Group 1 - The core point of the news is the significant restructuring of Shandong Pharmaceutical Glass Co., Ltd., with China International Medical Health Co., Ltd. becoming the new controlling shareholder, and the actual controller changing to China National Pharmaceutical Group Corporation (Sinopharm Group) [1][2] - Shandong Pharmaceutical Glass is a leading company in the domestic pharmaceutical packaging materials industry, with a market share exceeding 85% in molded bottles, and has shown a cumulative revenue growth of 197% from 2015 to 2024, reaching a revenue of 5.125 billion yuan and a profit of 1.111 billion yuan in 2024, with a year-on-year growth of 21.95% [2][3] - The demand for borosilicate pharmaceutical glass is experiencing rapid growth due to national policies, and the entry of a central enterprise into the leading industry player is seen as a key signal for industry consolidation [2][4] Group 2 - Sinopharm Group, as a global pharmaceutical giant, covers the entire industry chain from R&D to manufacturing and distribution, and the restructuring is expected to create significant synergies, including accelerated international expansion and technological upgrades [3][4] - The restructuring will enhance the regional economic development by injecting central enterprise resources into the local pharmaceutical health industry, thereby strengthening the competitive edge of Shandong Province's pharmaceutical industry [4] - This move aligns with the national strategy for emerging industries and provides an innovative model for industry consolidation, which will continue to attract industry attention in terms of technological collaboration and market expansion [4]

现金流总体保持良好水平，分红率创历史新高。2024 年及25Q1 公司实现经营活动现金净流10.5/0.9 亿，同比+1.2 亿/-2.1 亿，预计25Q1 季度同比下滑主要受存货边际提升影响。2024 年公司收现比0.99， 同比+0.05；净现比1.24，同比-0.12，总体仍保持较高水平。公司2024 年（含24 年中期及本次董事会预 案）分红金额4.1 亿元，股利支付率达到43.6%，创公司分红历史新高。 盈利预测及投资建议：受阶段性需求增速放缓影响，我们略下调公司产品发货假设，调整后预计公司 2025-2027 年实现营收54.5、56.7、58.8 亿（原2025-2026 年值63.3、70.2 亿），预计实现归母净利 10.3、11.1、11.8 亿（原2025-2026 年值11.5、13.4亿），对应当前股价PE 为14、13、12 倍，公司模制 瓶龙头地位稳固，充分受益产品升级实现稳健成长，叠加成本中枢下移，中长期盈利释放可期，维 持"买入"评级。 风险提示：集采放量不及预期，行业竞争加剧、原燃料价格波动、关税影响出口等因素超预期。 下游需求阶段性走弱，营收增速边际放缓。2024 年公司 ...

事件：公司24 年实现营收、归母净利、扣非归母净利分别为51.3、9.4、9.0 亿元，分别同比+2.9%、 +21.6%、+21.9%。24Q4 实现营收、归母净利、扣非归母净利分别为13.0、2.2、2.1 亿元，分别同 比-0.6%、+37.8%、+41.9%。 经营质量保持优异，分红力度增强。24 年公司收现比同比+4.6pct 至99.1%，净现比虽同比-11.5pct 仍维 持123.5%健康水平。稳健的现金流转化支撑分红能力提升，公司全年拟派发现金股利4.11 亿元，分红 率提升9.41pct 至43.63%，按照最新收盘价股息率约2.8%。 第十批国采放量在即，宽深护城河护航充分受益。我国中硼硅药包材渗透率仍偏低，受益一致性评价及 集采政策推动，渗透率持续爬升。第十批国采落地执行将近，本批纳入注射剂品种数创历史新高，中硼 硅替代进程加速可期。公司作为行业龙头，凭借产能规模、成本优势、客户验证先发壁垒以及工艺 know-how 积淀，充分享受渗透率提升红利。当前行业格局、产品价格仍相对稳定，包括公司在长期充 分竞争的普通模制瓶市场中牢牢占据寡头地位，均验证公司护城河的宽深。 盈利预测与投资建议： ...

2025 年 4 月 30 日 公司研究 经营略有承压，盈利能力稳定 ——山东药玻（600529.SH）2024 年年报及 2025 年一季报点评 要点 事件：山东药玻发布 2024 年年报及 2025 年一季报，24 年实现营收/归母净利/ 扣非归母净利 51.3/9.4/9.0 亿元，同比+2.87%/+21.6%/+21.9%，经营性净现金 流11.7亿元，同比+11.2%。25Q1实现营收/归母净利/扣非归母净利12.4/2.2/2.1 亿元，同比-2.0%/+1.3%/+1.8%。经营性净现金流 0.9 亿元，同比-69.4%。公 司拟每股派发 0.32 元（含税），对应公告日（4 月 24 日）股息率 1.4%。 模制瓶稳健增长，海外增速亮眼：24 年公司模制瓶/棕色瓶/丁基胶塞/管制瓶实 现营收 23.5/11.6/2.9/2.1 亿元，同比+3.9%/+3.5%/+11.9%/+5.0%；对应销量 为 37.5 万吨/28.6 万吨/62.2 亿支/16.2 亿支，同比-0.4%/+4.8%/+15.4%/-1.9%。 需求承压、竞争加剧下模制瓶收入增速放缓。分地区看，国内/国外实现营收 35 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved a revenue of 5.125 billion, representing a year-on-year growth of 2.9%. The net profit attributable to shareholders was 943 million, up 21.6% year-on-year, while the net profit excluding non-recurring items was 904 million, an increase of 21.9% [3][8]. - For Q1 2025, the company reported a revenue of 1.242 billion, a decline of 2.0% year-on-year, with a net profit of 224 million, reflecting a growth of 1.3% year-on-year [3][8]. Financial Performance Summary - The company’s revenue growth in 2024 was driven by a 3.9% increase in molded bottles, a 3.49% increase in brown bottles, a 4.97% increase in tubular bottles, and an 11.86% increase in rubber stoppers. The gross margin for the period was 31.7%, up 3.7 percentage points year-on-year, benefiting from a decline in raw material prices and an increase in the proportion of borosilicate glass products [8]. - The company maintained a low asset-liability ratio of 21.0% at the end of 2023, with a slight year-on-year increase of 1.9 percentage points. The proposed cash dividend for 2024 is 411 million, resulting in a historical high dividend payout ratio of 43.63% [8][14]. - The company expects stable growth in the borosilicate glass segment, with increased demand anticipated despite overall industry pressures. The company has completed the construction of two borosilicate glass production facilities and has put four kilns into operation [8][14]. Future Outlook - The company is projected to achieve revenues of 1.05 billion and 1.17 billion in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 14.0 and 12.6 times [8][14].