Winner Medical(300888) 天风证券·2024-12-15 06:09Investment 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].