正川股份(603976)：中硼硅管制瓶放量 研发布局高端产品

Core Viewpoint - The company experienced a decline in revenue but improved net profit and gross margin due to a shift in product mix towards higher-margin borosilicate glass products [2][3]. Revenue and Profit Summary - In 2024, the company achieved revenue of 800 million yuan, a year-on-year decrease of 11.1% [2]. - The net profit attributable to shareholders was 50 million yuan, an increase of 32.2% year-on-year [2]. - The non-recurring net profit attributable to shareholders was also 50 million yuan, reflecting a year-on-year increase of 65.1% [2]. - The gross margin improved to 20.7%, up 4.7 percentage points from the previous year, driven by an increase in the proportion of high-margin borosilicate glass products [2]. Product Segment Performance - Borosilicate glass bottles generated revenue of 420 million yuan, down 0.8% year-on-year, with a gross margin of 22.8%, up 8.3 percentage points [2]. - Sodium-calcium glass bottles had revenue of 300 million yuan, a decrease of 16.2%, with a gross margin of 17.5%, up 2.0 percentage points [2]. - Bottle caps generated revenue of 70 million yuan, down 35.7%, with a gross margin of 18.5%, down 1.1 percentage points [2]. Research and Development Investment - The company increased R&D investment to 60 million yuan, a rise of 22.6% year-on-year [3]. - The company completed the full product layout in the pharmaceutical glass bottle sector, achieving large-scale production capabilities for various borosilicate products [3]. Financial Management and Dividends - The company announced a cash dividend plan for 2024, proposing a distribution of 2.46 yuan per 10 shares, which represents 98.3% of the net profit attributable to shareholders [3]. - The sales, management, R&D, and financial expense ratios were 1.8%, 5.4%, 2.5%, and 1.8%, respectively, with variations in each category compared to the previous year [3]. Profit Forecast and Investment Suggestion - The company is expected to benefit from industry growth and the gradual promotion of new products, with projected net profits of 64 million yuan, 74 million yuan, and 85 million yuan for 2025-2027, corresponding to PE ratios of 40, 35, and 30 [4].