蓝帆医疗：龙头再突破，联手万华化学推出新型手套，重新瓜分市场

请务必阅读正文之后的免责声明部分1 / 9事件：10 月 15 日，蓝帆医疗与万华化学签署战略合作协议，并举行联合创新实验室揭牌仪式。基于此前双方联合研发聚氨酯手套新产品基础上（于今年 8 月份成功推出，性能极为优异，已经得到了国内外市场的认可），此次战略合作重点围绕一次性聚氨酯手套、医用导管、PEBA、PC 等医疗器械领域深化合作。点评：强强联手，多方面进行协调合作。蓝帆医疗是全球一次性手套龙头企业，万华化学是全球最具竞争力的聚氨酯供应商，双方在研发创新、生产制造、产业链协同、销售渠道等多方面进行协调合作，实现共赢。新产品性能优势显著，更加契合高端制造业和医疗领域，未来市场空间广阔。一次性聚氨酯手套在安全、高弹性、亲肤、透气等方面优势明显，整体性能要优于一次性丁腈手套，而且长时间穿戴不伤皮肤，更加适合医院等长时间使用领域，对丁腈手套替代作用明显，未来市场前景广阔。企业正处于业绩转折点，一次性聚氨酯手套有望成为新的业绩增长点。2024 年公司业绩开始向好，据公司中报显示，健康防护业务营收同比增长 41.74%，顺利实现毛利率提升。依靠公司全球化销售网络，助力一次性聚氨酯手套快速放量，一次性聚氨酯手套有望成为新的业绩增长点。风险点：新产品不及预期风险、国际环境变动的风险。2024 年 11 月 18 日蓝帆医疗事件点评报告蓝帆医疗：龙头再突破，联手万华化学推出新型手套，重新瓜分市场公司基本情况主营产品：一次性手套及心脑血管医疗器械实际控制人：李振平所属行业：医疗器械所属概念：医疗器械概念、人民市贬值受益、特斯拉概念、电子商务、互联网医疗、参股新股数据来源：iFinD公司基础数据总股本(亿股)：10.07总市值(亿)：54.18总资产(亿)：169.80每股净资产(元)：8.59近一年机构接待量(家)：241蓝帆医疗：龙头再突破，联手万华化学推出新型手套，重新瓜分市场请务必阅读正文之后的免责声明部分2 / 9正文目录一、强强联手，聚氨酯手套领域获得突破·································································································· 4（一）双方产业互补，起到 1+1 远大于 2 的作用··················································································4（二）推出医疗手套新品，同时进行多领域、深层次合作··································································4二、新产品性能优势显著，填补部分市场空白··························································································5（一）产品性能优势显著，透气无污染优点突出··················································································5（二）更加契合高端制造业和医疗领域，有望改变一次性手套行业格局··········································6（三）一次性手套行业回暖，新品市场空间预期良好··········································································7三、企业正处于业绩转折点，一次性聚氨酯手套有望成为新的业绩增长点··········································7（一）业绩开始向好，毛利率逐步回升·································································································· 7（二）销售网络全球化，助力新产品快速放量······················································································8免责声明·························································································································································· 9蓝帆医疗：龙头再突破，联手万华化学推出新型手套，重新瓜分市场请务必阅读正文之后的免责声明部分3 / 9图表目录图表 1 战略合作签约现场...............................................................................................................................4图表 2 不同类型一次性手套产品区别.......................................................................................................... 5图表 3 一次性聚氨酯手套主要应用领域...................................................................................................... 6图表 4 全球一次性手套市场销量情况.......................................................................................................... 7图表 5 公司健康防护业务情况.......................................................................................................................8蓝帆医疗：龙头再突破，联手万华化学推出新型手套，重新瓜分市场请务必阅读正文之后的免责声明部分4 / 9一、强强联手，聚氨酯手套领域获得突破（一）双方产业互补，起到 1+1 远大于 2 的作用蓝帆医疗作为全球一次性手套龙头企业，PVC 手套和丁腈手套市场占有率及行业开工率均位居全球前列。根据中国海关出口数据显示，2024 年前三季度，蓝帆医疗一次性 PVC 手套出口市场份额上涨至近 24%，丁腈手套出口市场份额超 21%。目前公司健康防护手套领域的产能超 500 亿支，拥有强大的生产能力。万华化学是全球化工行业龙头，聚氨酯核心原材料 MDI、TDI全球第一，是全球最具竞争力的聚氨酯供应商，水性聚氨酯（PUD）现有