\u3000\u3000 Shandong Linuo Technical Glass Co.Ltd(301188) (301188)
The company issued a performance express. In 2021, the company achieved a revenue of 889 million yuan, an increase of 34.67% at the same time; The total profit was 140 million yuan, an increase of 37.45% at the same time; The net profit attributable to the parent company was 125 million yuan, an increase of 37.51% at the same time.
Reasons for performance pre increase:
Revenue side: in 2021, China’s epidemic control was stable, the injection consistency evaluation policy was promoted, and the market demand of the company’s daily glass and medicinal glass increased; In 2021, many projects of the company were put into operation, and the production capacity and output increased. Through marketing, the company maintained a good relationship with customers and increased product sales. Profit side: in 2021, the company upgraded production technology and equipment through innovation, improved internal lean management level, deeply promoted cost reduction and efficiency improvement, and effectively improved the profitability of the company.
Focus on pharmaceutical packaging and heat-resistant glass, and focus on building the Asian champion of pharmaceutical packaging. At present, the company is a leading enterprise in the high borosilicate heat-resistant glass industry, with the largest production capacity in the world, stable quality and stable supply, occupying a leading position in the industry; At the same time, based on the existing industry, the company will focus on the development of pharmaceutical packaging materials in the next step, increase the investment in strategic resources, and focus on building the Asian champion of pharmaceutical packaging; In addition, the company actively develops high value-added products and products in new fields, such as high borosilicate light source material products, wall breaking cup products, supporting small household appliances series, electronic glass and other new application products.
In 2017, the layout of borosilicate medicinal glass has the first mover advantage in customer resources. In 2017, the company’s marketing team began to lay out the medium borosilicate pharmaceutical packaging materials, attached importance to the consistency evaluation policy, accelerated the substitution opportunities of China’s medium borosilicate pharmaceutical glass for low borosilicate pharmaceutical glass, and focused on the delivery of samples of medium borosilicate pharmaceutical glass. After years of development, some customers have been transformed and achieved rapid growth in performance. The company has the following customer advantages: 1) brand advantages. Since its establishment in 2002, the company has begun to produce borosilicate medicine glass bottles, which is the first in China. After years of development, the company has a good customer base and brand marketing power; 2) Quality assurance advantages: complete system certification, quality implementation of iso15378, national CNAs laboratory and 100% online detection of imported equipment; 3) Green factory guarantee, fast service response, fast delivery, etc.
The raised investment project is progressing smoothly and is expected to contribute significantly to the performance increment in 22 years. In 2020, the annual production capacity of the company’s medium borosilicate medicinal glass bottles / low borosilicate medicinal glass bottles / low borosilicate medicinal glass tubes / heat-resistant glass / electric light source glass will be 690 million, 1988 million, 12000 tons, 55600 tons and 3600 tons respectively. After the company’s 1.6 billion medium borosilicate medicinal glass expansion project and 23300 ton high borosilicate glass production technology transformation project are put into operation, it can form a production capacity of 700 million medium borosilicate ampoules / year, 750 million medium borosilicate vials / year, 150 million medium borosilicate cartridge bottles / year, 192 thousand tons of heat-resistant glass appliances / year and 4100 tons of high borosilicate glass lens blocks / year.
As a leading borosilicate glass product enterprise in China, the growth rate of daily glass is stable, focusing on the enjoyment of borosilicate medicinal glass industry β， The advantages of customer resources, cost efficiency and know-how experience resonate in multiple dimensions and are expected to be enjoyed for a long time α profit! It is estimated that the operating revenue of the company from 2022 to 2023 will be RMB 1.169/1.537 billion, with a year-on-year increase of + 31.48% / + 31.48%, and the net profit attributable to the parent company will be RMB 167/223 million, with a year-on-year increase of + 34.06% / + 33.02%.
Risk warning: raw material import risk; Short term stock price fluctuation risk; Market competition intensifies risks; The performance forecast is the preliminary calculation result. Please refer to the annual report
