Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [84]. Core Viewpoints - The company is well-positioned in the high-demand and oligopolistic market for borosilicate molded bottles, which is expected to contribute significantly to its performance [84]. - The transition to self-supply of borosilicate glass tubes is anticipated to enhance the profitability of molded bottles [84]. - A decline in raw material prices is expected to restore profitability, with projected revenues of 1.32 billion, 1.61 billion, and 1.84 billion yuan for 2024-2026, and corresponding net profits of 155 million, 221 million, and 262 million yuan [84]. Summary by Sections Industry Overview - The global pharmaceutical packaging market is projected to reach 615.75 billion yuan by 2030, with a CAGR of 3.85% from 2023 to 2030 [8]. - The shift from low borosilicate glass to medium borosilicate glass is driven by consistency evaluations, which require packaging materials to meet the standards of reference formulations [10][11]. Company Profile - The company, Shandong Linuo Special Glass Co., Ltd., was established in 2002 and went public in November 2021. It specializes in glass new materials, with a significant market share in heat-resistant glass [108]. - The company has established long-term cooperative relationships with major pharmaceutical companies, enhancing its competitive advantage in the market [40]. Financial Performance - The company’s revenue is expected to grow significantly, with projections of 947.37 million, 1.32 billion, 1.61 billion, and 1.84 billion yuan from 2023 to 2026, reflecting a growth rate of 15%, 39%, 22%, and 14% respectively [54]. - The gross profit margin is projected to improve from 17.44% in 2023 to 24.95% in 2026, indicating enhanced profitability [54]. Market Position - The company holds a dominant market share of 70-80% in the domestic medium borosilicate molded bottle market, with significant barriers to entry for competitors [18]. - The company is actively expanding its production lines for medium borosilicate glass tubes, aiming to reduce reliance on imports and improve cost efficiency [20]. Future Outlook - The company is expected to benefit from the increasing demand for medium borosilicate glass products, with revenue contributions projected to reach 701.23 million, 900.84 million, and 1.03 billion yuan from 2024 to 2026 [54]. - The anticipated recovery in overseas demand for heat-resistant glass is expected to drive growth in exports, with a significant portion of revenue coming from international markets [51].

Group 1: Production Capacity and Expansion Plans - The company currently operates one molding furnace with an annual production capacity of approximately 5,000 tons of borosilicate molded bottles. A new furnace has recently been ignited, which will increase the annual production capacity to over 11,000 tons once fully operational [3]. - The company plans to construct four additional molding furnaces to enhance production capacity and meet market demand [3]. - The company’s initial public offering (IPO) project includes the production of borosilicate cartridge bottles and borosilicate vials, which is expected to add an annual production capacity of 1.6 billion units [4]. Group 2: Raw Material Costs and Market Trends - The company faced significant increases in raw material costs last year, particularly for boron and boric acid, which impacted production costs [3]. - In the first quarter of 2024, prices for key raw materials, including borosilicate glass tubes and boron compounds, have decreased, positively affecting the company's cost structure and gross margin [3]. - The gross margin for pharmaceutical glass products is reported at 23.19%, with higher margins observed in borosilicate ampoules [4]. Group 3: Market Demand and Sales Performance - There is an increasing market demand for borosilicate molded bottles due to the transition from soda-lime glass to borosilicate glass in pharmaceutical packaging, driven by regulatory policies [4]. - The high borosilicate glass market has shown a recovery since 2023, with the company experiencing rapid growth in this segment, attributed to its brand image and product quality [4]. - The company is actively expanding its market share in the pharmaceutical packaging sector, responding to the growing demand for borosilicate products [4]. Group 4: International Expansion Plans - In January 2024, the company signed an investment framework agreement with EAC in Egypt to collaborate on pharmaceutical glass projects [5]. - The company is exploring various international projects and plans to accelerate its global market presence through investments, mergers, and partnerships [5].

山东力诺特种玻璃股份有限公司 关于"M2 轻量化药用模制玻璃瓶（I 类）项目"窑炉点 | 证券代码：301188 | 证券简称：力诺特玻 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 火的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 山东力诺特种玻璃股份有限公司（以下简称"公司"）首次公开发行超募资 金投资项目"M2轻量化药用模制玻璃瓶（I类）项目"建设安装工作已经基本完 成，近日，用于生产中硼硅模制瓶的节能新型玻璃熔化全电熔炉窑炉成功点火， 本项目达产后，可实现年产中硼硅药用模制瓶11,000余吨。 2024年5月29日 本项目的成功点火，有利于进一步提升公司中硼硅药用模制瓶的产能，更好 地满足下游客户的市场需求，促进行业良性发展，提升公司在中硼硅药用玻璃领 域的市场竞争力，对公司未来的经营业绩产生积极影响。 整个项目从调试运行到达产达标尚需一定时间，且未来市场存在一定的不确 定性，敬请广大投资者注意投资风险，理性投资。 特此公告。 山东力诺特种玻璃股份有限公司 ...

| 证券代码：301188 | 证券简称：力诺特玻 | 公告编号：2024-058 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 山东力诺特种玻璃股份有限公司 2023 年年度权益分派实施公告 1、经 2023 年年度股东大会审议通过的利润分配方案为：以截至 2024 年 3 月 31 日 公司总股本 232,450,093 股剔除回购专户已回购的 3,255,000 股后的股本总额 229,19 5,093 股为基数，向全体股东每 10 股派发现金股利 1.00 元人民币（含税），预计派发 现金红利 22,919,509.3 元（含税）。不送红股，不以公积金转增股本。因公司可转换 债券处于转股期，在实施利润分配的股权登记日前，公司股本若因可转债转股、股份回 购等原因发生变化的，将维持每 10 股派发现金股利 1.00 元的分红比例，对分红总金额 进行调整。 2、由于公司发行的可转换公司债券（债券代码：123221；债券简称：力诺转债） 处于转股期内，公司总股本自分配预案披露至实施期间，由 232,450,093 股增加至 23 2,450,244 股 ...

特别提示： 债券代码：123221 债券简称：力诺转债 调整前"力诺转债"转股价格为：14.40 元/股 调整后"力诺转债"转股价格为：14.30 元/股 转股价格调整生效日期：2024 年 6 月 4 日 一、转股价格调整依据 根据中国证券监督管理委员会《关于同意山东力诺特种玻璃股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]1629 号），公司向不特定对象 发行了 5,000,000 张可转换公司债券，每张面值为人民币 100.00 元，募集资金总额为 人民币 500,000,000.00 元（含发行费用）。根据《山东力诺特种玻璃股份有限公司创 业板公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）发行条款 以及中国证券监督管理委员会（以下简称"中国证监会"）关于可转换公司债券发行的 有关规定，"力诺转债"在本次发行之后，若公司发生派送股票股利、转增股本、增发 新股（不包括因本次发行的可转债转股而增加的股本）、配股以及派发现金股利等情况， 将按下述公式进行转股价格的调整（保留小数点后两位，最后一位四舍五入）： 派送股票股利或转增股本：P1=P0/（1+n）； 关 ...

山东力诺特种玻璃股份有限公司 关于 2023 年年度权益分派实施后 证券代码：301188 证券简称：力诺特玻 公告编号：2024-059 债券代码：123221 债券简称：力诺转债 三、调整回购价格上限的说明 根据公司《关于回购公司股份方案的公告》及《回购报告书》约定，如公司在回 购期内发生派发红利、送红股、公积金转增股本等除权除息事项的，按照中国证监会 及深圳证券交易所的相关规定相应调整回购股份价格。调整后的回购价格上限=调整前 的每股回购价格上限-按公司总股本折算每股现金分红=22.00 元/股-0.0985997 元/股 ≈21.90 元/股（按四舍五入原则保留小数点后两位）。 调整后的回购价格上限自 2024 年 6 月 4 日（除权除息日）起生效。 调整回购股份价格上限的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 一、回购股份的基本情况 山东力诺特种玻璃股份有限公司（以下简称"公司"）于 2024 年 1 月 16 日召开了 第三届董事会第二十四次会议及第三届监事会第二十四次会议，审议通过了《关于回购 公司股份方案的议案》，公 ...

股票代码：301188 股票简称：力诺特玻 债券代码：123221 债券简称：力诺转债 民生证券股份有限公司 关于山东力诺特种玻璃股份有限公司 创业板向不特定对象发行可转换公司债券 第三次临时受托管理事务报告 （2024 年度） 债券受托管理人 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为民生证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，民生证 券不承担任何责任。 1 民生证券作为山东力诺特种玻璃股份有限公司创业板向不特定对象发行可 转换公司债券（债券简称：力诺转债，债券代码：123221，以下简称"本次可转 债"或"可转债"）的保荐机构、主承销商和受托管理人，持续密切关注对债券 持有人权益有重大影响的事项。根据《公司债券发行与交易管理办法》《公司债 券受托管理人执业行为准则》《可转换公司债券管理办法》等相关规定、本次可 转债《受托管理协议》的约定，现将山东力诺特种玻璃股份有限公司（以下简称 "发行人"、"公司"或"力诺特玻"）于 2024 年 5 月 28 日披露的《山东力诺特 种玻璃股份有限公司关 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at 24Q1 earnings improvement and expected volume growth of borosilicate molded bottles [10][31][38]. Core Insights - The company has shown a recovery in revenue from heat-resistant glass, achieving 520 million yuan in 2023, a year-on-year increase of 24.9%, while the gross margin decreased by 6.9 percentage points to 13.1% [10][37]. - The pharmaceutical glass segment has also seen stable growth, with revenue reaching 410 million yuan in 2023, up 15.3% year-on-year, and a gross margin of 23.2%, down 1.6 percentage points [10][37]. - The transition of the company's borosilicate molded injection bottles to "A" status allows for formal mass production and sales, which is expected to enhance market share in the pharmaceutical packaging sector [3][12][28]. Financial Summary - The company reported a total revenue of 947.37 million yuan for 2023, with a projected growth rate of 15.25% for 2024, reaching approximately 1.28 billion yuan [6][27]. - The net profit attributable to the parent company for 2023 was 65.92 million yuan, reflecting a significant decline of 43.49% compared to the previous year, but is expected to rebound to 168.94 million yuan in 2024, representing a growth of 156.29% [6][27]. - Earnings per share (EPS) for 2023 was 0.28 yuan, with projections of 0.73 yuan for 2024 and 0.95 yuan for 2025 [6][27]. Market Position and Strategy - The company is rapidly expanding its production capacity for borosilicate pharmaceutical glass, aiming to capture a larger market share in this segment [2][12]. - The full industrial chain advantage from the production of borosilicate tubes to bottles is expected to lower costs and enhance competitiveness [2][12]. - The company is also focusing on upgrading its product structure in the daily glass segment to optimize profitability [31][36].

Investment Rating - The report maintains a "Buy" rating for the company, with a current market price of 17.78 CNY [6]. Core Insights - The company reported a revenue of 950 million CNY for the year 2023, representing a year-on-year growth of 15.3%. However, the net profit attributable to shareholders decreased by 43.5% to 70 million CNY [3]. - In Q1 2024, the company achieved a revenue of 270 million CNY, up 19.0% year-on-year, with a net profit of 30 million CNY, reflecting an increase of 8.2% [3]. - The company’s borosilicate molded bottles have passed the technical review by the National Medical Products Administration, indicating readiness for mass production [3]. - The company’s gross margin improved in Q1 2024, with a comprehensive gross margin of 20.7%, up 1.0 percentage points year-on-year [3]. - The company is expected to maintain strong competitiveness in the borosilicate molded bottle market, with a planned production capacity increase from 0.5 million tons to approximately 5.8 million tons [3]. Financial Summary - The company’s revenue is projected to grow from 947 million CNY in 2023 to 1.261 billion CNY in 2024, with a growth rate of 33.1% [6][27]. - The net profit is expected to rebound significantly, from 66 million CNY in 2023 to 147 million CNY in 2024, marking a growth rate of 122.9% [6][27]. - The earnings per share (EPS) is forecasted to increase from 0.28 CNY in 2023 to 0.63 CNY in 2024 [6][27]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 62.7 in 2023 to 28.1 in 2024, indicating improved valuation [6][27].

1、债券代码：123221 债券简称：力诺转债 2、转股期限：2024年2月29日至2029年8月22日止 3、暂停转股时间：2024年5月24日至2023年度权益分派股权登记日止 4、恢复转股时间：2023年度权益分派股权登记日后的第一个交易日 | 证券代码：301188 | 证券简称：力诺特玻 | 公告编号：2024-057 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 山东力诺特种玻璃股份有限公司 关于实施权益分派期间"力诺转债"暂停转股的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 在上述暂停转股期间，公司可转换公司债券正常交易，敬请"力诺转债"持 有人留意。 特此公告。 山东力诺特种玻璃股份有限公司 增发新股或配股：P1=（P0+A×k）/（1+k）； 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 山东力诺特种玻璃股份有限公司（以下简称"公司"）于2024年5月21日召 开的2023年年度股东大会审议通过了《关于公司2023年度利润分配预案的议案》， 公司将根 ...