研報掘金丨東吳證券:維持穩健醫療“增持”評級,核心品類衛生巾保持強勁增長
東吳證券研報指出,穩健醫療25Q1業績高增,Q2預計略有放緩,整體表現良好。25Q1營收26.1億元/yoy+36.5%,歸母淨利潤2.5億元/yoy+36.3%,扣非歸母淨利潤2.3億元/yoy+62.5%,在消費高增長+醫療併購增厚業績帶動下,延續高增長態勢。Q2受內外部多因素影響,預計消費品業務增長較Q1有所放緩,但仍有望實現同比增長高雙位數。Q2以來消費品業務受內外部因素影響同比增速較Q1有所放緩,但核心品類衛生巾保持強勁增長,同時成人內褲、新生兒產品放量大漲,我們預計伴隨營銷調整及新品投放,棉柔巾有望恢復快速增長態勢。考慮Q1高增+Q2短期銷售波動,該行維持2025/2026年歸母淨利潤預測值9.52/11.17億元,增加2027年預測值13.33億元,對應2025-2027年PE分別爲24/21/17X,維持“增持”評級。
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