英科医疗深度报告：潮平两岸阔，向全球丁腈手套龙头迈进

Investment Rating - The investment rating for the company is "Buy" (initial coverage) [1]. Core Viewpoints - The nitrile glove industry is on an upward cycle, characterized by superior performance and high cost-effectiveness, with a continuous increase in penetration rates [1]. - The global glove market has seen inventory depletion since Q1 2024, leading to demand recovery and a potential new upward cycle [1]. - The company has significant cost advantages and ample capital, positioning it to become a global leader in nitrile gloves [1][3]. Summary by Sections Company Overview - The company, Yingke Medical, is a leader in disposable gloves in China and is advancing towards becoming a global leader [4]. - The founder, Liu Fangyi, holds approximately 36% of the shares and has extensive experience in overseas trade [12]. - The company has experienced explosive growth in revenue and profit during 2020-2021, followed by a period of adjustment, with a return to growth expected in 2024 [15]. Nitrile Gloves Market - Nitrile gloves have become the mainstream product in the disposable glove market due to their excellent performance and wide application scenarios [1][17]. - The global nitrile glove sales are projected to exceed 250 billion pieces in 2023, accounting for 36% of total disposable glove sales [1]. - The market for disposable gloves is expected to maintain a compound annual growth rate (CAGR) of about 10% from 2022 to 2025 [19]. Company Advantages - The company has a significant cost advantage due to self-supply of raw materials and the use of clean coal as energy, which is more cost-effective compared to competitors [1][3]. - The company’s production lines are advanced, with a high automation level and efficiency, leading to a product yield rate of over 99% [1]. - The company is actively preparing for overseas capacity expansion and increasing its presence in non-US markets [1][3]. Financial Forecast and Valuation - The company’s projected net profits for 2024-2026 are 1.25 billion, 1.66 billion, and 2.03 billion yuan, representing year-on-year growth rates of 226%, 33%, and 22% respectively [3]. - As of September 13, 2024, the company's market capitalization is 17.6 billion yuan, with corresponding price-to-earnings ratios of 14X, 11X, and 9X for the next three years [3].