英科医疗：业绩持续环比改善，盈利能力提升

Investment Rating - The report does not specify a clear investment rating for the company, but it indicates a positive outlook based on performance metrics and market conditions. Core Insights - The company reported a revenue of 4.51 billion yuan in H1 2024, representing a year-on-year increase of 36.9%. The net profit attributable to shareholders was 590 million yuan, up 100.2%, and the net profit excluding non-recurring items was 487 million yuan, an increase of 185.2% [1]. - The performance improvement is attributed to the significant channel clearing in the disposable glove industry, leading to a better supply-demand balance and increased production capacity utilization [1]. - The company maintains its position as a global industry leader with an annual production capacity of 79 billion disposable gloves, including 48 billion nitrile gloves and 31 billion PVC gloves [1]. - The company has initiated overseas factory construction to mitigate potential tariff impacts and has actively participated in 17 industry exhibitions to enhance brand influence and market reach [2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 2.2 billion yuan, a 40.1% increase, while Q2 revenue was 2.31 billion yuan, up 34.1%. The net profit for Q1 was 240 million yuan, a 255.6% increase, while Q2 net profit was 350 million yuan, down 21.8% [1]. - The gross margin for H1 2024 was 21.9%, an increase of 11.22 percentage points, and the net margin was 13.1%, up 3.88 percentage points [1]. - The company forecasts net profits of 1.2 billion yuan, 1.51 billion yuan, and 1.94 billion yuan for 2024, 2025, and 2026, respectively [2]. Business Segment Performance - Personal protective equipment revenue reached 4.11 billion yuan in H1 2024, up 38.7%, while rehabilitation and nursing product revenue was 230 million yuan, a 29.97% increase [1]. - The company expects the disposable nitrile glove sales volume to be 48 billion, 56 billion, and 68 billion units for 2024, 2025, and 2026, respectively, with a price increase anticipated in 2024 [4][5].