SPG(600529) 民生证券·2024-08-27 05:34Investment Rating - The report maintains a "Recommended" rating for Shandong Pharmaceutical Glass [2][3]. Core Views - The company achieved a revenue of 2.586 billion yuan in H1 2024, representing a year-on-year increase of 6.75%, with a net profit attributable to shareholders of 475 million yuan, up 23.26% year-on-year [2]. - The gross margin improved to 32.35%, an increase of 5.43 percentage points year-on-year, while the net profit margin reached 18.37%, up 2.46 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, marking a dividend payout ratio of 41.9%, up from 34.22% in 2023 [2]. Financial Performance - In Q2 2024, the company reported revenue of 1.318 billion yuan, a year-on-year increase of 11.19%, and a net profit of 254 million yuan, up 16.16% year-on-year [2]. - The company’s core products, including borosilicate molded bottles, saw significant sales growth, while the paper packaging business experienced a decline [2]. - The operating cash flow for H1 2024 was 589 million yuan, a 41.50% increase year-on-year, with a cash collection ratio of 1.01 [2]. Future Outlook - The report forecasts net profits for 2024-2026 to be 1.007 billion, 1.199 billion, and 1.408 billion yuan, respectively, with corresponding PE ratios of 14, 12, and 10 [3]. - The company is expected to benefit from the continued growth in overseas sales and the reduction in raw material costs, particularly soda ash and natural gas [2].