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 | | ...

-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].

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].

Investment Rating - The investment rating for Shandong Pharmaceutical Glass (600529) is "Buy" [4][8]. Core Views - The company's performance exceeded market expectations, reflecting solid industry demand momentum and a steady increase in the penetration rate of borosilicate glass. The company maintains a strong competitive advantage as a leader in molded bottles, with accelerated capacity expansion in borosilicate glass likely to benefit from industry growth [3][8]. - The company has successfully expanded its product categories and overseas markets, indicating promising growth prospects [3][8]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.59 billion yuan, a year-on-year increase of 6.8%, and a net profit attributable to shareholders of 480 million yuan, up 23.3% year-on-year. The second quarter alone saw revenue of 1.32 billion yuan, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 4.0% [8]. - The gross profit margin for H1 2024 was 32.4%, an increase of 5.4 percentage points year-on-year, with Q2 gross profit margin at 34.0%, up 3.7 percentage points year-on-year [8]. - The company achieved a net profit margin of 18.4% in H1 2024, an increase of 2.5 percentage points year-on-year [8]. Market Position and Growth Potential - The company is positioned as a leader in molded bottles, with stable growth in demand for pharmaceutical glass. The product structure is continuously improving, and the company is effectively expanding into new product categories and international markets [8]. - Revenue projections for 2024-2026 are estimated at 5.77 billion, 6.75 billion, and 7.99 billion yuan, representing year-on-year growth rates of 16%, 17%, and 18%, respectively [8]. Dividend Policy - The company announced its first interim dividend, distributing 3 yuan per 10 shares (including tax), with a total cash dividend of 199 million yuan, resulting in a dividend payout ratio of 41.90%, higher than the average of 33.43% over the past five years [8].