研報掘金丨華福證券:首予豪悅護理“買入”評級,自主品牌加快佈局
華福證券研報指出,豪悅護理爲吸收性衛生用品製造龍頭。近年加快自主品牌佈局,目前擁有紙尿褲、成人紙尿褲、溼巾自主品牌,2024年公告收購湖北絲寶集團、旗下擁有潔婷衛生巾品牌,正式進軍國內衛生巾自主品牌領域。2024年歸母淨利3.88億元、同比-11.65%,25Q1營收、歸母淨利分別同比+42.42%、+5.67%。認爲在行業產品結構升級、24年新生兒數量回升的背景下,同時外延產能加持,公司25年紙尿褲代工主業有望迴歸正常發展通道。目前公司股價對應25年、26年PE爲19X、16X,低於可比公司平均值。公司作爲吸收性用品行業製造龍頭,主業經營回暖、份額持續提升,自主品牌加快佈局支撐估值提升,看好製造+品牌雙驅成長,首次覆蓋給予“買入”評級。
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