相对沪深 300 表现 2024/08/21 总市值（百万） 11,142.22 2024 年 08 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 林昕宇 S0350522110005 linxy01@ghzq.com.cn [Table_Title] 利润同比双位数增长，业务拓展持续打造 新增长极 ——奥瑞金（002701）2024 中报业绩点评 最近一年走势 事件: 8 月 20 日，奥瑞金发布 2024 年半年度报告，2024H1，公司实现营业收 入 72.06 亿元/同比+1.14%；归属于上市公司股东的净利润 5.48 亿元/同 比+18.39%；扣非后归属于上市公司股东的净利润 5.29 亿元/同比 +21.71%。2024Q2，公司实现营业收入 36.54 亿元/同比-3.13%；归属 于上市公司股东的净利润 2.69 亿元/同比+6.49%；扣非后归属于上市公 司股东的净利润 2.64 亿元/同比+15.64%。 投资要点: 表现 1M 3M 12M 利润同比实现双位数增长，业绩体现公司发展韧性。2024H1，公司 实现营业收入 72.06 亿元/同比+1.14%。实现归 ...

奥瑞金科技股份有限公司 2024 年半年度报告 2024 年 8 月 奥瑞金科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人周云杰、主管会计工作负责人高礼兵及会计机构负责人高礼 兵声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节 管理层讨论与分析"中"公司面临的风险和应对 措施"部分，描述了公司经营中可能面对的主要风险，敬请广大投资者注意 查阅。 本报告期公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 奥瑞金科技股份有限公司 2024 年半年度报告全文 目录 | --- | |----------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/造纸轻工/纸产品与林产品 证券研究报告 奥瑞金（002701）公司跟踪报告 2024 年 06 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -32.49% -23.49% -14.49% -5.49% 3.51% 12.51% 2023/6 2023/9 2023/12 2024/3 奥瑞金 海通综指 | --- | --- | |----------------------|----------------------------| | | | | 分析师 : 郭庆龙 | | | | Email:gql13820@haitong.com | | 证书 :S0850521050003 | | | 分析师 : 吕科佳 | | | Tel:(021)23185623 | | | | Email:lkj14091@haitong.com | | 证书 | :S0850522060001 | | --- | --- | |------------------------------------- ...

公司报告 | 公司点评 拟 55 亿元要约收购中粮包装，关注产业格局变化 资金来源为自有资金、自筹资金，拟申请银行授信 其他 (427.75) (263.35) 0.00 0.00 0.00 营业利润 809.07 1,075.98 1,309.05 1,476.29 1,705.94 公司发布重大资产购买预案，拟要约收购中粮包装 假设要约获全数接纳，对应标的资产作价约 61 亿港元，以 2024 年 6 月 6 日人民币汇率中间价折算，约人民币 55 亿元。 本次交易为现金收购，公司将以自有资金、自筹资金支付本次交易价款。 为实施本次交易，华瑞凤泉有限公司拟向浦发银行北京分行申请不超过人 民币 40 亿元（或等值港元）银行授信，华瑞凤泉发展拟向浦发银行（通过 其香港分行行事）申请不超过人民币 70 亿元（或等值港元）银行授信。 通过本次交易，公司将进一步夯实二片罐及三片饮料、奶粉罐的主营业务， 并进一步丰富国内钢桶、气雾罐、塑胶包装等产品线，培育新的利润增长 点；公司也将从技术、营销、产能、供应链等多维度与中粮包装实现优势 互补，以差异化定位服务于不同需求的客户，从而进一步拓展战略客户， 降低单一客户依赖度 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 06 月 10 日 奥瑞金(002701.SZ) 拟要约收购中粮包装股份， 期待旺季下游景气度回升 事件：6 月 7 日，公司发布奥瑞金科技股份有限公司重大资产购买预 案，公司计划以每股要约股份 7.21 港元的要约价，向香港联交所上 市公司中粮包装全体股东发起自愿有条件全面要约，以现金方式收购 中粮包装全部已发行股份，整体交易对价上限为 60.66 亿港元，约合 人民币 55.24 亿元。 计划收购中粮包装强化竞争优势，供给格局优化加速 公司正筹划对另一金属龙头中粮包装的收购项目，目前已间接持有 24.40%的股份，计划以现金方式收购中粮包装全部已发行股份。2024 年 6 月 6 日，张炜先生（持有中粮包装 2.45 亿股股份，占中粮包装 已发行股份约 22.01%）与公司订立不可撤销的承诺，张炜先生已无 条件及不可撤销地同意及承诺于本次要约的最后接纳日期前，就其持 有的全部中粮包装股份接纳本次要约，并承诺不会撤回该项接纳。中 粮包装主营产品包括三片罐、两片罐，2023 年总营收达 102.65 亿元。 根据前瞻经济学人数据，2022 年 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company announced a voluntary conditional general offer to acquire all issued shares of COFCO Packaging at HKD 7.21 per share, with a total cash consideration of HKD 6.066 billion [1] - Downstream demand is growing steadily, with significant room for penetration rate improvement in China's metal packaging industry [1] - If the acquisition is completed, it will improve industry competition and enhance profitability through synergies in capacity layout and customer resources [2] Industry Analysis - In 2023, China's metal packaging industry achieved main business revenue of RMB 150.562 billion, accounting for about 13.05% of the overall packaging industry, with significant growth potential compared to the global level of 45-50% [1] - The beer canning rate in China is around 30% as of 2022, significantly lower than 65% in developed countries like the US and UK, and nearly 90% in Japan [1] - COFCO Packaging is a leading player in China's metal packaging industry, serving major clients like AB InBev, Coca-Cola, and Snow Beer [2] Market Share and Competition - In the two-piece can market, the company holds a 20% market share, while COFCO Packaging holds 17% [2] - The acquisition is expected to significantly increase market concentration in both two-piece and three-piece can markets, optimizing the industry's competitive landscape [2] Financial Projections - The company is expected to achieve basic EPS of RMB 0.38, 0.42, and 0.46 in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12X, 10X, and 10X [4] - Total operating income is projected to grow from RMB 13.842 billion in 2023 to RMB 17.579 billion in 2026 [5] - Net profit attributable to the parent company is expected to increase from RMB 774.53 million in 2023 to RMB 1.180 billion in 2026 [5] Financial Ratios - The gross margin is expected to improve from 15.24% in 2023 to 16.22% in 2026 [9] - ROE is projected to increase from 8.87% in 2023 to 11.06% in 2026 [9] - The asset-liability ratio is expected to decrease from 45.66% in 2023 to 41.40% in 2026 [9]

请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-------|--------------------------------------|------------|-------|---------------------------------------------------|-------------| | 模型更新时间： | | [Table_OtherInfo] [Table_Industry] | 2024.05.30 | | [Table_Forcast] 财务预测（单位：百万元） 损益表 | 2022A | | 股票研究 | | | | | | | | | | | | | 营业总收入 | 14,067 | | 必需消费 | | | | | 营业成本 | 12,399 | | | | | | | 税金及附加 | 74 | | 食品饮料 | | | | | 销售费用 | 193 | | | | | | | 管理费用 | 543 | | | | | | | EBIT 公允 ...

轻工制造 2024 年 05 月 22 日 奥瑞金 (002701) ——2023 年年报及 2024 年一季报点评：受益于原材料 成本下降，24Q1 业绩超预期 | --- | --- | --- | |-----------------------------|-----------|-------------------| | 市场数据： | 2024 年 | 05 月 22 日 | | | | | | 收盘价（元） | | 4.67 | | 一年内最高 / 最低（元） | | 4.88/3.57 | | 市净率 | | 1.3 | | 息率（分红 / 股价） | | | | 流通 A 股市值（百万元） | | 12005 | | 上证指数/深证成指 | | 3158.54/9693.06 | | | | | 一年内股价与大盘对比走势： 相关研究 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司公告 2023 年年报及 2024 年一季报，24Q1 业绩超预期。2023 年实现收入 138.43 亿元，同比-1.6%；归母净利润 7.75 亿元，同比+37.1%；扣非归母净利润 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][12] Core Views - The company's revenue in 24Q1 reached 3.6 billion, a year-on-year increase of 6%, with net profit attributable to the parent company of 280 million, up 33% year-on-year [1] - The company's gross margin in 24Q1 was 18%, an increase of 3.4 percentage points year-on-year, and the net profit margin was 7.8%, up 1.6 percentage points year-on-year [2] - The company plans to distribute cash dividends of 310 million yuan (including tax) for 2023, with a dividend payout ratio of 40% [2] - The company is steadily planning major asset acquisition projects, promoting deep-processed product business, and advancing international development strategies [3] - The company's three-piece can business maintains stable growth, with innovative products performing well, while the two-piece can business has seen improved profitability [9] - The company is actively promoting the acquisition of COFCO Packaging and has launched a series of self-owned brand products, including "Xiwang" sports nutrition drinks and "Le K" craft beer [10] - The company is expected to achieve net profits attributable to the parent company of 930 million, 1.07 billion, and 1.23 billion yuan in 2024-2026, with EPS of 0.36, 0.42, and 0.48 yuan per share, respectively [11] Financial Performance - In 2023, the company's revenue was 13.8 billion, a year-on-year decrease of 2%, while net profit attributable to the parent company was 770 million, up 37% year-on-year [8] - The company's metal packaging product and service revenue in 2023 was 12 billion, with a gross margin of 16.83%, an increase of 4 percentage points year-on-year [10] - The company sold 1.83 billion metal packaging cans in 2023, a year-on-year increase of 4%, while filling volume decreased by 19% to 540 million cans [10] - The company's total assets are expected to grow from 22.55 billion in 2024E to 26.97 billion in 2026E, with shareholder equity increasing from 9.57 billion to 11.25 billion during the same period [6] - The company's revenue is forecasted to grow from 16.15 billion in 2024E to 21.24 billion in 2026E, with net profit attributable to the parent company increasing from 930 million to 1.23 billion yuan [23] Strategic Initiatives - The company is focusing on enhancing its core competitiveness, optimizing product structure, and improving innovation capabilities [11] - The company is collaborating with COFCO Packaging and Haoneng (Hong Kong) to invest in metal packaging production projects in Central and Eastern Europe [10] - The company is expanding its overseas market presence and deepening cooperation with international clients [10] Valuation and Ratios - The company's P/E ratio is expected to decrease from 13X in 2024 to 10X in 2026, with a P/B ratio declining from 1.29X to 1.09X during the same period [23] - The company's EV/EBITDA ratio is forecasted to be 8.07X in 2024E, decreasing to 6.83X by 2026E [23] - The company's net profit margin is expected to remain stable at around 5.76%-5.81% from 2024E to 2026E [17]

证券代码：002701 证券简称：奥瑞金 奥瑞金科技股份有限公司 2023 年度业绩说明会投资者关系活动记录表 编号：2024-IR001 投资者关系活 □特定对象调研 □分析师会议 动类别 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与人员姓名 奥瑞金 2023 年度业绩说明会采用网络远程方式进行，面向全 体投资者 时间 2024年5月13日15:00-16:00 地点 深圳证券交易所“互动易平台”http://irm.cninfo.com.cn“云 访谈”栏目 上市公司接待 董事长 周云杰 人员姓名 独立董事 张力上 董事会秘书 高树军 财务总监 高礼兵 1.请问，收购中粮包装的进展如何? 答复：您好，收购项目有序推进过程中，请随时关注公司公告 ...