Sou Hu Cai Jing·2025-11-25 07:55Group 1 - The core viewpoint of the report indicates that the revenue of Yingke Medical in Q3 2025 has slightly decreased year-on-year, suggesting that the prices in the disposable glove industry remain at historically low levels [1] - The net profit attributable to the parent company has significantly increased year-on-year, primarily due to a low base from the same period last year and contributions from non-recurring gains such as changes in the fair value of financial assets [1] - The supply-demand dynamics in the disposable glove industry are expected to continue improving, coupled with the company's capacity expansion and production line upgrades, which are likely to enhance cost control and profitability [1] Group 2 - As a leading enterprise, the company is expected to further increase its global market share due to its advantages in large-scale production, full industry chain layout, and global distribution network [1] - The comprehensive absolute and relative valuation suggests a price range for the company between 44.07 and 48.59 yuan, corresponding to a market capitalization range of 28.9 to 31.8 billion yuan, indicating a premium of 14-26% over the current stock price [1] - The report initiates coverage with an "outperform the market" rating [1]