SPG(600529) 民生证券·2024-10-29 13:51Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 3.825 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 4.12%. The net profit attributable to shareholders was 720 million yuan, up 17.29% year-on-year [2]. - The report highlights the stable growth in Q3, with a revenue of 1.239 billion yuan, a slight decrease of 0.99% year-on-year, while the net profit increased by 7.23% to 245 million yuan [2]. - The report emphasizes the positive outlook for the company's growth driven by the increasing demand for borosilicate molded bottles, export market conditions, and the reduction in soda ash costs enhancing profit margins [2]. Financial Performance Summary - For Q1-Q3 2024, the gross margin was 31.58%, an increase of 0.88 percentage points year-on-year, while the net profit margin was 19.80%, up 1.52 percentage points year-on-year [2]. - The report notes a decrease in the average price of heavy soda ash to 2012 yuan/ton, down 18.2% year-on-year, while the price of LNG increased to 4906 yuan/ton, up 19.6% year-on-year [2]. - The company adjusted its net profit forecasts for 2024-2026 to 934 million, 1.085 billion, and 1.242 billion yuan, respectively, corresponding to PE ratios of 18, 16, and 14 times [2][5].