SPG(SH:600529) Minsheng Securities·2024-04-23 13:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 4.982 billion yuan in 2023, representing a year-on-year increase of 18.98%. The net profit attributable to shareholders was 776 million yuan, up 25.48% year-on-year [2]. - The core products, molded bottles and brown bottles, experienced rapid growth, with molded bottle sales reaching 375,900 tons, a year-on-year increase of 23.65%, and revenue of 2.264 billion yuan, up 29.36% [2]. - The company has a strong cash flow, with a net operating cash flow of 1.048 billion yuan in 2023, a significant increase of 315.14% year-on-year [2]. - The demand for borosilicate molded bottles is high, and overseas sales contributed significantly, with overseas revenue reaching 1.36 billion yuan, a year-on-year increase of 26.44% [2]. - Cost control measures and the decline in soda ash prices are expected to improve profitability in 2024, with soda ash prices dropping significantly [2]. Financial Performance Summary - In 2023, the company achieved a gross margin of 28.03%, up 1.19 percentage points year-on-year, and a net profit margin of 15.57%, up 0.8 percentage points [2]. - The forecasted revenues for 2024-2026 are 5.621 billion, 6.513 billion, and 7.201 billion yuan, respectively, with net profits of 1.051 billion, 1.211 billion, and 1.392 billion yuan [3][6]. - The company’s PE ratios for 2024-2026 are projected to be 24, 18, and 15, respectively, indicating a favorable valuation trend [3][6].