Winner Medical(300888) 东方证券·2025-05-16 12:44Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.5 CNY based on a 30x PE valuation for 2025 [4][10]. Core Insights - The company achieved a revenue of 89.8 billion CNY in 2024, representing a year-on-year growth of 9.7%, and a net profit attributable to the parent company of 6.95 billion CNY, up 19.8% year-on-year [9]. - The medical consumables business showed resilience, with a 20.4% year-on-year growth when excluding the impact of infection protection products, which saw a 61% decline [9]. - The consumer goods segment demonstrated strong performance, with a revenue increase of 17% in 2024, driven by significant sales growth in key products [9]. Financial Summary - Revenue projections for 2025-2027 are 11,165 million CNY, 12,891 million CNY, and 14,645 million CNY, respectively, with corresponding year-on-year growth rates of 24.4%, 15.5%, and 13.6% [4][10]. - The company's net profit is expected to reach 1,019 million CNY in 2025, with a growth rate of 46.5% [4][10]. - The gross margin is projected to decline slightly from 49.0% in 2023 to 46.2% by 2027, while the net margin is expected to improve from 7.1% to 9.7% over the same period [4][10].