Dongwu Securities: First giving Haoyue Nursing a "buy" rating, profit potential expected to gradually recover.

Dongwu Securities' research report pointed out that Haoyue Care, as the leading ODM provider of domestic health care products, is accelerating its transformation into a multi-brand operator relying on a stable OEM base. Its self-owned brand "Dafei" and acquired brand "Jieting" are driving long-term growth opportunities. Considering that the company is currently in the brand building investment period and maintaining a high sales expense ratio, with the synergies from M&A integration releasing and scale effects showing, as well as marketing investment stabilizing, profitability is expected to gradually improve from 2026 to 2028. The company's net profit attributable to shareholders is expected to be 297 million/342 million/397 million yuan respectively in 2026-2028, with a year-on-year growth of +28.2%/+14.9%/+16.1%, corresponding to PEs of 16/14/12 times. This is the first coverage, with a "buy" rating.