SPG(600529) 长江证券·2025-04-27 10:43Investment 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].