司法》及《公司章程》的规定。 证券代码：600529 证券简称：山东药玻 公告编号：2024-057 山东省药用玻璃股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 579 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 191,063,835 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 28.7914 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长扈永刚先生主持，采用现场投票与网络 投票相结合的方式进行表决。本次股东大会的召集、召开、决策程序，符合《公 (一) 股东大会召开的时间：2024 年 9 月 12 日 (二) 股东大会召开的地点：山东省淄博市沂源县城药玻路 1 号山东药玻公司 研发大楼辅楼会议室 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山东省药用玻璃股份有限公司 2024 年第一次临时股东大会的 法律意见书 国枫律股字[2024]A0468 号 致：山东省药用玻璃股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山 东省药用玻璃股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议 的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 ...

山东省药用玻璃股份有限公司 2023 年年度股东大会 证券代码：600529 证券简称：山东药玻 山东省药用玻璃股份有限公司 2024 年第一次临时股东大会 会议资料 2024 年 9 月 12 日 山东省药用玻璃股份有限公司 2023 年年度股东大会 山东省药用玻璃股份有限公司 山东省药用玻璃股份有限公司 2023 年年度股东大会 会议须知 根据《公司法》和《上市公司股东大会议事规则》的有关规定，为保证公司 股东依法行使股东权利，本次股东大会将采取现场会议和网络投票方式表决， 股东投票前请阅读本须知。 一、出席现场会议的股东需注意事项 1、现场会议由公司董事会召集召开，由董事长主持。董事会有义务维护股 东合法权益，确保会议的正常秩序和议事效率。 2、股东及股东代表请按时有序进入指定会场，到场签名。 3、股东参加股东大会，依法享有发言权、表决权等权利，请认真履行法定 义务，自觉遵守大会秩序，不得侵犯其他股东的权益。 4、现场工作人员有权对不符合大会要求的入场人员进行处理。 5、本次股东大会现场会议采取记名投票方式进行表决，特请各位股东及其 股东代表或其委托代理人准确填写表决票：必须填写股东姓名或委托股东姓名， ...

编号：2024-004 证券代码：600529 证券简称：山东药玻 山东省药用玻璃股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------------|--------------------|--------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 动 | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | 类别 | □ 现场参观 | | | | ☑ 其他（电话会议） | | | | | 中信证券、西南证券、国联证券、民生证券、长江证 | | 活动参与人员 | | 券、海通证券、国泰君安、长城证券、光大证券、广发 | | | | 证券、交银施罗德基金、汇添富基金、中金公司等 | | | （排名不分先后） | | | 时间 | | 2024 年 8 月 27 日-9 月 5 日 | | 公司接待人员 | | 董事会秘书赵海宝先生、证券事务代表茹波先生 | | 形式 | | 电话会议 | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.586 billion in the first half of 2024, representing a year-on-year increase of 6.75%. The net profit attributable to shareholders was 475 million, up 23.26%, while the net profit after deducting non-recurring items was 455 million, an increase of 24.3% [5][6]. - In Q2, the company achieved a revenue of 1.318 billion, reflecting an 11.2% year-on-year growth, with a net profit of 254 million, up 16.2% [5][6]. - The company is expected to continue benefiting from the growing demand for borosilicate glass, with a projected increase in market penetration and production capacity [6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a gross margin of 32.4%, an increase of 5.4 percentage points year-on-year, attributed to the decline in raw material prices and the rising proportion of high-margin borosilicate products [5][6]. - The company maintained a low debt ratio of 21.7% as of Q2 2023, indicating strong operational quality [6]. Market Outlook - The demand for borosilicate glass is expected to improve, with the penetration rate projected to reach 30% by the end of the year, supported by ongoing industry developments [6]. - The company plans to distribute a mid-term dividend of 199 million, with a payout ratio of 41.9%, reflecting its robust cash flow [6]. Future Projections - The company forecasts net profits of 990 million and 1.14 billion for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 17 and 14 times [6].

-13% -3% 6% 15% 24% 34% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 山东药玻 上证指数 [Table_Report] 相关报告 | --- | --- | --- | |-----------------------------|-----------|---------| | | | /原材料 | | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 29.70 | | | 上次预测: | 33.29 | | [当前价格： Table_CurPrice] | | 24.12 | —山东药玻 2024 年中报点评 | --- | --- | |---------------------|------------------------| | 花健祎(分析师) | 杨冬庭(分析师) | | 0755-23976858 | 0755-23976166 | | huajianyi@gtjas.com | yangdon ...

Investment Rating - The report maintains a rating of "Accumulate" for Shandong Pharmaceutical Glass (600529.SH) [1] Core Views - The company's profitability has significantly improved, with continuous growth in the sales of borosilicate glass products [1][6] - The company reported a revenue of 2.586 billion yuan for the first half of 2024, representing a year-on-year growth of 6.75%, and a net profit attributable to shareholders of 475 million yuan, up 23.26% year-on-year [1] - The company has announced a mid-term profit distribution plan, proposing a cash dividend of 3.00 yuan per 10 shares, totaling 199 million yuan, with a mid-term cash dividend payout ratio of 41.90% [1] Financial Performance Summary - Revenue for 2022 was 4.187 billion yuan, increasing to an estimated 5.559 billion yuan in 2024, with a year-on-year growth rate of 11.6% [1][10] - Net profit attributable to shareholders was 618 million yuan in 2022, projected to reach 992 million yuan in 2024, reflecting a year-on-year growth of 27.9% [1][10] - The company's return on equity (ROE) improved from 8.9% in 2022 to an estimated 12.0% in 2024 [1][10] - The gross margin for the first half of 2024 was 32.35%, an increase of 5.43 percentage points year-on-year [2] Product and Market Development - The sales volume of borosilicate molded bottles has shown substantial growth, with significant increases in the sales of brown bottles and butyl rubber stoppers [1][6] - The company has successfully developed new clients, achieving over 10 million units in export shipments, indicating steady growth in foreign trade sales volume and shipment value [1] - The company is actively expanding production capacity for daily chemical bottles, brown bottles, and borosilicate molded bottles to meet market demand [2][6] Future Outlook - The company expects net profits for 2024 to be 992 million yuan, with projected growth rates of 28%, 20%, and 18% for the following years [6] - The report highlights the anticipated rapid growth in the demand for pharmaceutical glass, particularly borosilicate glass, due to policy advancements in consistency evaluation and related approvals [6]

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].