从产品类别看，个人防护类收入61.79 亿元，同比增长 2.91%；康复护理类收入3.96 亿元，同比增长4.76%；其他产品收入3.43 亿元，同比增长48.56%。Brief performance review
The company released the 2023 annual report and the 2024 first quarter report. In 2023, the company achieved operating income of 6.919 billion yuan, an increase of 4.61%; realized net profit attributable to owners of the parent company of 383 million yuan, a year-on-year decrease of -39.12%; and the company's net profit attributable to owners of the parent company in 2023 after deducting non-recurring profit and loss was 87 million yuan, a year-on-year decrease of 81.05%.
In 2024, Q1 achieved operating income of 2.03 billion yuan, an increase of 40.06% year on year; realized net profit attributable to owners of the parent company of 238 million yuan, an increase of 255.63% year on year; net profit attributable to owners of the parent company in 2024 after deducting non-recurring profit and loss was 161 million yuan, an increase of 194.63% year on year.
In terms of product categories, revenue from personal protection was 6.179 billion yuan, up 2.91% year on year; revenue from rehabilitation and nursing was 396 million yuan, up 4.76% year on year; revenue from other products was 343 million yuan, up 48.56% year on year.
23 years of business analysis
In 2023, the company rapidly expanded production capacity, continuously upgraded production technology and equipment, and continued to increase production line speed. During the reporting period, the company's annual production capacity of disposable gloves increased from 75 billion to 79 billion. Among them, the annual production capacity of disposable nitrile gloves is 48 billion, and the annual production capacity of disposable PVC gloves is 31 billion. At the same time, the company is steadily advancing project construction in Qingzhou, Weifang, Shandong, and Huaining in Anqing, Anhui.
The company's disposable glove production line continues to be upgraded and optimized to achieve the effect of improving efficiency and reducing costs. The company has top disposable gloves production facilities equipped with advanced production equipment, self-designed production line processes and precise distributed control systems (DCS systems). In particular, with the commissioning of the Jiangxi base, the company has built a third-generation fully automatic nitrile double hand mold production line with independent intellectual property rights, which has higher production efficiency and lower energy consumption, making the company's products have a higher cost advantage.
The company's wheelchair and hot and cold compress production lines continue to work intensively to create a comprehensive blueprint for Yingke medical rehabilitation equipment. The company is developing new products such as wheelchairs and hot and cold compresses, and plans to make technical modifications to existing production lines to continuously increase the market share of the company's wheelchairs and hot and cold compress products.
24-year business plan
The company has continued to promote the construction of production capacity and production efficiency for 24 years. The company will continue to promote the construction of the Yingke Medical Intelligent Medical Device R&D and Marketing Science Park project in Zhangdian District; improve the level of automation and intelligence of production equipment to improve production efficiency; rationally promote natural latex gloves and nitrile gloves projects in Anqing, Anhui and Qingzhou, Shandong; further enhance new product development efforts and comprehensively expand the company's product categories.
Profit forecasting
At present, the backlog of inventory in the downstream industry has reached the end of digestion, and there is a trend of gradually returning to a steady state of supply and demand. We believe that orders for Intech medical gloves will usher in significant growth. There is an opportunity for price increases for the company's products. The company is expected to see a sharp rise in volume and price and a reversal in performance, and revenue and net profit will grow rapidly.
We expect the company's 2024-2026 revenue side to be 8.685 billion yuan, 99.74 billion yuan and 10.989 billion yuan respectively, with revenue growth rates of 25.53%, 14.84% and 10.18% respectively. We expect net profit to be 1,185 billion yuan, 1,536 billion yuan and 1,843 billion yuan respectively from 2024 to 2026, and net profit to mother of 209.52%, 29.54% and 20.04%, respectively.
Risk warning:
Changes in market supply and demand relationships and price fluctuation risks, raw material price fluctuations and supply stability risks, exchange rate fluctuation risks, and the impact of international trade frictions.