Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][18] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 95.23 billion yuan, representing a year-over-year increase of 37.65%. The net profit attributable to shareholders is forecasted to reach 14.65 billion yuan, a substantial increase of 282.63% year-over-year [6][9] - The company has a strong cost and capacity advantage, with a capacity utilization rate reaching 100%. The recovery in glove prices and the elimination of outdated production capacity in the industry are key factors driving growth [6][7] - The company is expanding its production capacity and has a global layout that mitigates geopolitical risks. The demand for nitrile gloves is expected to rise, with global sales projected to reach 829.3 billion pieces in 2025 [7][8] Financial Summary - Revenue for 2024 is projected at 95.23 billion yuan, with a year-over-year growth of 37.65%. The net profit attributable to shareholders is expected to be 14.65 billion yuan, reflecting a year-over-year increase of 282.63% [6][9] - The gross margin for personal protective equipment is 24.24%, an increase of 10.96 percentage points, while the gross margin for rehabilitation care products is 15.37%, up by 2.54 percentage points [6] - The company’s earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.49 yuan, 2.94 yuan, and 3.46 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.0, 7.6, and 6.5 [6][9] Industry Outlook - The global market for disposable gloves is expected to grow significantly, with nitrile gloves leading in both volume and price recovery post-pandemic. The Chinese nitrile glove market has clear growth logic, with expectations for both volume and price increases [7][8] - The company is strategically positioned in the upstream raw material supply chain, ensuring stable supply for glove production [7]