以小见大，汇兑损益已影响公司前三季度业绩。 作者 | 观韬 编辑 | 小白 近期，人民币对美元汇率在年末展现出强劲的升值势头，接连突破关键点位，最终重返备受关注 的"7"元心理关口。 具体来看，本轮升值行情启动于2025年11月下旬，随后进入加速通道。在岸与离岸人民币汇率从11月 21日7.11附近开始持续攀升，进入12月下旬后，升值步伐进一步加快。 截止12月29日盘后，离岸人民币对美元汇率收复7.0整数关口，为2024年9月以来首次；在岸人民币对 美元汇率则升破7.01关口，距离"破7"一步之遥。 人民币的持续升值以及美联储接下来的降息预期，让风云君想起本轮牛市启动前关于英科医疗 （300677.SZ）的研报。 在美联储加息背景下，英科医疗通过境外美元存款获取高利息和汇兑收益，同时在境内借入人民币满 足经营需求并购买理财产品赚取息差，以至于呈现出大存大贷的财务特征。 那么，随着人民币的持续升值以及美联储的扩表及降息预期，英科医疗的资产负债表现在是什么情况 呢？ 咱们先来说答案："大存大贷"有增无减，还在加速。 截止2025年三季末，英科医疗短期借款增长至167.03亿，相比2024年二季度增长了近60亿。 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 国信证券研报指出，英科医疗25Q3收入同比微降，表明一次性手套行业价格仍处历史较低区间；归母 净利润同比大增，主要得益于去年同期低基数及本期金融资产公允价值变动收益等非经常性损益贡献。 一次性手套行业供需格局有望持续优化，叠加公司产能规模扩张与产线升级，成本控制与盈利能力有望 进一步增强。公司作为龙头企业，凭借规模化生产优势、全产业链布局及全球化渠道网络，有望进一步 提升全球市场份额。综合绝对估值与相对估值，公司价格区间为44.07-48.59元，对应市值区间为289- 318亿元，较当前股价有14-26%溢价空间，首次覆盖，给予"优于大市"评级。 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 44.15 - 49.34 CNY [5][60]. Core Insights - The disposable glove industry is expected to continue its recovery, supported by the company's capacity expansion and production line upgrades, which will enhance cost control and profitability [3][60]. - The company has successfully diversified its market presence, with significant growth in non-US markets and domestic sales, achieving approximately 45% growth in overseas non-US market sales and about 35% growth in domestic market sales in the first half of 2025 [2][21]. - The company is positioned as a leading player in the disposable glove sector, leveraging its scale of production, full industry chain layout, and global distribution network to increase its market share [3][60]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 74.25 billion CNY (+4.60%) and a net profit attributable to shareholders of 9.24 billion CNY (+34.47%), while the non-recurring net profit decreased by 19.32% to 4.84 billion CNY [1][10]. - The gross margin for Q3 2025 was 22.66% (-0.70pp), with a notable increase in management expense ratio to 7.39% (+2.35pp) due to investments in overseas factory construction [2][19]. - The company anticipates revenue growth of 99.9 billion CNY, 120.1 billion CNY, and 138.8 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.4 billion CNY, 17.0 billion CNY, and 20.1 billion CNY [3][60]. Market Dynamics - The disposable glove market is experiencing a recovery, with nitrile glove prices stabilizing and expected to gain further market share due to their superior properties compared to PVC and latex gloves [34][37]. - The company has adapted to changes in the market landscape due to US tariff policies, shifting its production capacity to non-US markets while maintaining full production and sales [2][21]. Production and Cost Structure - The company has an annual production capacity of 87 billion gloves, with 56 billion nitrile gloves and 31 billion PVC gloves, supported by advanced production technology and a decentralized control system [40][41]. - The company is actively implementing a global supply chain strategy, with new production capacity expected to help re-enter the higher-priced US market [2][45]. Management and Governance - The company's management team has extensive industry experience, with the founder and chairman having a deep understanding of the North American market and FDA regulations [32][33]. - The company has a clear ownership structure, with significant control held by the founder, ensuring strong governance [29][30].

Core Viewpoint - The global price of disposable gloves has rebounded from a low in 2024, with the factory price of nitrile gloves produced domestically expected to rise steadily by 2026 [1] - The company has initiated a global supply chain optimization plan to build overseas production bases covering major markets, reducing trade friction risks and enhancing risk resilience [1] - The company’s overseas production capacity is gradually being deployed, providing new growth momentum and further consolidating its global competitive position [1] - In the medium to long term, the global supply and demand for disposable gloves has reached a new balance, with the company’s cost, automation level, and manufacturing process significantly leading the industry [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 7.425 billion, net profit attributable to shareholders of 924 million, and net profit excluding non-recurring items of 484 million, representing year-on-year changes of +4.60%, +34.47%, and -19.32% respectively [2] - In Q3 2025, the company reported revenue of 2.511 billion, net profit attributable to shareholders of 214 million, and net profit excluding non-recurring items of 84 million, with year-on-year changes of -2.90%, +113.04%, and -25.87% respectively [2][3] - The company’s gross profit margin for the first three quarters of 2025 was 23.70%, up 1.27 percentage points year-on-year; however, in Q3 2025, the gross profit margin was 22.66%, down 0.70 percentage points year-on-year and 1.63 percentage points quarter-on-quarter [3] Operational Efficiency - The company’s operational efficiency remained stable in Q3 2025, with total period expense ratio at 19.68%, up 1.84 percentage points year-on-year and 6.24 percentage points quarter-on-quarter [4] - The company’s operating cash flow for Q3 2025 was 361 million, a year-on-year increase of 64.84% [4] - As of the end of September 2025, the company had approximately 5.6 billion in net cash assets, showing little change from the end of 2024 [4] Market Outlook - The factory price of nitrile gloves is expected to rise steadily in 2026, supported by the company’s global supply chain optimization plan [5] - The company has accumulated rich experience in automated production line design, significantly reducing labor and energy consumption while maintaining high product quality [5] - The global disposable glove market has shown steady growth, with a compound annual growth rate of 8.2% from 2017 to 2022, and is expected to return to balance after a period of extreme supply-demand imbalance [6] Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 10.1 billion, 12.3 billion, and 13.8 billion from 2025 to 2027, with year-on-year growth rates of 6.05%, 21.37%, and 12.35% respectively [7] - Net profit attributable to shareholders is projected to be 1.224 billion, 1.790 billion, and 2.154 billion for the same period, with year-on-year growth rates of -16.47%, 46.22%, and 20.32% respectively [7] - The company maintains a "buy" rating based on its strong cost control capabilities and global marketing network advantages [7]

Group 1: Smart Glasses - The global AI glasses market is expected to grow significantly, with sales projected to reach 1.52 million units in 2024 and 5.5 million units in 2025, driven by the launch of multiple AI glasses models from companies like Meta, Alibaba, and Baidu [1][23] - The integration of traditional optical companies into the smart glasses supply chain presents a new growth opportunity, particularly for lens manufacturers [1][40] - 康耐特光学 is highlighted as a leading lens manufacturer with ongoing collaborations in XR business, while 明月镜片 is noted for its partnership with Xiaomi for AI glasses [1][44][45] Group 2: Metal Packaging - The demand for two-piece cans is expected to recover as the market shifts towards increased canization, with the canization rate in China projected to rise from 29.56% in 2024, indicating significant growth potential compared to developed markets [2][52][55] - The industry is witnessing consolidation, with major players like 宝钢包装 and 奥瑞金 enhancing their market share through acquisitions, leading to a more concentrated market [2][59][60] - The profitability of two-piece cans is anticipated to improve as supply-side dynamics stabilize and companies expand their overseas production capabilities [2][64] Group 3: Export Chain - The easing of trade tensions and the Federal Reserve's shift to a rate-cutting cycle are expected to benefit export-oriented companies, improving order volumes [3][19] - Companies like 英科医疗 and 英科再生 are positioned to capitalize on these trends, with ongoing expansions in overseas production [3][22] Group 4: Millet Economy - The millet economy is projected to grow from 168.9 billion yuan in 2024 to 308.9 billion yuan by 2029, driven by a large user base and increasing consumer interest among younger demographics [4][24] - The development of high-quality domestic IP is expected to stimulate consumer demand for millet products, supported by improved distribution channels [4][30]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic importance of green development in China's modernization efforts, emphasizing the need for a comprehensive green transformation in economic and social development [5][8] - The introduction of the first specialized policy document on green trade by the Ministry of Commerce aims to address weaknesses in China's green trade development and promote low-carbon capabilities among enterprises [10][11] - The report outlines China's commitment to climate governance, showcasing significant progress in areas such as carbon market development and regulatory frameworks [12][15] Policy Trends - The Central Committee of the Communist Party of China released guidelines for the 15th Five-Year Plan, emphasizing green transformation and ecological security [5][6] - The Ministry of Commerce issued implementation opinions to expand green trade, focusing on enhancing the green capabilities of foreign trade enterprises and optimizing the international environment for green trade [10][11] Industry Trends - The Ministry of Ecology and Environment published the 2025 Annual Report on China's Climate Change Policies and Actions, detailing the country's efforts in climate governance and its commitment to achieving carbon neutrality by 2035 [12][15] - Shanghai introduced guidelines for the construction of age-friendly shopping malls, addressing the needs of the elderly population in urban settings [17][20] - The 2025 World Animal Welfare and Sustainable Food Conference was held in Beijing, promoting sustainable agricultural practices and animal welfare standards [21][26] International Events - The 20th International Environmental Expo was held in Hong Kong, showcasing innovative environmental technologies and sustainable development solutions [27][28] - Officials from the US and Qatar warned that the EU's new climate law could threaten energy security and investment environments in Europe [29][30] Corporate Developments - Ping An Insurance achieved the highest MSCI ESG rating of AAA, maintaining its position as a leader in the Asia-Pacific region for four consecutive years [31][32] - The company has integrated sustainable development into its core strategy, focusing on green finance and responsible investment practices [33][34]

Group 1 - The core viewpoint of the article is that Yingke Medical (300677.SZ) is rated as "Buy" by Open Source Securities due to strong growth potential in the disposable glove market, particularly for nitrile gloves, which are experiencing both volume and price increases [1] - The disposable glove production capacity is rapidly expanding, with leading equipment and technology in place, indicating a positive outlook for the industry [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology stocks leading the market transformation [1]

Investment 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]

Core Insights - In the first three quarters of 2023, the company achieved operating revenue of 7.425 billion yuan, representing a year-on-year growth of 4.6% [1] - The net profit attributable to shareholders reached 924 million yuan, with a significant year-on-year increase of 34.47% [1] - In Q3 2023, the company reported operating revenue of 2.511 billion yuan and a net profit of 214 million yuan, showing a substantial year-on-year growth of 113.04% [1] Financial Performance - The net cash flow from operating activities for the first three quarters was 1.107 billion yuan, reflecting a remarkable year-on-year increase of 123.61% [1] - The company's strong cash flow indicates excellent operational quality [1] Market Strategy - The company is actively pursuing a market diversification strategy to adapt to changes in the international trade environment [1] - Sales revenue in overseas non-U.S. markets and domestic markets has seen rapid growth, contributing to the overall performance improvement [1] Industry Position - The company is solidifying its leading position in the global market for medical protection and health care equipment through capacity expansion and technological innovation [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 7.425 billion and net profit of 0.924 billion, marking a year-on-year growth of 34.5% [1] - Operating cash flow surged to 1.107 billion, reflecting a remarkable year-on-year increase of 123.6%, indicating improved cash collection and inventory optimization [1] - The third quarter alone saw a net profit of 0.214 billion, with a year-on-year growth rate of 113%, confirming a turning point in profitability [1] Financial Performance - Revenue for the first three quarters was 7.425 billion, with a net profit of 0.924 billion, showing a 34.5% increase year-on-year [1] - Operating cash flow reached 1.107 billion, up 123.6% year-on-year, indicating strong cash generation capabilities [1] - The third quarter net profit was 0.214 billion, reflecting a 113% increase compared to the same period last year [1] Production Capacity - The company has accelerated its production capacity, with the new factory in Anqing, Anhui, contributing to a total annual production capacity of 87 billion disposable gloves [1] - The company has achieved "national sales champion" status for its disposable gloves and nitrile gloves, with expectations for further global market share growth [1] Shareholder Activity - Institutional investors have been actively purchasing the company's stock, with a 21% decrease in the number of shareholders in the third quarter, indicating increased concentration of shares [1] - Four public funds, including China International Fund Management, have entered the top ten circulating shareholders, collectively increasing their holdings by over 15 million shares [1]