行业库存见底，公司手套业务有望迎来量价齐升

Investment Rating - The investment rating for the company is "Buy" with initial coverage [9] Core Views - The company has shown a revenue growth of 4.61% year-on-year in 2023, with total revenue reaching 6.919 billion yuan. However, net profit decreased by 39.12% to 383 million yuan. In Q1 2024, revenue surged by 40.06% to 2.203 billion yuan, and net profit increased significantly by 255.63% to 238 million yuan [11][15] - The company is expanding its production capacity and upgrading its technology, which is expected to enhance efficiency and reduce costs. The annual production capacity for disposable gloves has increased from 75 billion to 79 billion units [12] - The company anticipates a recovery in demand as industry inventory levels are nearing depletion, leading to potential price increases and improved profitability [15] Financial Summary - In 2023, the company achieved a total revenue of 6.919 billion yuan, with a growth rate of 4.61%. The projected revenues for 2024, 2025, and 2026 are 8.685 billion yuan, 9.974 billion yuan, and 10.989 billion yuan, respectively, with growth rates of 25.53%, 14.84%, and 10.18% [17] - The net profit for 2024 is projected to be 1.185 billion yuan, reflecting a significant growth rate of 209.52% compared to 2023 [15][17] - The company’s earnings per share (EPS) is expected to rise from 0.59 yuan in 2023 to 1.83 yuan in 2024, indicating a strong recovery trajectory [17]