SPG(600529) 申万宏源证券·2025-04-25 07:12Investment 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]