Shandong Medicine Glass (600529) Investment Value Analysis Report: Long and Short 100 Years Medicine Glass
Drug safety supervision has become stricter and pharmaceutical packaging materials have been upgraded.
The pharmaceutical industry is related to people’s livelihood and health. As the country’s focus in promoting the reform of the medical and health system, ensuring the supply of medicines and continuously improving the quality of medicines are the long-term logic of industry development.
Relevant federal policies have been introduced one after another, and the supervision of drug quality and safety has continued to tighten, promoting the upgrade of medical packaging materials.
In European countries, only 69% of Class I glass packaging has been explicitly used for essential medicines.
3%, neutral borosilicate glass (Class I) will replace the low-borosilicate and soda-lime glass inserted in the internal medicinal glass market.
The price of neutral borosilicate glass is low borosilicate and soda lime glass 4?
5 times or more, it is expected that there is huge room for domestic demand to be upgraded.
The upgrading of the medical glass industry is also facing difficulties and challenges.
The technical barriers to the production of neutral borosilicate glass are high and difficult. Only Shandong Medicine Glass is recognized by the market for the molding process. The control process basically depends on imports.
As a heavy asset industry, medical glass has a long-term demand structure, low prices for highly competitive products, and a serious industry upgrade and transformation.
The pharmaceutical packaging industry has a high degree of specialization. Due to pressure from domestic pharmaceutical manufacturers to promote the consistency evaluation of generic drugs and drug safety supervision, Class I glass manufacturers recognized by downstream customers will continue to benefit from the upgrading of industry demand.The concentration of the glass industry will further increase.
With long and short, a hundred years of medicine.
At this stage, the companies in the industry are accelerating the layout of the neutral borosilicate glass field. However, most companies have overcome the risks of trade transformation without the replacement of technology and customer bases. At the same time, internal environmental supervision continues to become stricter.Will be further improved.
The leading Shandong Medicine Glass has outstanding advantages in terms of scale, technology, services and products, and is positioned as a “hundred-year medicine glass”. Under the differentiated layout of leading total 苏州桑拿网 cost, its competitive advantage has continued to be consolidated.
The incentive mechanism for the company’s leaders to hold supporting funds will further help the company’s healthy development.
Profit forecast and investment rating.
Shandong Medicine Glass is a domestic leader in medicinal glass. Benefiting from strict drug safety supervision, it has brought about an increase in the city’s share, product upgrades, the revenue structure has been continuously optimized, and the revenue has grown steadily; the scale and cost advantages are significant, and the potential for continued deep explorationProfitability has steadily increased, and performance has grown steadily.
The company’s first-grade water-resistant medicinal glass control bottle project can be put into production, and the new alkali-resistant glass mass 青岛夜网 production has been successfully promoted, and it will continue to expand domestic and foreign markets.
We raised the company’s net profit attributable to its parent in 19-21 to 4.
2.5 billion (previous forecast 4).
5.6 billion), a compound growth rate of 26.
5%; EPS 0.
22 yuan, maintain “Buy” rating.
Risk reminders: demand growth is slower than expected, the risk of rising prices of raw materials and fuels, the uncertainty of trade frictions, and the risk of exchange loss gains and losses.