力诺特玻：盈利水平季节性调整，期待模制瓶放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company reported a revenue of 830 million yuan for the first three quarters of 2024, representing a year-on-year increase of 20.2%. The net profit attributable to shareholders was 70 million yuan, up 31.4% year-on-year [2] - The company’s borosilicate infusion bottles have passed the technical review by the National Medical Products Administration, indicating readiness for mass production and sales [2] - The company is actively promoting customer validation and market expansion for its molded bottles, which are expected to contribute to revenue growth as customer certifications increase [2] - The company’s gross margin for Q3 2024 was 18.4%, with a net profit margin of 7.1%, indicating a slight year-on-year improvement in profitability [2] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 947 million yuan - 2024E: 1,128 million yuan (19% growth) - 2025E: 1,433 million yuan (27% growth) - 2026E: 1,702 million yuan (19% growth) [1] - Net profit projections are: - 2023A: 66 million yuan - 2024E: 110 million yuan (67% growth) - 2025E: 186 million yuan (69% growth) - 2026E: 244 million yuan (31% growth) [1] - Earnings per share (EPS) estimates are: - 2023A: 0.28 yuan - 2024E: 0.47 yuan - 2025E: 0.80 yuan - 2026E: 1.05 yuan [1] Market Position and Strategy - The company is focusing on expanding its molded bottle market and increasing customer certifications, which are expected to enhance its market presence and revenue contribution over time [2] - The company’s stock buyback plan, involving a minimum of 50 million yuan and a maximum of 100 million yuan, reflects confidence in its long-term growth potential [2]