INTCO MEDICAL(SZ:300677) China Post Securities·2025-11-10 11:47Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is gradually showing signs of an industry turning point and is progressing towards becoming a global leader in nitrile gloves [4] - For the first three quarters of 2025, the company achieved operating revenue of 7.425 billion yuan, a year-on-year increase of 4.60%, and a net profit attributable to the parent company of 924 million yuan, a year-on-year increase of 34.47% [4] - The company has a leading position in the disposable glove market, with an annual production capacity of 87 billion gloves, including 56 billion nitrile gloves and 31 billion PVC gloves [5] Company Overview - Latest closing price: 38.69 yuan - Total shares/ circulating shares: 655 million / 466 million - Total market value/ circulating market value: 25.3 billion yuan / 18 billion yuan - 52-week high/low price: 45.50 / 20.71 - Debt-to-asset ratio: 48.9% - Price-to-earnings ratio: 17.12 - Largest shareholder: Liu Fangyi [3] Financial Performance - In Q3 2025, the company achieved operating revenue of 2.511 billion yuan, a year-on-year decrease of 2.90%, and a net profit attributable to the parent company of 214 million yuan, a year-on-year increase of 113.04% [4] - The company is expected to achieve revenues of 9.928 billion yuan, 12.328 billion yuan, and 15.400 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.25%, 24.18%, and 24.92% [6] - The projected net profit attributable to the parent company for 2025-2027 is 1.270 billion yuan, 2.043 billion yuan, and 3.091 billion yuan, with year-on-year growth rates of -13.37%, 60.94%, and 51.28% [6] Market Positioning - The company has strengthened its brand marketing in the domestic market, successfully entering high-end supermarkets and achieving top rankings in e-commerce during promotional events [5] - The company has signed a strategic cooperation agreement with JD Health to explore innovative service models in "Internet + healthcare" [5]