公司屹立全球行业龙头，多项核心优势凸显。分产品看，公司一次性手套年化产能为790 亿只。其中一次性丁腈手套年化产能为480 亿只，一次性PVC手套年化产能为310 亿只。同时，稳步推进安徽安庆以及越南项目建设。2024H1公司个人防护类收入41.1亿元（+38.7%），康复护理类收入2.3亿元（+29.97%），其他产品收入1.7 亿元（+10.1%），在一次性手套市场发生较大变动的形势下，公司依托领先的生产技术及工艺、强大的营销和服务能力、产能快速扩张等竞争优势，维系了全球行业龙头地位，近年来公司快速扩充产能，不断升级生产技术与装备，持续提升生产线速度。Event: The company released its 2024 semi-annual report. 2024H1 achieved revenue of 4.51 billion yuan (+36.9%); realized net profit of 0.59 billion yuan (+100.2%); realized net profit without deduction of 0.487 billion yuan (+185.2%).
The industry showed clear results, and performance improved month-on-month. On a quarterly basis, the company's 2024Q1/Q2 revenue was 2.2/2.31 billion yuan (+40.1%/+34.1%), achieved net profit due to mother 0.24/0.35 billion yuan (+255.6%/-21.8%), respectively, and achieved net profit of 0.16/0.33 billion yuan (+194.6%/-4.4%) after deduction of non-return to mother, respectively.
The month-on-month improvement in the company's performance is mainly due to the obvious channel clearance effect in the 24H1 disposable gloves industry, and the overall capacity utilization rate of the industry has increased markedly. Currently, the company is in a state of full production. The supply and demand relationship within the industry is gradually returning to balance. Second, the company's profitability continues to improve through lean measures such as upgrading production line technology, increasing line speed, and reducing energy consumption. 2024H1, the company's gross margin was 21.9% (+11.22pp), net margin was 13.1% (+3.88pp), sales expense ratio was 3.03% (-0.28pp), management expense ratio was 5.5% (-1.88pp), and R&D expenses rate was 4.2% (+0.14pp).
The company stands as a leader in the global industry, and many core strengths are highlighted. By product, the company's annual production capacity of disposable gloves is 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, we are steadily advancing the construction of projects in Anqing, Anhui and Vietnam. 2024H1's personal protection revenue is 4.11 billion yuan (+38.7%), rehabilitation and nursing revenue is 0.23 billion yuan (+29.97%), and revenue from other products is 0.17 billion yuan (+10.1%). Under the situation of major changes in the disposable gloves market, the company has maintained a leading position in the global industry by relying on competitive advantages such as leading production technology and technology, strong marketing and service capabilities, and rapid expansion of production capacity. In recent years, the company has rapidly expanded production capacity and continuously upgraded production technology and equipment. Increase production line speed.
Overseas plant construction deals with potential tariff impacts. In order to cope with the impact of potential tariffs imposed by the US, the company has now selected sites for overseas factories. In the first half of 2024, the company's partners actively visited exhibitions and customers around the world. They participated in a total of 17 international and domestic exhibitions in the industry, effectively developing domestic and foreign markets, increasing brand influence, and promoting the continuous steady growth of the company's various products. In the first half of 2024, the company successively launched a marketing website for Yingke medical devices, a marketing website for medical consumables, and a marketing website for physiotherapy and nursing care.
Profit forecast: The estimated net profit for 2024-2026 is 1.2, 1.51, and 1.94 billion yuan, respectively.
Risk warning: risk of price reduction for disposable gloves, risk of rising raw material costs, risk of order volume falling short of expectations, risk of exchange rate fluctuations.
