IPO专题：新股精要—国内主要的医用敷料出口企业之一健尔康

Investment Rating - The investment rating for the company is "Increase" [22] Core Viewpoints - The company, Jianerkang (603205.SH), is one of the leading medical dressing export enterprises in China, ranking fourth in the country for seven consecutive years. In 2023, the company achieved revenue and net profit of 1.034 billion and 124 million RMB respectively. As of October 18, the average PE ratios for comparable companies for 2023, 2024, and 2025 are 35.75, 17.67, and 14.63 respectively [2][3]. Summary by Relevant Sections Company Overview - Jianerkang is a major player in the medical dressing export market, establishing long-term stable partnerships with renowned international brands such as Cardinal and Medline. The company has been focusing on expanding its OEM production scale while promoting its own brand development [3][5]. Business Analysis - The company primarily engages in the R&D, production, and sales of disposable medical devices and disinfectant hygiene products, with approximately 80% of its revenue coming from overseas markets. The overall performance growth has slowed down post-pandemic, with a compound annual growth rate (CAGR) of 14.96% in revenue and -3.12% in net profit from 2021 to 2023. The company’s gross margin has experienced slight fluctuations due to factors such as exchange rate volatility and product mix [3][5][8]. Industry Development and Competitive Landscape - The global medical device industry has maintained a high growth rate, with China's medical device market reaching 1.24 trillion RMB in 2022. The global medical dressing market is also experiencing stable growth, particularly in high-end wound dressings. The industry concentration is currently low, but leading companies are actively expanding globally, which is expected to increase industry concentration [12][13][14]. Comparable Company Valuation - The static PE ratio for the "C35 Specialized Equipment Manufacturing" industry is 26.00. The average PE ratios for comparable companies as of October 18, 2024, are 35.75 for 2023, 17.67 for 2024, and 14.63 for 2025 [16].