SPG(600529) Guotai Junan Securities·2024-04-24 04:01Investment Rating - The investment rating for the company is "Accumulate" [1][2] - The target price is set at 33.84, up from the previous forecast of 32.65 [1][2] Core Views - The company has shown strong revenue growth driven by high demand for molded bottles, with a reported revenue of 4.982 billion, an increase of 18.98% year-on-year [1][2] - The gross profit margin reached a new high, supported by a decrease in raw material costs, particularly soda ash [1][2] - The net profit attributable to shareholders was 776 million, reflecting a year-on-year increase of 25.48% [1][2] Financial Performance Summary - Revenue for 2023 was 4.982 billion, with a year-on-year growth of 18.98% [1][2] - The company achieved a net profit of 776 million, up 25.48% year-on-year [1][2] - Earnings per share (EPS) for 2023 is reported at 0.93, with projections of 1.17 for 2024 and 1.51 for 2025 [1][2] Product Performance - The demand for molded bottles continues to grow, with expected shipments of 5-6 billion units in Q1 2024, a year-on-year increase of 60-70% [1][2] - The company’s product mix has improved, with a higher proportion of high-margin molded bottles contributing to the overall profitability [1][2] Market Position - The company maintains a strong market position with stable revenue growth in its core glass bottle business [1][2] - The competitive landscape for molded bottles remains challenging for new entrants due to certification and cost barriers [1][2]