力诺特玻：中硼硅模制瓶转A落地，药用玻璃放量在即

Investment Rating - The report suggests a positive investment outlook for Linuo Te Glass, indicating a focus on growth in the specialty glass sector, particularly in pharmaceutical glass products [3][4]. Core Viewpoints - Linuo Te Glass is actively transforming its product structure to meet market demands, with significant investments in high borosilicate glass production, which is expected to see robust export demand in 2024 [4][18]. - The company has successfully launched several production projects, including high borosilicate glass products and lightweight glassware, enhancing its competitive edge in the market [4][18]. - The pharmaceutical glass segment is a key focus, with the company aiming to increase its market share in this area, which currently has a low penetration rate in China compared to international standards [51][55]. Summary by Sections Company Overview - Linuo Te Glass specializes in the research, production, and sales of borosilicate glass, with a strong emphasis on pharmaceutical glass and daily-use glass products [36][61]. - The company has a history of strategic partnerships and technological advancements, positioning itself as a leader in the specialty glass industry [34][36]. Financial Performance - In 2023, Linuo Te Glass reported a revenue of 947 million yuan, a year-on-year increase of 15.25%, while the net profit attributable to shareholders decreased by 43.49% to 66 million yuan [25][23]. - The company anticipates significant revenue growth in the coming years, projecting revenues of 1.29 billion yuan in 2024, representing a 36.1% increase [25]. Product Development - The company is focusing on enhancing its pharmaceutical glass offerings, with a notable increase in the revenue share from this segment, which reached 42.85% in 2023 [63]. - The gross margin for pharmaceutical glass products remains stable at around 26%, while the margins for daily-use glass products have declined due to rising raw material and energy costs [63]. Market Expansion - Linuo Te Glass is expanding its overseas market presence, particularly in the pharmaceutical packaging sector, with a recent investment in an Egyptian company to enhance its capabilities [64]. - The company’s overseas revenue accounted for approximately 19.55% of total revenue in 2023, primarily driven by daily-use glass products [23][25].