山东药玻（600529.SH） | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,187 | 4,982 | 5,559 | 6,427 | 7,373 | | 增长率 yoy（%） | 8.1 | 19.0 | 11.6 | 15.6 | 14.7 | | 归母净利润（百万元） | 618 | 776 | 992 | 1,189 | 1,406 | | 增长率 yoy（%） | 4.6 | 25.5 | 27.9 | 19.8 | 18.2 | | ROE（%） | 8.9 | 10.3 | 12.0 | 12.9 | 13.5 | | EPS 最新摊薄（元） | 0.93 | 1.17 | 1.49 | 1.79 | 2.12 | | P/E（倍） | 23.3 | 18.6 | 14.6 | 12.1 | 10.3 | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company reported a revenue of 2.59 billion yuan for the first half of 2024, reflecting a year-on-year increase of 6.75%, with a net profit of 475 million yuan, up 23.26% year-on-year [4]. - The demand for borosilicate molded bottles continues to grow, driven by consistency evaluations and centralized procurement, leading to significant production capacity expansion [4]. - The company's gross margin improved significantly to 32.35%, an increase of 5.43 percentage points year-on-year, attributed to lower raw material and energy costs, as well as a shift in product mix towards higher-margin products [4]. - The net profit margin reached 19.3% in Q2 2024, marking a historical high for a single quarter [4]. - The company plans to distribute its first interim dividend, proposing a cash dividend of 3.00 yuan per 10 shares, with a payout ratio of 41.9% [4]. Financial Projections - Revenue projections for 2024 and 2025 are 5.66 billion yuan and 6.34 billion yuan, respectively, representing year-on-year growth of 13.6% and 12.1% [6]. - The forecasted net profit for 2024 and 2025 is 970 million yuan and 1.14 billion yuan, indicating year-on-year growth of 25.6% and 16.9% [6]. - The expected price-to-earnings (P/E) ratios for 2024 and 2025 are 16X and 14X, respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for Shandong Pharmaceutical Glass [4]. Core Views - Shandong Pharmaceutical Glass continues to experience high growth, with significant improvements in profitability. The company reported a revenue of 2.59 billion yuan and a net profit attributable to shareholders of 480 million yuan for the first half of 2024, representing year-on-year increases of 6.8% and 23.3%, respectively [2]. - The gross margin for the first half of 2024 increased significantly to 32.4%, up 5.4 percentage points year-on-year, primarily due to the high growth rate of high-margin borosilicate molded bottles and a decline in the prices of some raw materials [2]. - The company is actively expanding production capacity to meet market demand, with new furnaces launched in early 2024 to support growth in various product lines [2]. Summary by Sections Financial Performance - For the first half of 2024, Shandong Pharmaceutical Glass achieved a revenue of 2.59 billion yuan, a net profit of 480 million yuan, and a net profit excluding non-recurring items of 460 million yuan, with respective year-on-year growth rates of 6.8%, 23.3%, and 24.3% [2]. - The operating cash flow for the first half of 2024 was 590 million yuan, reflecting a year-on-year increase of 41.5% [2]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares, corresponding to a payout ratio of 41.9% [2]. Profitability and Cost Management - The overall gross margin for the first half of 2024 was 32.4%, with a net profit margin of 18.4%, both showing improvements compared to the previous year [2]. - The company’s expense ratio increased slightly to 8.6%, with management expenses rising due to the provision for incentive funds [2]. - In Q2 2024, the gross margin was 34.1%, and the net profit margin was 19.3%, indicating continued strong profitability [2]. Capacity Expansion and Market Demand - The company is expanding its production capacity in response to high market demand, with several new furnaces launched in early 2024 to support the growth of borosilicate molded bottles and other product lines [2]. - The ongoing capacity release is expected to support long-term growth for the company [2]. Earnings Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 1.029 billion yuan, 1.174 billion yuan, and 1.355 billion yuan, respectively [3]. - The report maintains a positive outlook on the company’s growth driven by consistent product demand and cost reductions [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.99 yuan, reflecting a 20x PE for 2024 [4][6]. Core Insights - The company achieved a net profit of 480 million yuan in the first half of the year, representing a year-on-year growth of 23.26% [1]. - Revenue for the first half reached 2.59 billion yuan, up 6.75% year-on-year, driven by increased sales of borosilicate molded bottles and capacity expansion [2]. - The gross margin improved significantly to 32.35%, a rise of 5.43 percentage points year-on-year, with expectations for continued high margins due to declining raw material costs [3]. Financial Performance - The company reported a net profit margin of 17.6%, marking a historical high, with a significant increase in the second quarter [3]. - The EBITDA for 2023 is projected at 1.42 billion yuan, with a growth rate of 18.98% [5]. - The forecasted net profit for 2024 is 1.03 billion yuan, reflecting a growth rate of 32.54% [5]. Market Position and Growth Potential - The company is expanding its production capacity with new furnaces for borosilicate bottles, which is expected to enhance market share [2]. - The demand for borosilicate products is anticipated to remain strong, supported by increasing penetration rates and favorable market conditions [4]. - The company plans to distribute approximately 200 million yuan in cash dividends, indicating confidence in future growth [4].

重要内容提示： 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600529 证券简称：山东药玻 公告编号：2024-056 山东省药用玻璃股份有限公司 会议召开时间：2024 年 09 月 13 日（星期五）09:00-10:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2024 年 09 月 13 日前访问网址 https://eseb.cn/1hhhSCpdMfS 或使用微信扫描下方小程序码进行会 前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 一、说明会类型 山东省药用玻璃股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露了《公司 2024 年半年度报告》及《公司 2024 年半年度报告摘要》。为便于广大 投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 202 ...

Investment Rating - The report maintains a "Strong Buy" rating for Shandong Pharmaceutical Glass [1][3] Core Views - The company has optimized its product structure, leading to a profit growth rate that significantly exceeds revenue growth. The increase in profit is attributed to the strong sales of high-margin products like borosilicate molded bottles, despite a decline in revenue from non-core paper packaging products [2][3] - The company's gross margin improved to 32.35%, an increase of 5.43 percentage points year-on-year, driven by lower raw material prices and product structure optimization [2] - As the largest pharmaceutical packaging manufacturer in China, the company is expanding its production capacity, particularly for borosilicate molded bottles, which enhances its scale and cost advantages [2][3] Financial Summary - For the first half of 2024, the company achieved a revenue of 2.586 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 475 million yuan, up 23.26% year-on-year [1][2] - The company forecasts net profits of 1.021 billion yuan, 1.257 billion yuan, and 1.554 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.54 yuan, 1.89 yuan, and 2.34 yuan [3][6] - The projected PE ratios for 2024, 2025, and 2026 are 14.1, 11.5, and 9.3 times, respectively, indicating a favorable valuation outlook [3][6]

Investment Rating - The report maintains a "Recommended" rating for Shandong Pharmaceutical Glass [2][3]. Core Views - The company achieved a revenue of 2.586 billion yuan in H1 2024, representing a year-on-year increase of 6.75%, with a net profit attributable to shareholders of 475 million yuan, up 23.26% year-on-year [2]. - The gross margin improved to 32.35%, an increase of 5.43 percentage points year-on-year, while the net profit margin reached 18.37%, up 2.46 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, marking a dividend payout ratio of 41.9%, up from 34.22% in 2023 [2]. Financial Performance - In Q2 2024, the company reported revenue of 1.318 billion yuan, a year-on-year increase of 11.19%, and a net profit of 254 million yuan, up 16.16% year-on-year [2]. - The company’s core products, including borosilicate molded bottles, saw significant sales growth, while the paper packaging business experienced a decline [2]. - The operating cash flow for H1 2024 was 589 million yuan, a 41.50% increase year-on-year, with a cash collection ratio of 1.01 [2]. Future Outlook - The report forecasts net profits for 2024-2026 to be 1.007 billion, 1.199 billion, and 1.408 billion yuan, respectively, with corresponding PE ratios of 14, 12, and 10 [3]. - The company is expected to benefit from the continued growth in overseas sales and the reduction in raw material costs, particularly soda ash and natural gas [2].

证券研究报告 非金融公司|公司点评|山东药玻（600529） 业绩超预期，盈利能力延续提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 2024H1 公司收入增速放缓主要系纸制品包装收入同比下滑有所拖累，药用玻璃、日用玻璃收 入预计维持较快增长，公司业绩同环比较快增长，超市场预期，反映扎实的行业需求动能、中 硼硅玻璃渗透率持续较快提升及公司稳固的竞争优势。公司作为模制瓶龙头地位稳固，中硼 硅产能扩张加快或充分享受行业红利。拓品类拓海外市场卓有成效，成长前景值得期待。维持 "买入"评级。 |分析师及联系人 SAC：S0590523080005 武慧东 吴红艳 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 山东药玻(600529) 业绩超预期，盈利能力延续提升 | --- | --- | --- | |-------|------------|-------------------| | 行 | 业： | 医药生物/医疗器械 | | | 投资评级： | 买入（维持） | | | 当 ...

●主要内容： 公司拟以总股本 663,614,113 股为基数，向全体股东每 10 股派 发现金红利 3.00 元（含税），拟分配现金股利共计 199,084,233.90 元（含税）。 ●审议程序： 本次利润分配预案已经公司第十届董事会第十三次会议和第十 届监事会第十一次会议审议通过，尚需提交公司 2024 年第一次临时 股东大会审议。 一、利润分配方案内容 证券代码：600529 证券简称：山东药玻 编号：2024-054 山东省药用玻璃股份有限公司 关于 2024 年中期利润分配预案的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本次利润分配预案尚需提交公司 2024 年第一次临时股东大会审 议。 2、监事会会议的召开、审议和表决情况 1、截至 2024 年 6 月 30 日，公司母公司报表中期末未分配利润 为 3,161,930,448.54 元，公司 2024 年中期利润分配拟以公司总股本 为 663,614,113 股为基数，向全体股东每 10 股派发现金红利 3.00 元 （含税），以此计算合计拟派发 ...

山东省药用玻璃股份有限公司 关于第十届监事会第十一次会议相关事项的专项意见 山东省药用玻璃股份有限公司(以下简称"公司")第十届监事会 第十一次会议于2024年8月24日上午9:00，在公司研发大楼六楼会议 室召开。根据《公司法》、《公司章程》、《上海证券交易所股票上 市规则》等法律法规的有关规定，就公司第十届监事会第十一次会议 审议的相关事项发表意见如下: 监事会认为：董事会编制的 2024 年半年度报告及摘要的编制程 序、内容、格式符合中国证监会和上海证券交易所的有关规定；半年 度报告编制期间，未有泄密及其他违反法律法规、《公司章程》或损 害公司利益的行为发生；公司 2024 年半年度报告全面、公允地反映 了公司的财务状况和经营成果，所披露的信息真实、准确、完整，不 存在虚假记载、误导性陈述或者重大遗漏。 二、《公司 2024 年半年度募集资金存放与使用情况的专项报告》 监事会认为：公司 2024 年上半年度募集资金的存放与使用符合 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》、《上海证券交易所股票上市规则》、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等相关 ...