Supply-side structural reform has been pushed forward in an all-round way, and borosilicate pharmaceutical glass has ushered in a historic opportunity
. At the beginning of its establishment, the company began to engage in the research and development, production and sales of pharmaceutical glass, covering low-borosilicate glass bottles, tube bottles and borosilicate tube bottles. It is one of the earliest enterprises engaged in the production of borosilicate medicinal glass in China. With the implementation of consistency evaluation policy, medium borosilicate pharmaceutical glass ushered in a historic development opportunity. In order not to be inferior to the quality and performance of packaging materials and containers of reference preparations to pass the CDE approval smoothly, generic pharmaceutical enterprises will tend to choose medium borosilicate glass. At the same time, the implementation of the related review system has greatly increased the cost of replacing packaging suppliers and the close cooperation between pharmaceutical glass bottle manufacturers and pharmaceutical enterprises, and the brand effect and scale effect of leading enterprises in the industry have gradually become prominent. Following the development trend of the industry, the Company has rapidly expanded its production on the basis of the original production line of medium borosilicate tube bottles. At the same time, it has added a new production line of medium borosilicate moulded products by raising funds to realize the supply capacity of the whole product line of medium borosilicate pharmaceutical glass. It is expected that the market share will be continuously increased through continuous expansion of production in the future.
Fundraising and investment projects have been smoothly promoted, and the pharmaceutical glass business has been comprehensively promoted
. The new production capacity of borosilicate moulded bottles will soon be put into operation, and the utilization rate of production capacity is expected to climb rapidly. At present, the company's borosilicate molded bottles are in the CDE certification with pharmaceutical companies, and it is expected that Q3 will start selling after the completion of the certification. 1) The first phase of the project has been completed with a production capacity of about 5,000 tons, which is expected to be released rapidly after the product has obtained CDE certification; 2) The second phase of the project has a production capacity of about 11000 tons for the M2 furnace, which is expected to be released rapidly after the Q4 production capacity is ignited in 2023; 3) The production capacity of convertible bond projects in the near future is about 47000 tons, and it is expected that Q4 will start to ignite gradually. At present, only Shandong Pharmaceutical Glass Co., Ltd. has a large-scale supply capacity of boron-silicon molded bottles made in China in the market, but often pharmaceutical enterprises need two supplies to ensure their business stability, while the company has accumulated a large number of deep coopera tion customers in the past boron-silicon molded bottles business, so the order certainty is high, and it is expected to climb soon in 2024. Considering the rhythm of equipment ignition, it is expected to bring 640 million revenue and 140 million profit increment.
The company purchases medium borosilicate tubes from outside and processes them into medium borosilicate tube bottles. According to the company's capacity planning, the business is expected to reach 2.6 billion by the end of 2023. The company is based on demand, and August and September are the peak of purchasing orders. It is believed that 2024 is expected to digest all production capacity, and the follow-up company will continue to promote production expansion and consolidate market competitiveness. In addition, the company also actively promotes the construction of self-owned production capacity of medium borosilicate glass tubes. At present, the production capacity of Phase I is 5000 tons, and the product yield is good. If the current yield rate replaces outsourcing, it will bring about a greater increase in gross profit margin. The technical transformation of the traditional low borosilicate medicinal glass saves the cost. The output value of the company's low borosilicate pharmaceutical glass in 2021 is about 90 million yuan, and the follow-up is expected to grow steadily. At the same time, the company started the technological transformation of the business, and the profit margin is expected to increase.
High borosilicate daily glass recovery. The business will be greatly affected by the international situation and the epidemic situation in 2022, and it is expected to achieve recovery growth in 2023 with the improvement of the macro situation and the successive ignition of the company's production capacity. At the same time, the company has developed more new products with high gross profit, such as cooking cups, led light lenses, etc., which have been ignited for production, and the profitability is expected to continue to improve.
Valuation analysis: The business of the Company in 2021 is composed of three businesses: medium borosilicate tube bottle + low borosilicate pharmaceutical glass + high borosilicate traditional glass. Profit elasticity comes from the rapid release of new production capacity of borosilicate moulded bottles in new products, the release of borosilicate tube bottles in new products and the increase of gross profit margin brought by self-owned tubes.
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