证券代码：600529 证券简称：山东药玻 公告编号：2024-035 山东省药用玻璃股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 并继续购买理财产品的进展公告 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。 重要内容提示： ●委托理财受托方:中国建设银行股份有限公司 公司于 2024 年 1 月 26 日以闲置募集资金人民币 8,000 万元购买 了 中 国 建 设 银 行 股 份 有 限 公 司 的 人 民 币 定 制 型 结 构 性 存 款 37063000020240126001，具体情况详见公司刊登在上海证券交易所网 站（www.sse.com.cn）上的《山东省药用玻璃股份有限公司关于使用 部分闲置募集资金购买理财产品到期赎回并继续购买理财产品的进 展公告》（公告编号：2024-009）。 公司已于 2024 年 4 月 24 日到期赎回上述理财产品，收回本金 8,000.00 万元，赎回本产品收益率为 2.97%，获得理财收益人民币 578,758.27 元。本金及利息分别于 2024 年 4 ...

Investment Rating - The report maintains a "Strong Buy" rating for Shandong Pharmaceutical Glass [4][8]. Core Views - The company's product structure optimization is driving high profit growth, with a significant increase in sales of borosilicate molded bottles, which are the mainstay products [3][4]. - The company achieved a revenue of 4.982 billion yuan in 2023, representing an 18.98% year-on-year growth, and a net profit of 775.8 million yuan, up 25.48% year-on-year [2][9]. - The first quarter of 2024 saw a revenue of 1.267 billion yuan, a 2.50% increase year-on-year, and a net profit of 210 million yuan, reflecting a 36.14% growth [2][3]. Financial Performance Summary - Revenue and Profit Growth: - 2023 revenue: 4.982 billion yuan, 18.98% growth - 2023 net profit: 775.8 million yuan, 25.48% growth - 2024 estimated revenue: 5.784 billion yuan, 16.10% growth - 2024 estimated net profit: 1.02068 billion yuan, 31.56% growth [9][11]. - Earnings Per Share (EPS) Forecast: - 2023 EPS: 1.17 yuan - 2024 estimated EPS: 1.54 yuan - 2025 estimated EPS: 1.89 yuan - 2026 estimated EPS: 2.34 yuan [4][9]. - Price-to-Earnings (PE) Ratio: - 2024 PE: 18.52 - 2025 PE: 15.03 - 2026 PE: 12.16 [4][9]. Market Position and Competitive Advantage - The company is a leading player in the borosilicate molded bottle market, benefiting from scale advantages and ongoing product development [3][4]. - The introduction of new products and automation in production processes are expected to further reduce costs and enhance customer loyalty [3][4]. - The company has developed 591 new products in 2023, a 170% increase from the previous year, which includes lightweight molded bottles that lower production costs [3][4].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨山东药玻（ ） 600529.SH [Table_Title] 中硼硅放量加速，盈利改善明显 报告要点 [2T0a2b3le年_S实um现m收a入ry]49.82亿，同比增长18.98%；归属净利润7.76亿，同比增长25.48%；实现 扣非净利润7.42亿，同比增长23.07%。折合Q4收入13.08亿，同比增9.2%；归属净利润 1.62亿，同比增长30.84%；扣非净利润1.51亿，同比增长24.69%。 2024Q1实现收入12.67亿，同比增长2.5%；归属净利润2.2亿，同比增长32.59%；扣非净 ...

Group 1: Financial Performance - The net profit in Q4 2023 slowed down due to asset impairment provisions, profit growth incentives, and delayed repair fee settlements [3] - In Q1 2024, the company's revenue growth was 2.50% year-on-year, primarily affected by significant revenue declines from two subsidiaries, but overall profit impact was minimal due to their low gross margin [4] Group 2: Cost and Pricing - In 2023, the prices of key raw materials like soda ash and boron sand remained high, although soda ash prices decreased compared to 2022. Quartz sand prices were relatively stable [3] - In Q1 2024, prices for soda ash and boron sand significantly decreased compared to the average prices in 2023, positively impacting the company's cost structure [3] - Energy prices for coal and natural gas slightly decreased in 2023 but remained high, with Q1 2024 prices stable compared to 2023 averages [3] Group 3: Production Capacity and Export - As of the end of 2023, the production capacity for type I molded bottles was 1.5-1.6 billion units, with a new 60T electric melting furnace commissioned in Q1 2024 [4] - The company maintained a stable growth trend in foreign trade exports in Q1 2024 [4]

Summary of Conference Call Company Overview - The conference call discusses the financial results of Shandong Yaobo for the year 2023 and the first quarter of 2024 [1] Key Financial Metrics - Total revenue for 2023 reached 4.98 billion, representing a year-on-year growth of approximately 19% [1] - Net profit for 2023 was 776 million, showing a year-on-year increase of 25.5% [1] Additional Important Points - The call was hosted by analyst Lin Xiaolong, indicating a structured approach to financial communication [1]

Investment Rating - The investment rating for the company is "Accumulate" [1][2] - The target price is set at 33.84, up from the previous forecast of 32.65 [1][2] Core Views - The company has shown strong revenue growth driven by high demand for molded bottles, with a reported revenue of 4.982 billion, an increase of 18.98% year-on-year [1][2] - The gross profit margin reached a new high, supported by a decrease in raw material costs, particularly soda ash [1][2] - The net profit attributable to shareholders was 776 million, reflecting a year-on-year increase of 25.48% [1][2] Financial Performance Summary - Revenue for 2023 was 4.982 billion, with a year-on-year growth of 18.98% [1][2] - The company achieved a net profit of 776 million, up 25.48% year-on-year [1][2] - Earnings per share (EPS) for 2023 is reported at 0.93, with projections of 1.17 for 2024 and 1.51 for 2025 [1][2] Product Performance - The demand for molded bottles continues to grow, with expected shipments of 5-6 billion units in Q1 2024, a year-on-year increase of 60-70% [1][2] - The company’s product mix has improved, with a higher proportion of high-margin molded bottles contributing to the overall profitability [1][2] Market Position - The company maintains a strong market position with stable revenue growth in its core glass bottle business [1][2] - The competitive landscape for molded bottles remains challenging for new entrants due to certification and cost barriers [1][2]

公司报告 | 年报点评报告 山东药玻（600529） 证券研究报告 2024年04月 23日 投资评级 中硼硅产业趋势+拓品类共振，原燃料价格回落带动盈利修复 行业 医药生物/医疗器械 6个月评级 买入（维持评级） 当前价格 30.94元 公司23年归母净利润7.76亿元，同比提升 25.48% 公司发布 23 年年报及 24 年一季报，23 年全年实现收入/归母净利润 目标价格 38.01元 49.82/7.76亿元，同比+18.98%/+25.48%，全年实现扣非归母净利润7.42亿 元，同比+23.07%。其中Q4 单季度实现收入/归母净利润13.08/1.62亿元， 基本数据 同比+9.16%/+30.84%，扣非归母净利润1.51亿元，同比+24.69%。24Q1实 A股总股本(百万股) 663.61 现收入/归母净利润12.67/2.21亿元，同比+2.50%/+32.59%，扣非归母净利 流通A股股本(百万股) 663.61 润2.10亿元，同比+36.14%。 A股总市值(百万元) 20,532.22 收入增长强劲，中硼硅产业趋势/拓品类共振，看好持续性 流通A股市值(百万元) 20,532. ...

证券研究报告 公 2024年04月23日 司 报 告 山东药玻(600529) │ 行 业： 医药生物/医疗器械 公 投资评级： 买入（维持） 司 当前价格： 27.85元 年 激励费用等有一定扰动，重视强劲的增长动能 目标价格： 38.43元 报 点 公司披露23年年报及24年一季报，23FY收入49.8亿，yoy+19%，归母净 评 基本数据 利 7.8 亿，yoy+25%，扣非归母净利 7.4 亿，yoy+23%；单 23Q4 收入 13.1 总股本/流通股本(百万股) 663.61/663.61 亿，yoy+9%，qoq+5%，归母净利 1.6 亿，yoy+31%，qoq-29%，扣非归母净 流通A股市值(百万元) 18,481.65 利1.5亿，yoy+25%，qoq-33%。24Q1收入12.7亿，yoy+3%，qoq-3%，归母 净利2.2亿，yoy+33%，qoq+37%，扣非归母净利2.1亿，yoy+36%，qoq+39.1%。 每股净资产(元) 11.69 24Q1业绩延续高增，收入环比小幅承压，或因非核心业务收入波动扰动。 资产负债率(%) 19.12 ➢ 23年药用玻璃主要产品收入均高 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 4.982 billion yuan in 2023, representing a year-on-year increase of 18.98%. The net profit attributable to shareholders was 776 million yuan, up 25.48% year-on-year [2]. - The core products, molded bottles and brown bottles, experienced rapid growth, with molded bottle sales reaching 375,900 tons, a year-on-year increase of 23.65%, and revenue of 2.264 billion yuan, up 29.36% [2]. - The company has a strong cash flow, with a net operating cash flow of 1.048 billion yuan in 2023, a significant increase of 315.14% year-on-year [2]. - The demand for borosilicate molded bottles is high, and overseas sales contributed significantly, with overseas revenue reaching 1.36 billion yuan, a year-on-year increase of 26.44% [2]. - Cost control measures and the decline in soda ash prices are expected to improve profitability in 2024, with soda ash prices dropping significantly [2]. Financial Performance Summary - In 2023, the company achieved a gross margin of 28.03%, up 1.19 percentage points year-on-year, and a net profit margin of 15.57%, up 0.8 percentage points [2]. - The forecasted revenues for 2024-2026 are 5.621 billion, 6.513 billion, and 7.201 billion yuan, respectively, with net profits of 1.051 billion, 1.211 billion, and 1.392 billion yuan [3][6]. - The company’s PE ratios for 2024-2026 are projected to be 24, 18, and 15, respectively, indicating a favorable valuation trend [3][6].

证券代码：600529 证券简称：山东药玻 公告编号：2024-034 山东省药用玻璃股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 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。 重要内容提示： 会议召开时间：2024 年 05 月 23 日(星期四) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 总经理：张军先生 董事会秘书：赵海宝先生 投资者可于 2024 年 05 月 16 日(星期四) 至 05 月 22 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 sdyb@pharmglass.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 山东省药用玻璃股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日发布公司 2023 年度报告，为便于广大投资者更全面深入地 了解公司 2023 ...