作为全球一次性手套行业的领军企业，英科医疗始终将可持续发展视为企业基因。近日，英科医疗（股 票代码：300677）连续第四年发布《2024年度环境、社会和公司治理（ESG）报告》（以下简称"报 告"），系统性地呈现了其在技术突破、绿色实践、员工关怀及合规治理等维度的深度探索。 ESG 即环境（Environment）、社会（Social）和公司治理（Governance），ESG报告也被称为上市公司 的"第二财报"，是衡量企业社会责任及驱动长期价值增长的关键要素。 报告显示，英科医疗在ESG实践中成果卓著，荣获"A 股医疗器械上市公司ESG TOP20""2024年度上市 公司ESG价值传递奖""金羚奖2024年度ESG创新领军企业"等荣誉；在ESG评级与认证方面，WIND授予 其A级评级，MSCI ESG评定其为BBB级。另外，公司还成功斩获2024年度EcoVadis"COMMITTED"徽 章，进一步提升了行业影响力与公信力。 | MICO | | | | | | --- | --- | --- | --- | --- | | 2024, 可持续发展足迹 | | | | | | 环境E | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with revenue projected at 9.523 billion yuan (up 37.65% year-on-year) and net profit attributable to shareholders at 1.465 billion yuan (up 282.63 year-on-year) [6] - The growth is driven by industry inventory digestion, the elimination of outdated production capacity, and a 100% capacity utilization rate, alongside a recovery in glove prices [6] - The company has a strong cost and capacity advantage, with a global expansion strategy that mitigates geopolitical risks [6] - The disposable glove market is expected to grow, with global sales projected to reach 82.93 billion units and revenue of 13.6 billion USD in 2025 [7] Financial Summary - Revenue for 2024 is expected to be 9.523 billion yuan, with a year-on-year growth of 37.6% [9] - Net profit for 2024 is projected at 1.465 billion yuan, reflecting a year-on-year increase of 282.6% [9] - The gross margin for personal protective equipment is 24.24%, an increase of 10.96 percentage points [6] - The company’s earnings per share (EPS) for 2025 is estimated at 2.49 yuan, with a price-to-earnings (P/E) ratio of 9.0 [6][9] Production Capacity and Technology - The company's total production capacity for disposable gloves is expected to reach 87 billion units in 2024, a year-on-year increase of 5.33% [8] - The company operates six production bases in China, with advanced production technology and automation ensuring high efficiency and low energy consumption [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][18] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 95.23 billion yuan, representing a year-over-year increase of 37.65%. The net profit attributable to shareholders is forecasted to reach 14.65 billion yuan, a substantial increase of 282.63% year-over-year [6][9] - The company has a strong cost and capacity advantage, with a capacity utilization rate reaching 100%. The recovery in glove prices and the elimination of outdated production capacity in the industry are key factors driving growth [6][7] - The company is expanding its production capacity and has a global layout that mitigates geopolitical risks. The demand for nitrile gloves is expected to rise, with global sales projected to reach 829.3 billion pieces in 2025 [7][8] Financial Summary - Revenue for 2024 is projected at 95.23 billion yuan, with a year-over-year growth of 37.65%. The net profit attributable to shareholders is expected to be 14.65 billion yuan, reflecting a year-over-year increase of 282.63% [6][9] - The gross margin for personal protective equipment is 24.24%, an increase of 10.96 percentage points, while the gross margin for rehabilitation care products is 15.37%, up by 2.54 percentage points [6] - The company’s earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.49 yuan, 2.94 yuan, and 3.46 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.0, 7.6, and 6.5 [6][9] Industry Outlook - The global market for disposable gloves is expected to grow significantly, with nitrile gloves leading in both volume and price recovery post-pandemic. The Chinese nitrile glove market has clear growth logic, with expectations for both volume and price increases [7][8] - The company is strategically positioned in the upstream raw material supply chain, ensuring stable supply for glove production [7]

Core Insights - The company, Yingke Medical, reported a significant increase in both revenue and net profit for the year 2024, with total revenue reaching 9.523 billion yuan, a year-on-year increase of 37.65%, and net profit of 1.465 billion yuan, up 282.63% [1][4] - The fourth quarter of 2024 showed particularly strong performance, with revenue of 2.425 billion yuan, a 29.21% increase year-on-year, and net profit soaring to 778 million yuan, reflecting a staggering increase of 1391.98% [1] - The company's profitability improved markedly, with gross margin increasing by 72.56% to 23.64% and net margin rising by 179.26% to 15.66% [1][4] Financial Performance - Total revenue for 2024 was 9.523 billion yuan, compared to 6.919 billion yuan in 2023, marking a 37.65% increase [4] - Net profit for 2024 was 1.465 billion yuan, up from 383 million yuan in 2023, representing a 282.63% increase [4] - The company reported a significant increase in non-recurring net profit, which reached 1.167 billion yuan, a year-on-year increase of 1239.10% [4] Cost and Efficiency - Total expenses related to sales, management, and finance amounted to 370 million yuan, which is 3.88% of revenue, down 37.76% year-on-year [4] - The company’s cash flow from operating activities increased significantly, with a year-on-year growth of 114.78% [8] Market Expectations - Analysts had previously estimated the company's net profit for 2024 to be around 1.257 billion yuan, indicating that the actual results exceeded expectations [2] - Forecasts for 2025 suggest a net profit of approximately 1.516 billion yuan, with an average earnings per share of 2.34 yuan [5] Shareholder Information - The largest fund holding Yingke Medical shares is the GF聚瑞混合A, which holds 3.3198 million shares, reflecting an increase in position [6] - The fund's current scale is 1.516 billion yuan, with a recent net value of 3.5526, showing a decline of 0.93% from the previous trading day but an increase of 26.89% over the past year [6]

精测电子：2024年净亏损9759.85万元 4月24日晚，精测电子（300567）发布2024年年度报告，公司2024年实现营业收入25.65亿元，同比增长 5.59%；实现归属于上市公司股东的净亏损9759.85万元，同比由盈转亏；基本每股收益为亏损0.35元/ 股。 神剑股份：2024年净利润同比增长32.29% 拟10派0.5元 4月24日晚，神剑股份（002361）发布2024年年度报告，公司2024年实现营业收入24.18亿元，同比下降 5.97%；实现归属于上市公司股东的净利润3365.07万元，同比增长32.29%；基本每股收益为0.0354元/ 股。公司拟向全体股东每10股派发现金红利0.5元（含税）。 资料显示，神剑股份成立于2002年4月，专业从事聚酯树脂系列产品的生产销售。 所属行业：基础化工–塑料–合成树脂 资料显示，精测电子成立于2006年4月，主营业务为显示、半导体、新能源检测系统的研发、生产与销 售。 所属行业：机械设备–通用设备–仪器仪表 经纬股份：2024年净利润同比下降36.76% 拟10派1元 4月24日晚，经纬股份（301390）发布2024年年度报告，公司2024年 ...

Core Insights - In 2024, the company reported a revenue of 9.523 billion yuan, representing a year-on-year growth of 37.65% [1] - The net profit attributable to shareholders reached 1.465 billion yuan, a significant increase of 282.63% year-on-year [1] - The net profit excluding non-recurring gains and losses was 1.167 billion yuan, showing a remarkable growth of 1239.1% [1] - The company proposed a cash dividend of 1 yuan per 10 shares for the 2024 fiscal year [1] Industry Overview - The global disposable glove market is gradually returning to a rational development track after experiencing extreme supply-demand imbalances in recent years [1] - From 2020 to 2021, the disposable medical glove industry saw rapid capacity expansion, followed by a stabilization in demand, leading to a temporary oversupply situation [1] - By the second half of 2023, the industry began to clear excess inventory, resulting in improved capacity utilization and a balanced supply-demand relationship in 2024 [1] Company Production Capacity - The company’s annual production capacity for disposable gloves is 87 billion units, with 56 billion units for nitrile gloves and 31 billion units for PVC gloves [2] - The company is also advancing its overseas project development [2] Market Demand - Mature markets such as the US, Europe, and Japan remain the primary demand sources, while domestic and developing markets are expected to be significant growth areas for the future [2] Rehabilitation and Care Business - The rehabilitation and care segment achieved a revenue of 458 million yuan in 2024, reflecting a year-on-year growth of 15.64% [2] - The company is focusing on developing high-end smart products in the wheelchair category and plans to enhance R&D investment in various assistive devices [2] R&D Investment - The company’s total R&D expenditure was 398 million yuan, with an R&D expense ratio of 4.18% [2] - As of the end of the reporting period, the company and its subsidiaries held a total of 282 patents [2]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金一零八组合，，持股减 少占比达0.13%。本期新披露持有英科医疗的社保基金共计1个，即全国社保基金四一一组合。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.75%。 2025年4月24日，英科医疗(300677.SZ)发布2024年年度报告。截至2025年4月23日，共有359个机构投资 者披露持有英科医疗A股股份，合计持股量达1.07亿股，占英科医疗总股本的16.61%。其中，前十大机 构投资者包括中国银行股份有限公司-华宝中证医疗交易型开放式指数证券投资基金、香港中央结算有 限公司、中国工商银行股份有限公司-易方达创业板交易型开放式指数证券投资基金、中国农业银行股 份有限公司-中证500交易型开放式指数证券投资基金、中国工商银行股份有限公司-广发聚瑞混合型证 券投资基金、全国社保基金一零八组合、中国工商银行股份有限公司-广发盛兴混合型证券投资基金、 泰康人寿保险有限责任公司-投连-创新动力、全国社保基金四一一组合、南方兴润价值一年持有混合 A，前十大机构投资者合计持股比例达9.71 ...

Core Viewpoint - In its 2024 financial report, Yingke Medical (300677) announced a revenue of 9.523 billion yuan and a net profit of 1.465 billion yuan, marking a recovery with year-on-year growth rates of 37.65% and 282.63% respectively. However, the company faces significant long-term challenges due to its heavy reliance on nitrile gloves, high dependence on overseas revenue, and limitations in its "trade + manufacturing" strategy [1][2][5]. Financial Performance - The company's net profit for 2024 reached 1.465 billion yuan, a dramatic increase of 282.63% compared to 3.83 billion yuan in 2023 [2]. - The total revenue for 2024 was 9.523 billion yuan, reflecting a year-on-year growth of 37.65% from 6.919 billion yuan in 2023 [2]. - The gross profit margin improved due to a rise in the average selling price of nitrile gloves, which contributed over 90% of the company's revenue [2][3]. Product Structure and Market Dependency - Nitrile gloves accounted for 90.31% of the revenue, highlighting a structural imbalance in the product portfolio [2][6]. - The company experienced a significant drop in net profit from 6.29 billion yuan in 2022 to 3.83 billion yuan in 2023, a decline of 39.12%, due to industry destocking [2][3]. Competitive Landscape and Strategic Challenges - The company faces intensified competition as production capacity shifts to countries like Malaysia and new domestic capacities are released [3]. - Despite increasing total production capacity to 87 billion gloves in 2024, overseas subsidiaries reported losses, indicating challenges in global capacity coordination [3][5]. Revenue Composition and Geopolitical Risks - 84.69% of the company's revenue comes from overseas markets, with significant exposure to U.S. tariffs that are set to increase to 50% in 2025 and 100% in 2026 [5][6]. - The reliance on currency fluctuations for profit growth is precarious, as the company benefited from a 42.49% reduction in financial expenses and over 300 million yuan in exchange gains [5]. Leadership and Strategic Direction - Liu Fangyi, the founder, is attempting to navigate the company through a crisis with a new management team, aiming to explore the home care market [7]. - The "5G Global Strategy" faces challenges, including slow progress in the Vietnam factory and local competition in Malaysia, while domestic market channel development lags [7].

证券代码：300677 证券简称：英科医疗 公告编号：2025-049 英科医疗科技股份有限公司 关于公司 2025 年度日常性关联交易预计暨 2024 年 度日常性关联交易确认的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 鉴于市场不断变化，公司生产经营将根据市场变化情况进行适时 调整，因此在年初对全年关联交易总额进行的预测不排除实际执行中 有增减变化的可能。 公司日常关联交易是在平等、互利的基础上进行的，没有损害公 司及股东利益，对公司的财务状况、经营成果不会产生重大影响，也 不会影响公司的独立性，不存在对关联方较大依赖的情况。同时根据 《深圳证券交易所创业板股票上市规则》《英科医疗科技股份有限公 司章程》等相关规定，本次日常性关联交易预计及确认事项无需提交 公司股东大会审议。 | 关联交易 | 关联人 | 关联交 | 关联交易 | 合同签订 金额或预 | 截至披露日 | 上年发生金 | | --- | --- | --- | --- | --- | --- | --- | | 类别 | | 易内容 | 定价原则 | 计金额 | 已发生金额 ...

英科医疗科技股份有限公司 度非经营性资金占用及其他关联资金往来情况汇总表 单位:人民币万元 | 非经营性资金占用 | 资金占 用方名 | 占用方与上市 公司的关联关 算的会计科 | 上市公司核 | 2024 年期初占 | 2024年度占用累计 发生金额(不含利 | 2024年度偿还累 | 2024年度期末 占用形成 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 称 | 系 | 目 | 用资金余额 | 息) | 计发生金额 | 占用资金余额 | 原因 | | | 控股股东、实际控 | | | | | 不适用 | | | | | | 制人及其附属企业 | | | | | | | | | | | 小 计 | | | | | 不适用 | | | | | | 前控股股东、实际 | | | | | | | | | | | 控制人及其附属企 | | | | | 不适用 | | | | | | 12 | | | | | | | | | | | 小 计 | | | | | 不适用 | | | | | | 其他关联方及其附 ...