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 ...

关于控股股东部分股份解除质押的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 证券代码：600529 证券简称：山东药玻 编号：2025-027 山东省药用玻璃股份有限公司 1、山东省药用玻璃股份有限公司（以下简称"公司"）控股股东山东 鲁中投资有限责任公司（以下简称"鲁中投资"）持有公司股份总数为 129,380,980 股（无限售流通股），占公司总股本比例为 19.50%。 2、本次解除质押后，鲁中投资持有公司股份累计质押数量为 51,180,000 股，占其持股数量的比例为 39.56%，占公司总股本比例为 7.71%。 特此公告。 山东省药用玻璃股份有限公司 董事会 公司于 2025 年 4 月 30 日收到鲁中投资转来的关于公司控股股东山东 鲁中投资有限责任公司股权解除质押的基本情况，获悉其将所持有的本公 司部分股份办理了解除质押。本次解除质押股份为 2024 年 4 月 19 日质押 给渤海银行股份有限公司淄博分行的 7,000,000 股； 具体事项如下： | 股东名称 | 山东鲁中投 ...

山东省药用玻璃股份有限公司 2024 年年度股东大会会议资料 证券代码：600529 证券简称：山东药玻 山东省药用玻璃股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 16 日 1 山东省药用玻璃股份有限公司 2024 年年度股东大会会议资料 山东省药用玻璃股份有限公司 会议须知 7、宣读现场会议表决结果。 1 根据《公司法》和《上市公司股东大会议事规则》的有关规定，为保证公司 股东依法行使股东权利，本次股东大会将采取现场会议和网络投票方式表决， 股东投票前请阅读本须知。 一、出席现场会议的股东需注意事项 1、现场会议由公司董事会召集召开，由董事长主持。董事会有义务维护股 东合法权益，确保会议的正常秩序和议事效率。 2、股东及股东代表请按时有序进入指定会场，到场签名。 3、股东参加股东大会，依法享有发言权、表决权等权利，请认真履行法定 义务，自觉遵守大会秩序，不得侵犯其他股东的权益。 4、现场工作人员有权对不符合大会要求的入场人员进行处理。 5、本次股东大会现场会议采取记名投票方式进行表决，特请各位股东及其 股东代表或其委托代理人准确填写表决票：必须填写股东姓名或委托股东姓名， 同意请 ...

证券代码：600529 证券简称：山东药玻 公告编号：2025-026 山东省药用玻璃股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 并继续购买理财产品的进展公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●委托理财受托方:中国银行股份有限公司（简称"中国银行"） ●委托理财金额：人民币 10,200.00 万元、人民币 9,800.00 万 元 ●委托理财产品名称：人民币结构性存款 CSDVY202506965、人 民币结构性存款 CSDVY202506966 ●委托理财产品期限：16 天、14 天 ●履行的审议程序：公司于 2024 年 4 月 20 日召开了第十届董事 会第十二次会议和第十届监事会第十次会议，并于 2024 年 5 月 16 日 召开了 2023 年年度股东大会，审议通过了《关于使用闲置募集资金 购买理财产品的议案》，同意公司使用总额度不超过人民币 10 亿元的 暂时闲置募集资金进行购买安全性高、流动性好、期限不超过 12 个 月（含）的保本型理财产品（包括但不限于协 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][23]. Core Views - The company achieved a revenue of 5.125 billion yuan and a net profit attributable to shareholders of 942.99 million yuan in 2024, reflecting a year-on-year growth of 2.87% and 21.55% respectively. The non-recurring net profit reached 904 million yuan, up 21.86% year-on-year [1][4]. - The company’s product structure optimization and the decline in soda ash prices are expected to further enhance profitability, with a strong growth outlook driven by increasing demand for borosilicate glass [4]. Financial Performance Summary - In 2024, the company reported revenues from various product lines: molded bottles (2.35 billion yuan, +3.9%), brown bottles (1.16 billion yuan, +3.5%), and others, with total sales volume showing mixed results [2]. - The overall gross margin improved to 31.72%, up 3.69 percentage points year-on-year, with a net profit margin of 18.40%, an increase of 2.83 percentage points [3]. - The company plans to distribute cash dividends of 411 million yuan, resulting in a dividend payout ratio of 43.63% [4]. Financial Projections - Revenue projections for the next few years are as follows: 6.335 billion yuan in 2025, 7.162 billion yuan in 2026, and 8.096 billion yuan in 2027, with respective growth rates of 23.61%, 13.05%, and 13.04% [6]. - The estimated net profit attributable to shareholders is projected to be 1.146 billion yuan in 2025, 1.348 billion yuan in 2026, and 1.567 billion yuan in 2027, with growth rates of 21.52%, 17.67%, and 16.20% respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][7][22] Core Views - The company achieved a revenue of 5.125 billion yuan and a net profit attributable to shareholders of 942.99 million yuan in 2024, representing a year-on-year growth of 2.87% and 21.55% respectively [1] - The company’s core profit, excluding non-recurring items, reached 904 million yuan, with a year-on-year increase of 21.86% [1] - The company is expected to benefit from the continuous increase in the penetration rate of borosilicate glass, which is anticipated to sustain high demand in downstream markets [4] Financial Performance Summary - In 2024, the company’s revenue from various products was as follows: molded bottles 2.35 billion yuan (+3.9%), brown bottles 1.16 billion yuan (+3.5%), ampoules 70 million yuan (-6.0%), controlled bottles 210 million yuan (+5.0%), butyl rubber stoppers 290 million yuan (+11.9%), and aluminum-plastic cover plastic bottles 60 million yuan (-0.6%) [2] - The overall gross margin for 2024 was 31.72%, an increase of 3.69 percentage points year-on-year [3] - The company’s operating cash flow net amount was 1.165 billion yuan, an increase of 117 million yuan year-on-year, with a cash collection ratio of 99.09% [3] Future Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is revised to 1.145 billion yuan, 1.348 billion yuan, and 1.566 billion yuan respectively [4] - The expected earnings per share (EPS) for 2025-2027 are 1.73 yuan, 2.03 yuan, and 2.36 yuan respectively [6][17]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance is driven by margin improvement and a return to value, with a projected revenue increase in 2025 [1][6] - The company reported a total revenue of 5.125 billion yuan in 2024, with a year-on-year growth of 2.9%, and a net profit attributable to shareholders of 943 million yuan, reflecting a year-on-year increase of 21.6% [6] - The report highlights that the company's revenue growth is stable, with profit growth primarily resulting from improved profit margins [6] Financial Data and Profit Forecast - Projected total revenue for 2025 is 5.597 billion yuan, with a year-on-year growth rate of 9.2% [5] - The net profit attributable to shareholders is expected to reach 1.043 billion yuan in 2025, representing a year-on-year growth of 10.6% [5] - The gross profit margin is projected to improve to 31.7% in 2025, with a return on equity (ROE) of 12.0% [5] - The company plans to distribute a total dividend of 4.11 billion yuan, resulting in a dividend payout ratio of 43.6% [6] Revenue and Cost Analysis - The company has adopted a precise procurement strategy to optimize costs, benefiting from declining prices of raw materials such as coal and soda ash [6] - The sales volume of molded bottles was 375,000 tons in 2024, with a gross margin of 43.3%, while the sales of brown bottles and butyl rubber stoppers also showed improvements in gross margins [6] Long-term Growth Potential - The report emphasizes the growth potential of borosilicate molded bottles, which are suitable for freeze-dried products and have a low expansion coefficient [6] - The company is expected to benefit from increasing penetration rates in the domestic market for borosilicate pharmaceutical packaging [6] - The long-term value of the company is gradually returning as cost pressures ease and profit margins improve [6]

3、投资金额：使用合计不超过十亿元的自有资金进行委托理财, 在此限额内资金可以循环使用。 4、投资期限：根据公司资金安排情况确定理财阶段,择机购买理 财产品,单一产品最长投资期不超过六个月。 关于使用自有资金购买理财产品的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为了提高资金使用效益，公司在确保资金安全、操作合法合规、 保证正常生产经营不受影响的前提下，利用自有资金进行委托理财， 在确保安全性、流动性的基础上实现资金的保值增值。 1、委托理财目的：在不影响正常经营及风险可控的前提下,使用 自有资金进行低风险与收益相对固定的委托理财,有利于提高公司的 资金使用效率,为公司增加收益。 2、投资产品：结构性存款、大额存单等安全性高、流动性好的 保本型产品。 证券代码：600529 证券简称：山东药玻 编号：2025-018 山东省药用玻璃股份有限公司 5、资金来源：委托理财资金为公司的自有资金。 6、投资风险及风险控制措施：公司购买的委托理财产品属于低 风险投资品种,但金融市场受宏观经济影响,不排除该项投资受到市 场 ...

证券代码：600529 证券简称：山东药玻 编号：2025-021 山东省药用玻璃股份有限公司 关于聘任公司 2025 年度审计机构的公告 重要内容提示： 拟聘任的会计师事务所名称：中汇会计师事务所（特殊普通合 伙） 山东省药用玻璃股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开了第十届董事会第十七次会议，会议审议通过了《关 于聘任公司 2025 年度审计机构的议案》，决定拟聘任中汇会计师事务 所（特殊普通合伙）为公司 2025 年度财务审计机构和内部控制审计 机构。现将相关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 （1）机构名称：中汇会计师事务所（特殊普通合伙） （以下简称中汇会计师事务所） （4）注册地址：杭州市上城区新业路8号华联时代大厦A幢601 室 （5）首席合伙人：高峰 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 （6）历史沿革：中汇会计师事务所，创立于1992年，于2013年 1 （2）成立日期：2013年12月27日 （3）机构性质：特殊普通合 ...