查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 山东药玻发布2025年中报，25H1实现营收/归母净利/扣非归母净利23.7/3.7/3.5亿元，同 比-8.2%/-21.9%/-22.0%；经营性净现金流3.0亿元，同比-49.2%。单Q2实现营收/归母净利/扣非归母净利 11.3/1.5/1.4亿元，同比-14.2%/-42.0%/-42.5%。公司拟每股派发0.28元（含税），对应公告日股息率1.2%。 特别申明： 毛利率略有承压，折旧及存货减值拖累业绩 25H1公司毛利率31.6%，同比-0.7pcts。期间费用率10.7%，同比+2.1pcts；销售/管理/财务/研发费用率为 1.9%/5.4%/-0.6%/4.0%，同比-0.5/+1.3/+0.3/+1.0pcts。最终销售净利率 ...

2025 年 9 月 1 日 公司研究 出口保持增长，预灌封项目继续推进。 国内需求阶段性承压背景下，公司主动调整经营策略，实现多元化业务布局和精 准市场开拓；得益于模制瓶（注射类）、日化食品瓶国际市场占有率进一步提升， 25H1 出口保持增长；产能方面，一级耐水药用玻璃瓶产能基本达到预期目标， 年产 5.6 亿只预灌封注射器扩产改造项目除一条进口清洗硅化包装线还未到货 外，其余进口设备均已到位，陆续进行调试和验收。 盈利预测、估值与评级：考虑到国内需求阶段性承压，我们下调公司 25-27 年归 母净利润预测为 8.02/9.57/10.42 亿元（下调 22%/16%/17%）。公司为国内药 用玻璃龙头，受益于行业中硼硅模制瓶放量，海外市场发展势头强劲，具备长期 配置价值，维持"买入"评级。 需求阶段承压，出口保持增长 ——山东药玻（600529.SH）2025 年中报点评 要点 事件：山东药玻发布 2025 年中报，25H1 实现营收/归母净利/扣非归母净利 23.7/3.7/3.5 亿元，同比-8.2%/-21.9%/-22.0%；经营性净现金流 3.0 亿元，同 比-49.2%。单 Q2 实现营收/归 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's revenue and profit faced pressure in the first half of the year, with total revenue of 2.374 billion yuan, down 8.2% year-on-year, and a net profit attributable to shareholders of 371 million yuan, down 21.9% year-on-year [7] - Domestic demand has declined, but exports and non-pharmaceutical sectors performed well, with foreign sales amounting to 761 million yuan, accounting for 32% of total revenue [7] - The company is advancing automation upgrades, improving production efficiency and reducing costs [7] - Following the entry of China National Pharmaceutical Group, support in product sales, channel layout, and product development is expected [7] - Despite short-term pressures, the long-term trend for the pharmaceutical glass industry remains positive, with potential benefits from industry upgrades [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.372 billion yuan, with a year-on-year growth rate of 4.8% [6] - Net profit forecast for 2025 is 904 million yuan, with a year-on-year decrease of 4.1% [6] - Earnings per share for 2025 is projected at 1.36 yuan [6] - The company’s gross margin is expected to be 29.6% in 2025 [6]