INTCO MEDICAL(SZ:300677) China Post Securities·2025-11-07 12:14Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company, Yingke Medical, is a leading global supplier of personal protective equipment, particularly disposable gloves, with an annual production capacity of 87 billion pieces [5] - The company reported a revenue of 7.425 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.60%, while the net profit attributable to the parent company was 924 million yuan, up 34.47% year-on-year [4] - The company has achieved significant market recognition, being awarded the title of "No. 1 in national sales of disposable gloves" and "No. 1 in national sales of disposable nitrile gloves" [5] Financial Performance - For Q3 2025, the company reported a revenue of 2.511 billion yuan, a decrease of 2.90% year-on-year, but the net profit attributable to the parent company increased by 113.04% to 214 million yuan [4] - The projected revenues for 2025, 2026, and 2027 are 9.928 billion yuan, 12.328 billion yuan, and 15.400 billion yuan, with year-on-year growth rates of 4.25%, 24.18%, and 24.92% respectively [6] - The projected net profit attributable to the parent company for the same years is 1.270 billion yuan, 2.043 billion yuan, and 3.091 billion yuan, with growth rates of -13.37%, 60.94%, and 51.28% respectively [6] Market Position and Strategy - The company is enhancing its brand marketing efforts in the domestic market, successfully entering high-end retail channels and achieving top rankings in e-commerce during promotional events [5] - The company has established a strategic partnership with JD Health to explore innovative service models in the "Internet + healthcare" space [5]