Investment Rating - The report maintains an "Outperform" rating for the company [11] Core Views - The company has signed a strategic investment agreement to establish a "Neutral Borosilicate Pharmaceutical Glass Project" in Ya'an, with a total planned investment of 1.67 billion and an expected annual output value of no less than 1 billion after reaching production [3][4] - The market for neutral borosilicate glass is expected to grow significantly, with the market size projected to reach 14.7 billion by 2026, driven by policy requirements for drug packaging [9][10] Market Data - Closing price as of November 26, 2024: 21.68 yuan - Market capitalization: 1,722 million [5] - Price-to-earnings ratio (PE) for 2024-2026 is projected at 40X, 31X, and 24X respectively [11] Financial Summary - Revenue for 2023 is reported at 808 million, with a projected decline to 565 million in 2024, followed by growth to 662 million in 2025 and 817 million in 2026 [15] - Net profit for 2023 is 104 million, expected to decrease to 77 million in 2024, then increase to 99 million in 2025 and 129 million in 2026 [15] Industry Insights - The company is focusing on the high-demand pharmaceutical glass market, leveraging its advanced furnace technology to enhance production efficiency [8][9] - The domestic market for neutral borosilicate glass is currently underpenetrated, with less than 10% market penetration compared to international levels, indicating significant growth potential [9][10]
戈碧迦：投资设立中硼硅药玻子公司，切入药玻高景气市场