Author | Liu Yang
The sudden epidemic in 2020 paralyzed the global economy, and most industries were negatively impacted to varying degrees. However, some sub-sectors of the medical sector ushered in an epic performance explosion, among which protective equipment such as masks and medical gloves benefited the most, and these fields gave birth to super bull stocks, among which ENEC Medical is one of the most representative enterprises.
According to statistics, the company achieved operating income of 8.945 billion yuan in the first three quarters of this year, up 486.44% year-on-year, and realized net profit attributable to shareholders of listed companies of 4.373 billion yuan, up 3376.72% year-on-year. During the seven years from 20 13 to 20 19, Cohen Medical achieved a total profit of 7170,000 yuan. This year, it only took half a year, and the company's profit scale reached nearly three times the sum of the past seven years. At the same time, the company's share price closed at 65,438+00.63 yuan/share in 2065,438+09, but rose by 10 times in 2020, and the highest price reached 65,438+066.90 yuan/share.
Behind the soaring stock price, there are both the promotion of the wind and the embodiment of the company's own value.
Ten years of grinding a sword, nobody cares, and it is famous all over the world.
Founded in 2009, it has been ten years. In 20 17, the company successfully landed on the Growth Enterprise Market, and then with the support of capital, it began to expand into Zhang Zhilu. Liu Zeng, the actual controller of Yingke Medical, studied in the United States. In 1990s, it began to trade medical protection products abroad, accumulated a large number of overseas customer channels, and took the lead in exploring overseas markets with the help of ODM model. Foreign customers are basically top international wholesalers and retail giants.
Since its establishment, Yingke Medical has mainly engaged in medical insurance, rehabilitation nursing, physical therapy and inspection of consumables. The main products include disposable gloves, wheelchairs, cold and hot compresses, electrode pads and other nursing products, among which disposable gloves are the company's main business. The gloves produced by the company mainly include PVC gloves and nitrile gloves.
PVC gloves originated in America. In 1990s, the production technology of PVC gloves was introduced to China. After years of development, the PVC glove technology of domestic enterprises has been very mature. At present, most of the global production capacity of PVC gloves is concentrated in China, and the main enterprises are Pacific Century Medical, Lan Fan Medical, Shijiazhuang Hong Rui, Zhonghongpulin and so on. Nitrile gloves came out in the 1990s, which solved the sensitization defect of latex gloves, and at the same time, they have the advantages of memory hand shape, no fatigue, puncture resistance, tear resistance, easy color management, and small fluctuation of upstream raw material prices. They are the most vital disposable protective gloves.
Yingke Medical is the first local enterprise to introduce advanced nitrile glove production line from Malaysia, and it is also one of the few domestic manufacturers who are proficient in the production line of nitrile gloves with both hands. The company's newly-built nitrile glove production line has reached the international top level, with independent research and development production line and 87 patented technologies, and the product specifications have obtained many international certifications. It is one of the few enterprises in China that stably produce medical-grade nitrile gloves and PVC gloves on a large scale.
After the outbreak of COVID-19 epidemic, EngTech Medical delivered a large number of medical gloves to countries all over the world, and suddenly became a star company. Recently, Pacific Century Medical said on the interactive platform that the supply and demand of disposable gloves are still seriously unbalanced, and many large customers at home and abroad have the intention to increase the purchase of disposable gloves due to the epidemic. The company's PVC gloves and nitrile gloves have been in a state of full production and sales, and some customer orders have been placed in the second quarter of 202/kloc-0.
Prior to this, Enke Medical mainly relied on ODM model, but Enke Medical was not a complete OEM, but also had its own direct sales and distribution channels. The epidemic actually enhanced the influence of the company's own brand. About 40%-50% of the company's own brands gradually bypass overseas brands and directly enter European and American hospital terminals. Brand influence continues to improve, and the future operation mode will gradually change from ODM to OBM.
The east wind is coming, and it is just the right time to rise.
Malaysia is the largest production base of latex disposable gloves in the world, relying on the advantages of rubber country of origin. Top Gloves, He Tejia, Keshan Rubber and Chaoma are all large glove manufacturers, accounting for nearly 30% of global sales. Cost advantage is an important competitiveness of these enterprises, including raw materials and labor cost advantages.
In order to reduce costs, Pacific Century Medical has also spent a lot of time. The company realizes cogeneration through self-built power plant, and it is estimated that the energy cost of about 50% nitrile gloves production capacity will be reduced by about 20%. At the same time, the upstream raw material factory will be built to expand the cost control ability of NBR latex, which is expected to be reduced by about 10- 15%.
In addition, Cohen Medical's high automation level has also reduced the cost for the company. Generally speaking, the length of the main chain of a nitrile glove production line is close to 1.5 km, with nearly 3000 control points. Through these control points, Cohen Medical has realized the automatic control of production links and effectively reduced production costs.
On the whole, in the future, the production cost of NBR of Cohen Medical will be reduced to about 89.29 yuan/thousand pieces (down 12. 1%), which is significantly ahead of113-/20 yuan/thousand pieces of Hetejia. On the other hand, after the RCEP agreement is signed, if the import tariffs on raw materials such as NBR latex are ushered in a decline, it will bring certain positive effects to the company's raw material cost reduction.
Demand is the basis of promoting enterprise development. The research report of Everbright Securities shows that the consumption of disposable medical gloves in China is far below the world average, and the epidemic situation is expected to give birth to new demand. Due to the difference of global economic development level, the main consumption places of medical gloves are the United States, Europe, Japan and other developed countries and regions.
According to the data of Malaysian Rubber Export Promotion Association (MREPC), in 20 17, the per capita consumption of disposable medical gloves in the world was 29, while the average level in the United States was 250, while the per capita consumption in China was only 6, far lower than that in developed countries and regions in the world. This epidemic will greatly enhance China's awareness of wearing gloves, and the huge China market is a big advantage for Enke Medical, especially under the impetus of the internal circulation development strategy, Enke Medical can be said to have the advantage of getting the moon first.
Finally, the glove production capacity can not be greatly improved in a short time, because the technical difficulty and capital investment in glove production line construction are very huge, and the demand for production factors is very high. Only leading manufacturers with technical and capital advantages can build disposable glove production lines on a large scale.
In addition, the traditional glove giants in Southeast Asia generally face the problem of aging production lines, and Yingke Medical, as a rising star, has advanced production equipment and environmental protection equipment. Meanwhile, Cohen Medical Products Co., Ltd. began to expand production last year. 2065438+April 2009, Cohen Medical issued convertible bonds to raise 470 million yuan for "annual output of1/kloc-0.8 million high-end medical gloves". The remaining capacity of the second phase project16.92 million is used to produce PVC gloves. The new production capacity will come in handy this year, which is undoubtedly to be seized. According to the current capacity planning, Yingke Medical is expected to become the world's largest PVC glove enterprise and the world's largest nitrile glove manufacturer in 202 1 within three years.
Therefore, on the whole, Enke Medical is expected to usher in an opportunity period of development.