by 2026E, indicating strong operational efficiency improvements [6] - Net profit attributable to the parent company is expected to rise from 580 million yuan in 2023A to 1,224 million yuan by 2026E, reflecting a robust recovery and growth trajectory [6] Business Segments and Market Position - The company operates through two main brands: "Winner" for medical products and "Purcotton" for consumer goods, leveraging cotton as a core material [47] - Medical segment revenue accounted for 43.8% of total revenue in 2024Q1-3, with consumer goods contributing 55.4%, showing a balanced business model [7] - The company has expanded its medical product line through acquisitions, enhancing its market position in high-end wound care and surgical products [49] Strategic Initiatives and Growth Drivers - A new equity incentive plan has been introduced, aiming to align management interests with long-term growth targets, with performance triggers set at 13% and 18% revenue growth for 2025 and 2026 [7] - The company is focusing on both organic growth and strategic acquisitions to strengthen its market position and expand its product offerings [49] Industry Analysis and Competitive Landscape - The domestic medical consumables market is large and growing, with a CAGR of 16.10% from 2015 to 2023, expected to reach 3,633 billion yuan by 2025 [94] - Low-value medical consumables, which the company specializes in, are projected to grow at a CAGR of 19.49%, reaching 2,213 billion yuan by 2025, indicating significant market potential [94] - The company is well-positioned to benefit from industry consolidation and the shift towards higher-value medical products, supported by its strong R&D capabilities and international certifications [110]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][20]. Core Insights - The company reported a significant decline in net profit for Q3 2024, with a net profit of 170 million, down 88% year-on-year, primarily due to the accounting treatment of a city renewal project that inflated last year's profit base by 1.36 billion [1][3]. - Excluding the impact of the city renewal project, the net profit for Q3 2024 increased by 62.2% year-on-year, and the net profit after deducting non-recurring items rose by 105% [1][3]. - The company’s revenue for the first three quarters of 2024 was 6.1 billion, a slight increase of 1% year-on-year, with notable growth in the health and personal care segment, which saw a revenue increase of 36.2% [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2 billion, representing a year-on-year growth of 17%, with the medical consumables segment contributing 940 million, up 13.1% [4]. - The overall gross margin for the first three quarters of 2024 was 48.14%, a decrease of 2.03 percentage points, while the net profit margin was 9.66%, down 26.71 percentage points [1][3]. Revenue Breakdown - Medical consumables accounted for 43.7% of total revenue, with a revenue of 2.66 billion for the first three quarters, down 11.5% year-on-year [1]. - The consumer goods segment generated 3.36 billion, up 13.7% year-on-year, with key products like wet and dry cotton towels seeing a revenue increase of 31.3% [1][4]. Strategic Developments - The company is actively expanding its international presence, having completed the acquisition of 75.2% of GRI, which is expected to enhance its supply chain and sales network in North America and Europe [4]. - The report highlights the continuous improvement in brand recognition and core product acceptance, contributing to the company's growth momentum [2]. Earnings Forecast - The earnings forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 800 million, 930 million, and 1.08 billion respectively, with corresponding EPS estimates of 1.4, 1.6, and 1.8 yuan per share [3][5].

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：2024-009 | --- | --- | --- | |-----------------------|-----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------| | | □ 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 | 长城基金 - | 张坚、唐项涛（现场参观） | | 及人员姓名 | 招商证券 - | 刘丽、王雪玉、邓琪静（电话会议） | | 时间 | 2024 年 11 月 18 日 | | | 地点 | 总部会议室 / ...

关于 2024 年限制性股票激励计划首次授予激励对象名单 的核查意见 稳健医疗用品股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法(2018年修订)》（以下简 称"《管理办法》"）、《深圳证券交易所创业板股票上市规则（2024年修订》 （以下简称"《上市规则》"）、《深圳证券交易所创业板上市公司自律监管指 南第1号——业务办理（2024年修订）》和《稳健医疗用品股份有限公司章程（2024 年修订）》（以下简称"《公司章程》"）等有关规定，对公司2024年限制性股 票激励计划（以下简称"本次激励计划"）首次授予激励对象名单进行审核，发 表核查意见如下： 1、获授限制性股票的激励对象均不存在《管理办法》、《上市规则》规定 的不得成为激励对象的情形： （1）最近12个月内被证券交易所认定为不适当人选； （2）最近12个月内被中国证监会及其派出机构认定为不适当人选； 稳健医疗用品股份有限公司监事会 2、获授限制性股票的激励对象包括公司董事、高级管理人员，以及董事会 认为需要激励的其他人员。激 ...