中信建投证券股份有限公司关于奥瑞金科技股份有限公司 本次交易摊薄即期回报及采取填补措施的核查意见 根据《国务院关于进一步促进资本市场健康发展的若干意见》（国发[2014]17 号）、《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的 意见》（国办发[2013]110 号）和《关于首发及再融资、重大资产重组摊薄即期 回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31 号）等相关 规定，中信建投证券股份有限公司（以下简称"独立财务顾问"）作为奥瑞金科 技股份有限公司（以下简称"奥瑞金""上市公司"或"公司"）本次重大资产 购买项目（以下简称"本次交易"）的独立财务顾问，对本次交易摊薄即期回报 的情况进行了认真、审慎的核查。核查的具体情况如下： 一、本次交易的基本情况 本次交易中，奥瑞金通过下属北京市华瑞凤泉管理咨询有限公司的境外下属 公司（下称"要约人"）向中粮包装控股有限公司（00906.HK）（以下简称"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（要约人及其一致行动人持有的股份除外）。 二、本次交易对即期回报财务指标的影响 本次交易支付 ...

奥瑞金科技股份有限公司 董事会关于本次交易信息发布前公司股票价格波动情况的说明 证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 082 号 综上，剔除大盘因素和同行业板块因素影响，即剔除深证成指（399001.SZ）、 申万轻工制造指数（801140.SI）因素影响后，公司股价在首次公告日前 20 个交 易日内累计涨跌幅均未超过 20%，未构成异常波动情况。 特此公告。 奥瑞金科技股份有限公司 董事会 2024 年 9 月 3 日 1 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司拟通过下属北京市华瑞凤泉管理咨询有限公司的境外下属公司（下称 "要约人"），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 粮包装控股有限公司（00906.HK）（以下简称"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（要约人及其一致 行动人持有的股份除外）（下称"本次交易"）。根据《上市公司重大资产重组 管理办法》相关规定，本次交易构成重大资产重组。 公司 ...

证券代码： 002701 证券简称：奥瑞金 4、聘请沃克森（北京）国际资产评估有限公司作为本次交易的估值机构。 奥瑞金科技股份有限公司 董事会关于本次重大资产重组中不存在直接或间接有偿聘请 其他第三方机构或个人的说明 本公司拟通过下属北京市华瑞凤泉管理咨询有限公司的境外下属公司（下称 "要约人"），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 粮包装控股有限公司（00906.HK）（以下简称"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（要约人及其一致 行动人持有的股份除外）（下称"本次交易"），根据《上市公司重大资产重组 管理办法》相关规定，本次交易构成重大资产重组。 在本次交易中，公司针对本次交易的 A 股重大资产重组程序聘请的中介机 构情况如下： 3、聘请中汇会计师事务所（特殊普通合伙）作为本次交易的会计师； 1、聘请中信建投证券股份有限公司作为本次交易的独立财务顾问； 2、聘请北京市金杜律师事务所作为本次交易的法律顾问； 特此公告。 奥瑞金科技股份有限公司 董事会 2024 年 9 月 3 日 上述中介机构均为本次交易依法需聘请的证券服务机构，除 ...

奥瑞金科技发展有限公司（002701.SZ，以下简称"上市公司"）正在筹划 通过下属北京市华瑞凤泉管理咨询有限公司的境外下属公司（下称"要约人"）， 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控股有限 公司（00906.HK）（以下简称"中粮包装"或"标的公司"）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（要约人及其一致 行动人持有的股份除外）（下称"本次交易"）。 中信建投证券股份有限公司（以下简称"独立财务顾问"）作为上市公司本次 交易的独立财务顾问，根据《深圳证券交易所上市公司自律监管指引第 8 号—— 重大资产重组》《监管规则适用指引——上市类第 1 号》等相关法律法规的要求， 审阅了本次交易的相关文件，对本次交易涉及的产业政策和交易类型进行核查， 发表如下核查意见： 中信建投证券股份有限公司 关于奥瑞金科技股份有限公司交易产业政策和交易类型 之独立财务顾问核查意见 一、本次交易涉及的行业或企业是否属于汽车、钢铁、水泥、船舶、电解铝、 稀土、电子信息、医药、农业产业化龙头企业、高档数控机床和机器人、航空 航天装备、海洋工程装备及高技术船舶、先进轨道 ...

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024—临 072 号 奥瑞金科技股份有限公司 二、 本次交易的历史披露情况 2023年12月12日，公司在《中国证券报》《证券时报》《上海证券报》《证 券日报》及巨潮资讯网（http://www.cninfo.com.cn）披露了《关于筹划重大资产 重组的提示性公告》（公告编号：（奥瑞）2023－临071号）。 2024年1月12日、2024年2月7日、2024年3月7日、2024年4月8日、2024年5 月7日、2024年5月24日，公司在《中国证券报》《证券时报》《上海证券报》《证 关于披露重大资产重组预案后的进展公告 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 重要内容提示： 1、公司于2024年6月8日披露的《奥瑞金科技股份有限公司重大资产购买预 案》（下称"本次交易预案"）"重大风险提示"及"第八章 风险因素"中， 详细披露了本次交易可能存在的风险因素及尚需履行的其他程序，敬请广大投资 者注意投资风险。 2、截至本公告披露之日，除本次交易预案披 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 7.206 billion yuan for the first half of 2024, representing a year-on-year growth of 1.14%, while the net profit attributable to shareholders was 548 million yuan, up 18.39% year-on-year [5][6] - The metal packaging business remains robust, with a revenue of 6.360 billion yuan in the first half of 2024, a year-on-year increase of 2.66%, accounting for 88.3% of total revenue [5] - The company is focusing on product differentiation and innovation in packaging solutions, which enhances its core competitiveness [5] - The filling business saw a significant growth of 48.49% year-on-year, indicating a strong demand for integrated services [5] - The company is actively exploring new growth paths through smart packaging strategies, leveraging technologies like QR codes for enhanced consumer engagement [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.654 billion yuan, a decrease of 3.13% year-on-year, while the net profit was 269 million yuan, an increase of 6.49% year-on-year [5] - The gross profit margin for Q2 2024 was 17.39%, up 0.48 percentage points year-on-year, indicating improved profitability [6] Business Development - The company is implementing a differentiated product strategy and has established strategic partnerships with well-known brands in the fast-moving consumer goods sector [5] - The filling business is accelerating, and the smart packaging initiative is driving industry upgrades [5] Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 911 million yuan, 1.010 billion yuan, and 1.056 billion yuan, respectively, with expected growth rates of 17.6%, 10.9%, and 4.5% [6][9] - The current closing price corresponds to a PE ratio of 12.28 for 2024, with a reasonable valuation range of 5.31 to 5.67 yuan based on comparable companies [6][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][8]. Core Insights - The company reported a strong performance in its 2024 mid-year report, with a revenue of 7.206 billion yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 548 million yuan, up 18.4% year-on-year [5][8]. - The company is focusing on innovation in metal packaging, with significant growth in the sales of two-piece and three-piece cans, contributing to a revenue increase in this segment [5][8]. - The decline in raw material costs, particularly tinplate, has positively impacted profit margins, with a gross margin of 17.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year [5][8]. - The company is optimizing its production capacity for two-piece cans, which is expected to improve profitability in the long term due to a better competitive landscape and increased demand for differentiated can types [5][8]. Financial Summary - The company achieved a total revenue of 14.573 billion yuan in 2024E, with a projected year-on-year growth rate of 5.3% [6]. - The net profit attributable to shareholders is forecasted to reach 885 million yuan in 2024E, reflecting a growth rate of 14.3% [6]. - The gross margin is expected to stabilize around 16.0% in 2024E, with a gradual improvement in profitability anticipated through 2026E [6][8].

公司报告 | 半年报点评 基本数据 A 股总股本(百万股) 2,573.26 流通 A 股股本(百万股) 2,570.91 A 股总市值(百万元) 11,142.22 流通 A 股市值(百万元) 11,132.02 每股净资产(元) 3.46 资产负债率(%) 49.40 一年内最高/最低(元) 4.88/3.57 奥瑞金（002701） 证券研究报告 2024 年 08 月 23 日 投资评级 行业 轻工制造/包装印刷 6 个月评级 买入（维持评级） 当前价格 4.33 元 目标价格 元 关注产业格局优化 公司发布 2024 年半年度报告 24Q2 公司营收 36.5 亿，同减 3.1%；归母 2.7 亿，同增 6.5%；扣非后归母 2.6 亿，同增 15.6%；24H1 公司营收 72.1 亿，同增 1.1%；归母净利 5.5 亿， 同增 18.4%；扣非后归母净利 5.3 亿，同增 21.7%。 分产品看，24H1 公司金属包装产品及服务收入 63.6 亿（占总 88.3%），同 增 2.7%；毛利率 19.6%，同增 2.0pct。分地区看，24H1 国内收入 66.1 亿（占 总收入 91.8%）， ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 7.206 billion yuan for the first half of 2024, a year-on-year increase of 1.14%, and a net profit attributable to shareholders of 548 million yuan, up 18.39% year-on-year [1]. - The gross margin for the first half of 2024 was 17.82%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 7.34%, up 1.24 percentage points year-on-year [1]. - The company is a leader in metal packaging, focusing on its core business while actively expanding its business landscape, with expectations for improved profitability due to industry consolidation [1]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 3.654 billion yuan, a decrease of 3.13% year-on-year, but the net profit increased by 6.49% to 269 million yuan [1]. - The company’s comprehensive gross margin for the first half of 2024 was 17.82%, with a quarterly gross margin of 17.39% in Q2 [1]. - The company’s operating expenses ratio was 8.34%, an increase of 0.53 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses reported [1]. Business Segment Performance - The metal packaging business generated 6.36 billion yuan, a year-on-year increase of 2.66%, while the filling services segment saw a significant increase of 48.49% [1]. - Raw material prices have been declining, with the average market price for tinplate coil at 5,783 yuan/ton, down 5.71% month-on-month [1]. Earnings Forecast - The company is expected to achieve earnings per share of 0.36 yuan, 0.41 yuan, and 0.45 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 12X, 11X, and 10X [1][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Views - The company has demonstrated resilience in its performance with a double-digit year-on-year profit growth, achieving a net profit of 548 million yuan in H1 2024, which is an increase of 18.39% year-on-year [3][4]. - The metal packaging business remains stable, with revenue from metal packaging products and services reaching 6.36 billion yuan, a year-on-year increase of 2.66%, while the filling service revenue surged by 48.49% to 100 million yuan [4][6]. - The company is focused on innovation and deepening cooperation with key clients, enhancing customer stickiness and overall profitability [4][6]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 7.206 billion yuan, a slight increase of 1.14% year-on-year, and a net profit attributable to shareholders of 548 million yuan, reflecting an 18.39% increase [3][4]. - The company's gross profit margin improved to 17.82%, up by 1.88 percentage points year-on-year, while the net profit margin was 7.52%, an increase of 1.17 percentage points [4][6]. Business Segments - The metal packaging segment is a key growth driver, with a focus on innovative packaging solutions and integrated filling services, establishing long-term partnerships with well-known brands [4][6]. - The company has implemented a steady cash dividend and share repurchase plan, reflecting confidence in future growth [6]. Earnings Forecast - The company is projected to achieve revenues of 14.549 billion yuan, 15.756 billion yuan, and 16.904 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits expected to be 893 million yuan, 999 million yuan, and 1.1 billion yuan [6][7].