稳健医疗：全棉时代加速成长

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].