英科医疗：防护手套业务高速增长，毛利率持续提升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue for the first half of 2024 reached 4.512 billion RMB, a year-on-year increase of 37%, with a net profit of 587 million RMB, up 100% year-on-year [2] - The disposable glove business is experiencing rapid growth, with a significant increase in sales of nitrile gloves, contributing to a gross margin improvement [2] - The company is expanding its production capacity, with an annual capacity of 79 billion gloves, including 48 billion nitrile gloves, positioning it as a leader in the industry [2] Summary by Sections Performance Overview - In Q2 2024, the company achieved revenue of 2.309 billion RMB, a 34% increase year-on-year and a 5% increase quarter-on-quarter [2] - The gross margin for Q2 2024 was 23.1%, reflecting a 2.4 percentage point increase from the previous quarter and a 9.7 percentage point increase year-on-year [2] Business Analysis - The personal protective equipment segment generated 4.112 billion RMB in revenue, up 39% year-on-year, while rehabilitation and nursing products contributed 233 million RMB, a 30% increase [2] - The company is implementing technological upgrades in production lines to enhance efficiency and reduce energy consumption, further improving profitability [2] Capacity and Expansion - The company is steadily advancing its domestic and international production base construction, with the domestic base in Anhui and an overseas project in Vietnam [2] - The annual production capacity for disposable gloves is 79 billion units, with 48 billion units for nitrile gloves and 31 billion units for PVC gloves [2] Profit Forecast and Valuation - The earnings forecast for 2024-2026 has been raised by 19%, 26%, and 28% respectively, with projected net profits of 1.216 billion, 1.552 billion, and 1.880 billion RMB [2] - The current price corresponds to a PE ratio of 14, 11, and 9 for the years 2024, 2025, and 2026 respectively [2]