力诺特玻：公司2024年中报点评报告：业绩稳健增长，模制瓶放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady growth in performance, with a significant increase in revenue and net profit for the first half of 2024. The revenue reached 561 million yuan, up 21.41% year-on-year, and the net profit attributable to shareholders was 51 million yuan, up 27.70% year-on-year [4] - The company is expected to benefit from the gradual construction and capacity release of its borosilicate molded bottle project, leading to an anticipated increase in performance [4] Financial Performance Summary - In 2024H1, the company achieved revenue of 561 million yuan, with a year-on-year growth of 21.41%. The net profit attributable to shareholders was 51 million yuan, reflecting a year-on-year increase of 27.70%. The net profit after deducting non-recurring items was 46 million yuan, up 46.51% year-on-year [4] - For 2024Q2, the company reported revenue of 294 million yuan, a quarter-on-quarter increase of 10.06%, and a net profit of 26 million yuan, up 6.74% quarter-on-quarter [4] - The company’s revenue from heat-resistant glass and pharmaceutical glass products in 2024H1 was 285 million yuan and 255 million yuan, respectively, with year-on-year growth of 17.62% and 20.91% [5] - The overall gross margin improved to 20.28%, up 3.42 percentage points year-on-year, primarily due to lower costs of key raw materials and energy [5] Capacity Expansion and Incentives - The company successfully transitioned its borosilicate molded injection bottles to A-share listing in April 2024, indicating readiness for mass production. The second furnace for borosilicate molded bottles was ignited in May, with an expected annual production capacity of over 11,000 tons [6] - An employee stock incentive plan was announced in August 2024, aiming for significant revenue and profit growth targets for 2024 and 2025 [6] Financial Projections - The company forecasts net profits of 142 million yuan, 157 million yuan, and 174 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 115.2%, 10.6%, and 11.0% [4][7] - Earnings per share (EPS) are projected to be 0.61 yuan, 0.68 yuan, and 0.75 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 29.1, 26.3, and 23.7 [4][7]