SPG(600529) 天风证券·2024-08-28 06:00Investment 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].