SPG(600529) 国联证券·2024-10-30 06:23Investment Rating - The investment rating for Shandong Pharmaceutical Glass (600529) is "Buy" (maintained) [5] Core Views - The company reported a revenue of 3.83 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 4.1%, and a net profit attributable to shareholders of 720 million yuan, up 17.3% year-over-year. However, Q3 2024 revenue was 1.24 billion yuan, down 1.0% year-over-year and down 6.0% quarter-over-quarter. The decline in Q3 is attributed to seasonal impacts and non-core business disruptions. The company maintains strong growth momentum and competitive advantages, with a focus on the pace of new round of centralized procurement [3][7]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 32.1%, an increase of 3.9 percentage points year-over-year. The gross margin for Q3 2024 was 31.6%, up 0.9 percentage points year-over-year but down 2.5 percentage points quarter-over-quarter. The net profit margin for Q1-Q3 2024 was 18.8%, an increase of 2.1 percentage points year-over-year, with Q3 net profit margin at 19.8%, up 1.5 percentage points year-over-year and up 0.5 percentage points quarter-over-quarter [7][8]. Future Projections - The company expects revenues of 5.64 billion yuan, 6.50 billion yuan, and 7.59 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 13%, 15%, and 17%. The net profit attributable to shareholders is projected to be 940 million yuan, 1.13 billion yuan, and 1.38 billion yuan for the same years, with growth rates of 22%, 20%, and 21% respectively. The earnings per share (EPS) are forecasted to be 1.42 yuan, 1.71 yuan, and 2.07 yuan for 2024, 2025, and 2026 respectively [7][8]. Market Position - The company is positioned as a leader in molded bottles, with stable growth in demand for pharmaceutical glass and continuous improvement in product structure. The expansion into new product categories and overseas markets has been effective, highlighting the importance of the company's growth momentum [3][7].