新股覆盖研究：健尔康

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 Index [34]. Core Insights - The company, Jianerkang (603205.SH), specializes in the research, production, and sales of medical dressings and disposable medical devices, with a significant focus on OEM production and export sales [9][10]. - The company has established long-term strategic partnerships with renowned international medical dressing brands, including Cardinal, Medline, and Owens&Minor, contributing to a stable revenue stream [26]. - The company has shown resilience with a revenue increase of 5.97% year-on-year in the first half of 2024, alongside a 14.55% increase in net profit [10]. Financial Performance - The company reported revenues of 782 million yuan, 1.093 billion yuan, and 1.034 billion yuan for the years 2021, 2022, and 2023, respectively, with year-on-year changes of -51.83%, 39.79%, and -5.46% [3][10]. - The net profit for the same years was 131.6 million yuan, 157.3 million yuan, and 123.5 million yuan, with year-on-year changes of -65.74%, 19.53%, and -21.48% [3][10]. - For 2024, the company anticipates a revenue growth of approximately 9.65% to 12.46% and a net profit increase of 10.18% to 15.09% for the first nine months [31]. Industry Overview - The global medical dressing market has shown stable growth, with the market size increasing from 10.531 billion USD in 2015 to an estimated 13.284 billion USD in 2020 [17][19]. - The Chinese medical dressing market has also expanded rapidly, growing from 4.687 billion yuan in 2015 to 10.886 billion yuan in 2022 [19][21]. - The company ranks fourth among domestic medical dressing exporters for seven consecutive years, highlighting its competitive position in the industry [26]. Company Highlights - The company has a strong focus on OEM production, with over 70% of its sales coming from exports, primarily to markets in the US, Europe, and Latin America [26]. - The company is actively investing in high-end medical dressings and non-woven fabric products, aiming to enhance its future business potential [27]. - The company has developed a range of high-end medical dressing products, achieving sales revenue exceeding 2 million yuan in 2023 [27]. Investment Projects - The company plans to invest 72 million yuan in three main projects, including high-end medical dressings and non-woven fabric production, a research and development center, and an information system upgrade [28][30].