力诺特玻：24Q1盈利改善，中硼硅模制瓶转A放量可期

Investment Rating - The investment rating for the company is "Buy" with a target price set at 24Q1 earnings improvement and expected volume growth of borosilicate molded bottles [10][31][38]. Core Insights - The company has shown a recovery in revenue from heat-resistant glass, achieving 520 million yuan in 2023, a year-on-year increase of 24.9%, while the gross margin decreased by 6.9 percentage points to 13.1% [10][37]. - The pharmaceutical glass segment has also seen stable growth, with revenue reaching 410 million yuan in 2023, up 15.3% year-on-year, and a gross margin of 23.2%, down 1.6 percentage points [10][37]. - The transition of the company's borosilicate molded injection bottles to "A" status allows for formal mass production and sales, which is expected to enhance market share in the pharmaceutical packaging sector [3][12][28]. Financial Summary - The company reported a total revenue of 947.37 million yuan for 2023, with a projected growth rate of 15.25% for 2024, reaching approximately 1.28 billion yuan [6][27]. - The net profit attributable to the parent company for 2023 was 65.92 million yuan, reflecting a significant decline of 43.49% compared to the previous year, but is expected to rebound to 168.94 million yuan in 2024, representing a growth of 156.29% [6][27]. - Earnings per share (EPS) for 2023 was 0.28 yuan, with projections of 0.73 yuan for 2024 and 0.95 yuan for 2025 [6][27]. Market Position and Strategy - The company is rapidly expanding its production capacity for borosilicate pharmaceutical glass, aiming to capture a larger market share in this segment [2][12]. - The full industrial chain advantage from the production of borosilicate tubes to bottles is expected to lower costs and enhance competitiveness [2][12]. - The company is also focusing on upgrading its product structure in the daily glass segment to optimize profitability [31][36].