INTCO MEDICAL(SZ:300677) KAIYUAN SECURITIES·2025-10-29 09:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to see significant profit growth as it prepares to resume operations in the U.S. market, aided by new overseas production capacity [4] - In Q1-Q3 2025, the company achieved revenue of 7.425 billion yuan (up 4.60% year-on-year) and a net profit attributable to shareholders of 924 million yuan (up 34.47% year-on-year) [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 1.315 billion yuan, 1.841 billion yuan, and 2.338 billion yuan respectively [4] Financial Performance Summary - Revenue for 2025 is projected at 10.013 billion yuan, with a year-on-year growth of 5.1% [8] - The gross margin is expected to improve from 24.2% in 2025 to 26.2% by 2027 [12] - The company’s earnings per share (EPS) are forecasted to be 2.01 yuan in 2025, increasing to 3.57 yuan by 2027 [8] Market Outlook - The global disposable glove market is anticipated to reach sales of 83.293 billion units and revenue of 13.6 billion USD in 2025, with significant growth expected in the nitrile glove segment [5] - The company is strategically positioned to benefit from the growing demand for nitrile gloves, with a focus on securing stable raw material supplies through upstream investments [5] Production Capacity and Technology - The company’s total production capacity for disposable gloves is projected to reach 87 billion units in 2024, with a 5.33% year-on-year increase [6] - The company operates six production bases in China, utilizing advanced technology and automation to maintain high efficiency and quality [6]