Guotai Haitong Light Industry Liu Jiakun: Export Chain: Selecting Growth and Oil Price Catalysts in Resonance

English summary

＃Recently, we have been repeatedly highlighting oil price catalysts for growth export targets~ Intco Medical: After Q2 nitrile glove price increases were implemented, per-unit profit more than doubled, and order prices in July-August fell but less than costs, profitability maintained. Zhonghong beat expectations, industry prosperity resonates. Intco Recycling: Plastic pellet recycling prices lag crude oil prices by 2-3 months, while prices change frequently, coupled with inventory cycles, business profitability is expected to rise. Decorative building materials through channel reuse and product innovation, performance composite CAGR reaches 30%+, expected to create a second growth curve. Zhongxin Shares: Q2 growth delivered, mainly due to domestic channel inventory normalization and Thailand new capacity ramp-up. For the full year, unit price has stabilized, coupled with continued scale effect release, profit margin is still in an improving channel.