力诺特玻：24Q1毛利率改善；中硼硅模制瓶放量在即

Investment Rating - The report maintains a "Buy" rating for the company, with a current market price of 17.78 CNY [6]. Core Insights - The company reported a revenue of 950 million CNY for the year 2023, representing a year-on-year growth of 15.3%. However, the net profit attributable to shareholders decreased by 43.5% to 70 million CNY [3]. - In Q1 2024, the company achieved a revenue of 270 million CNY, up 19.0% year-on-year, with a net profit of 30 million CNY, reflecting an increase of 8.2% [3]. - The company’s borosilicate molded bottles have passed the technical review by the National Medical Products Administration, indicating readiness for mass production [3]. - The company’s gross margin improved in Q1 2024, with a comprehensive gross margin of 20.7%, up 1.0 percentage points year-on-year [3]. - The company is expected to maintain strong competitiveness in the borosilicate molded bottle market, with a planned production capacity increase from 0.5 million tons to approximately 5.8 million tons [3]. Financial Summary - The company’s revenue is projected to grow from 947 million CNY in 2023 to 1.261 billion CNY in 2024, with a growth rate of 33.1% [6][27]. - The net profit is expected to rebound significantly, from 66 million CNY in 2023 to 147 million CNY in 2024, marking a growth rate of 122.9% [6][27]. - The earnings per share (EPS) is forecasted to increase from 0.28 CNY in 2023 to 0.63 CNY in 2024 [6][27]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 62.7 in 2023 to 28.1 in 2024, indicating improved valuation [6][27].