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Research Reports Gold Mining丨Guosen: Maintain Winner Medical "Outperform the Market" rating, raising the Target Price to 43-47 yuan.
Guosen's Research Reports indicate that in the fourth quarter of 2024, Winner Medical (300888.SZ) is expected to achieve accelerated growth in its Consumer Business against the backdrop of intensified marketing efforts and the fermentation of industry hotspots. Third-party online data shows that in October-November 2024, the combined sales growth rate of the Cotton Times brand and Nice Princess brand has significantly accelerated compared to the first three quarters of 2024, with sales growth for the company's two core categories, cotton soft towels and sanitary napkins, exceeding 30% in October-November. In the Medical Sector, the high baseline impact from epidemic prevention products that began in the third quarter has basically been eliminated, returning to normalized growth. In terms of external growth, acquisitions are underway.
Be Wary Of Winner Medical (SZSE:300888) And Its Returns On Capital
Winner medical (300888.SZ): Excluding infection protection products, the gross margin for medical routine products achieved 40% in the first three quarters.
On December 9th, Glonghui reported that Winner Medical (300888.SZ) stated on the investor interaction platform that since the outbreak of public health events, the medical business has transitioned from the impact of a high base to normalized operation. The proportion of high gross margin and high growth products (such as high-end dressings and personal health care products) within the entire medical sector is gradually increasing. Excluding infection protection products, the cumulative gross margin for conventional medical products in the first three quarters has reached 40%, and it is expected to maintain this level. On the cost side, with the steady increase in sales growth, fixed costs are expected to be shared, and on the marketing side, we will strengthen ROI control to enhance the precision of expense allocation.
Winner Medical (300888.SZ): Cumulatively, in the first three quarters of 2024, foreign sales accounted for 45% of the medical sector's revenue.
On December 9, Glonghui reported that winner medical (300888.SZ) stated on the investor interaction platform that it has been engaged in export business for 33 years, accumulating rich market experience. After returning to normal, in the first three quarters of 2024, foreign sales accounted for 45% of the medical sector's revenue, and there is great growth potential for this business in the future. The company announced the acquisition project of GRI in late September 2024, which has multiple strategic significances: on one hand, GRI has production bases in china, usa, Vietnam, and the Dominican Republic, and winner medical will utilize its global production bases for optimization.
Winner Medical (300888.SZ): The cumulative sales of infection protection products in the first three quarters were 0.26 billion yuan, accounting for 10% of the scale of medical business income.
Winner Medical (300888.SZ) stated in a recent investor relations event that currently, the main sales of infection protection products are flat masks, and the market still has normal demand, with a solid business foundation. The company has also launched many new products this year, such as cotton-lined masks, biodegradable masks, which provide more comfort when worn and are also more eco-friendly. With the promotion of innovations and sales initiatives, as of the first three quarters of 2024, cumulative sales of infection protection products totaled 0.26 billion yuan, accounting for 10% of the scale of medical business revenue.
Winner Medical (300888.SZ) granted 6.9763 million restricted stocks at a grant price of 15.39 yuan per share.
Winner Medical (300888.SZ) announced that the board of directors and the supervisory board have approved "Regarding the 2024...
Winner Medical Co., Ltd.'s (SZSE:300888) Price Is Right But Growth Is Lacking
