SPG(SH:600529) Changjiang Securities·2025-09-02 08:11Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 2.374 billion in the first half of 2025, a decrease of 8.2% year-on-year. The net profit attributable to shareholders was 371 million, down 21.9% year-on-year, and the net profit after deducting non-recurring items was 355 million, down 22.0% year-on-year [3][8]. - In Q2, the company achieved a revenue of 1.131 billion, a decline of 14.2% year-on-year, with a net profit of 148 million, down 42.0% year-on-year [3][8]. - The company maintains a stable gross margin of 31.6% in the first half of 2025, despite a slight decrease of 0.7 percentage points year-on-year [8]. Financial Performance - The company’s revenue from packaging products decreased by 10.2% year-on-year, while trade revenue increased by 4.46% [8]. - The gross margin for Q2 was 33.2%, down 0.8 percentage points year-on-year, but still at a relatively high level [8]. - The company’s net profit margin improved to 15.6%, an increase of 2.7 percentage points year-on-year [8]. Dividend Policy - The company proposed a mid-year dividend of 186 million, with a dividend payout ratio of 50.06% [8]. Market Outlook - The demand in the pharmaceutical industry is under pressure, but the penetration rate of borosilicate glass is expected to continue to rise in the medium term [8]. - The company is expected to achieve revenues of 790 million and 900 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 18.8 and 16.5 [8].