湖北华强科技股份有限公司 进展报告 根据上海证券交易所发布的《关于开展沪市公司"提质增效重回报"专项行 动的倡议》，湖北华强科技股份有限公司（以下简称"公司"）积极践行"以投资 者为本"上市公司发展理念，维护公司全体股东利益，切实履行社会责任，于 报"行动方案》。2025 年上半年，公司根据行动方案积极落实相关举措并认真评 估实施效果，现将行动方案半年度进展情况报告如下： 一、坚决履行强军首责，核心能力进一步提升 深入学习贯彻习近平强军思想和新时代军事战略方针，聚焦特种防护领域， 提升强军胜战能力，聚焦市场开拓、生产任务完成、科研项目落地，抓实抓细各 项具体工作。一是积极落实特品订单。2025 年上半年，主动拓展新渠道，全力 争取订单，超额完成特品订单落实，总金额超过年度预算。二是积极参与各军兵 种招标。公司及时对接各军兵种的招标意向，累计参与特品竞标 4 次，成功中标 生产计划落实，确保保质保量准时交付。四是推进新时代质量管理体系建设。上 半年组织新体系建设动员大会，引入外部咨询机构，开展新体系实施指南、评价 准则等相关培训，完成新体系流程平台设计，制定业务架构清单和流程模板。 始终把科技创新摆在高质量发展 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, but faced challenges in Q1 2025 with a decline in revenue compared to the previous year, indicating a potential slowdown in growth due to external factors [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.13 billion, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 0.94 billion, up 21.6% year-on-year [1] - For Q4 2024, revenue was 1.30 billion, a slight decrease of 0.6% year-on-year, while net profit rose by 37.8% to 0.22 billion [1] - In Q1 2025, revenue was 1.24 billion, down 2.0% year-on-year, with net profit increasing by 1.3% to 0.22 billion [1] Product Performance - Revenue growth for key products in 2024 included molded bottles (+3.9%), brown bottles (+3.5%), and controlled bottles (+5.0%), while some products like ampoules (-6.0%) and aluminum-plastic bottles (-0.6%) faced declines [2] - The company’s main product, molded bottles, maintained growth due to the upgrade of first-class bottles, and overseas markets showed good expansion [2] Profitability - The gross profit margins for various products in 2024 were as follows: molded bottles (43.3%), brown bottles (28.4%), controlled bottles (-4.9%), ampoules (10.5%), butyl rubber stoppers (35.5%), and aluminum-plastic bottles (36.5%) [3] - The overall gross margin for the company in Q1 2025 was 30.2%, indicating a slight decline due to seasonal factors and energy costs [3] Cash Flow and Dividends - The company maintained a good level of cash flow, with net cash from operating activities of 1.05 billion in 2024 and 0.09 billion in Q1 2025 [4] - The dividend payout for 2024 reached 0.41 billion, with a payout ratio of 43.6%, marking a historical high for the company [4] Future Outlook - The company slightly adjusted its revenue forecasts for 2025-2027, now expecting revenues of 5.45 billion, 5.67 billion, and 5.88 billion respectively, reflecting a cautious outlook due to slowing demand growth [4] - The company remains a leader in molded bottles and is expected to benefit from product upgrades and cost reductions, indicating potential for stable growth in the medium to long term [4]

Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.13 billion, 940 million, and 900 million yuan respectively in 2024, with year-on-year growth of +2.9%, +21.6%, and +21.9% [1] - In Q4 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.30 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -0.6%, +37.8%, and +41.9% [1] - For Q1 2025, the company recorded revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.24 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -2.0%, +1.3%, and +1.8%, meeting market expectations [1] Product Performance - The main products, including molded bottles, brown bottles, and butyl rubber stoppers, demonstrated resilience in both volume and price, leading to improved overall profitability [2] - Molded bottles sold 375,000 tons (down 0.4%) with revenue of 2.35 billion yuan (up 3.9%) and a gross margin increase of 4.1 percentage points to 43.3% [2] - Brown bottles sold 286,000 tons (up 4.8%) with revenue of 1.16 billion yuan (up 3.5%) and a gross margin increase of 4.6 percentage points to 28.4% [2] - Butyl rubber stoppers sold 6.22 billion pieces (up 15.4%) with revenue of 290 million yuan (up 11.9%) and a gross margin increase of 10.9 percentage points to 35.5% [2] - The company's overseas revenue reached 1.47 billion yuan (up 8.5%) with a gross margin of 31.5% [2] Profitability and Financial Health - The company's sales gross margin was 31.7%, an increase of 3.7 percentage points year-on-year, while the net profit margin was 18.4%, up 2.8 percentage points [3] - The company maintained a healthy cash flow with a cash collection ratio of 99.1% (up 4.6 percentage points) and a net cash ratio of 123.5% [3] - The proposed cash dividend for the year is 411 million yuan, with a dividend payout ratio of 43.63%, reflecting a 9.41 percentage point increase [3] Market Outlook - The company is expected to benefit from the upcoming tenth batch of national procurement, which will accelerate the penetration of borosilicate packaging materials in the market [4] - The company is positioned as an industry leader, leveraging its scale, cost advantages, and established customer relationships to capitalize on market growth [4] - Revenue projections for 2025-2027 are 5.575 billion, 6.168 billion, and 6.725 billion yuan respectively, with corresponding net profits of 1.042 billion, 1.186 billion, and 1.315 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for Shandong Pharmaceutical Glass [5] Core Views - The company achieved revenue of 5.13 billion and net profit of 943 million in 2024, with year-on-year growth of 2.87% and 21.6% respectively [1] - The company is a leader in the domestic pharmaceutical glass market, with strong growth in overseas markets and a consistent increase in market share for its main products [3][2] - The gross margin improved to 31.7% in 2024, driven by better margins in molded bottles and other products [2] Summary by Sections Financial Performance - In 2024, Shandong Pharmaceutical Glass reported revenue of 5.13 billion, net profit of 943 million, and a net cash flow from operating activities of 1.17 billion, reflecting a year-on-year increase of 11.2% [1] - For Q1 2025, the company recorded revenue of 1.24 billion, with a slight decline of 2.0% year-on-year, while net profit increased by 1.3% to 220 million [1][3] Revenue Breakdown - In 2024, revenue from molded bottles, brown bottles, butyl rubber stoppers, and controlled bottles was 2.35 billion, 1.16 billion, 290 million, and 210 million respectively, with year-on-year growth rates of 3.9%, 3.5%, 11.9%, and 5.0% [2] - Domestic revenue was 3.59 billion, up 0.5%, while international revenue reached 1.47 billion, growing by 8.3% [2] Profitability Metrics - The gross margin for 2024 was 31.7%, an increase of 3.7 percentage points year-on-year, with a final net profit margin of 18.4%, up 2.8 percentage points [2] - For Q1 2025, the gross margin was 30.2%, a slight decrease of 0.4 percentage points year-on-year, with a net profit margin of 18.0%, an increase of 0.6 percentage points [3] Earnings Forecast - The report forecasts net profits of 1.03 billion for 2025 and 1.14 billion for 2026, with growth rates of 9.5% and 10.0% respectively [4] - The estimated EPS for 2025 is 1.56, with a projected P/E ratio of 14 [4][11] Valuation Metrics - The report provides a P/E ratio forecast decreasing from 19 in 2023 to 12 in 2027, indicating a potential increase in valuation attractiveness over time [4][11] - The projected dividend per share for 2024 is 0.32, corresponding to a dividend yield of 1.4% [1][11]