Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 5.86 CNY per share based on a 15x PE valuation for 2025 [7]. Core Insights - The company has established itself as a leader in the metal packaging industry, with significant revenue growth from 8.18 billion CNY in 2018 to 13.84 billion CNY in 2023, and a CAGR of 11.1% [3][58]. - The net profit attributable to the parent company increased from 0.23 billion CNY to 0.77 billion CNY during the same period, with a CAGR of 28.1% [3][58]. - The company is well-positioned to benefit from the increasing beer canization rate in China, which is expected to drive industry expansion [4][81]. Summary by Sections 1. Company Overview - The company has been deeply involved in the metal packaging industry for over two decades and has solidified its leading position [26]. - It has a concentrated shareholding structure and a stable management team, which supports long-term strategic planning [36]. 2. Industry Dynamics - The metal packaging industry is undergoing significant consolidation, with the two-piece can market expected to benefit from rising beer canization rates [4][81]. - The market for two-piece cans reached 26.7 billion CNY in 2023, with a CAGR of 5.5% from 2019 to 2023 [4][81]. 3. Customer Diversification - The company has successfully reduced its reliance on major clients, with the largest customer, China Red Bull, accounting for 33.7% of sales in H1 2023, down from 59.1% in 2018 [4][58]. - The company is actively expanding its customer base and diversifying its revenue streams, which enhances its operational stability [4][58]. 4. Financial Projections - The company is projected to achieve net profits of 0.875 billion CNY, 1.0 billion CNY, and 1.117 billion CNY for the years 2024, 2025, and 2026, respectively [4]. - The report anticipates that the company will maintain resilient performance despite market pressures, with a focus on expanding its overseas business and new energy initiatives [4][58].

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 109 号 奥瑞金科技股份有限公司 关于公司合并报表范围内担保的进展公告 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。 公司于 2024 年 4 月 28 日召开的第五届董事会 2024 年第三次会议及 2024 年 5 月 27 日召开的 2023 年年度股东大会，审议通过了《关于公司合并报表范围内担保 额度的议案》，同意公司与下属公司之间、下属公司之间未来十二个月在额度内相互 提供担保。担保额度有效期为自公司 2023 年年度股东大会审议批准之日起十二个月 内。详见公司于 2024 年 4 月 30 日、2024 年 5 月 28 日在《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 露的相关公告。 一、担保进展情况概述 成立日期：2013 年 11 月 15 日 法定代表人：周原 住所：桂林市临桂县临桂镇秧塘工业园秧十八路标准厂房 5 楼 经营范围：金属制罐技术的研发及其 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [4][13]. Core Insights - The company reported a revenue of 3.7 billion in Q3 2024, representing a 2% year-on-year increase, while the net profit attributable to shareholders decreased by 13% to 210 million [1]. - For the first three quarters of 2024, the company achieved a total revenue of 10.9 billion, a 1.4% increase year-on-year, and a net profit of 760 million, which is an 8% increase [1]. - The acquisition of COFCO Packaging is expected to strengthen the company's core business and expand its strategic customer base, enhancing long-term sustainable development [2]. Financial Performance Summary - The company's gross margin for the first three quarters of 2024 was 17.3%, an increase of 1.22 percentage points year-on-year, while the net profit margin was 6.95%, up by 0.52 percentage points [1]. - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.34, 0.38, and 0.43 respectively, with corresponding price-to-earnings (PE) ratios of 16X, 14X, and 13X [3][6]. - The total revenue for 2024 is projected to be 14.19 billion, with a growth rate of 2.5%, and the net profit attributable to shareholders is expected to reach 867.95 million, reflecting a growth rate of 10.76% [6][9]. Business Development - The acquisition of COFCO Packaging will allow the company to solidify its main business in two-piece and three-piece beverage and milk powder cans, while also expanding its product lines in steel barrels, aerosol cans, and plastic packaging [2]. - The company aims to reduce dependency on single customers by diversifying its client base through this acquisition, which will also enhance its capabilities in technology, marketing, production capacity, and supply chain [2].

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024—临 108 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 1 关于重大资产重组的进展公告 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9月4日披露的《奥瑞金科技股份有限公司重大资产购买报 告书（草案）》（下称"本次交易草案"）"重大风险提示"及"第十一章 风 险因素分析"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 ...

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、本次股东大会无否决提案的情形。 证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 107 号 奥瑞金科技股份有限公司 关于 2024 年第四次临时股东大会决议的公告 （二）现场会议地点：北京市朝阳区建外大街永安里8号华彬大厦六层会议 室 （三）会议召开方式：现场投票与网络投票相结合的方式 （四）会议召集人：奥瑞金科技股份有限公司董事会 （五）会议主持人：董事长周云杰先生 （六）本次股东大会的召集和召开符合《中华人民共和国公司法》、《上市 公司股东大会规则》等相关法律法规、规范性文件及《公司章程》的规定。 现场会议召开的时间：2024年11月11日下午14:00 网络投票时间：2024年11月11日上午9:15至2024年11月11日下午15:00 通过深圳证券交易所交易系统进行网络投票的时间为：2024年11月11日上午 9:15-9:25，9:30—11:30，下午13:00—15:00；通过互联网投票系统进行网络投 票的时间为 ...

北京市金杜律师事务所 关于奥瑞金科技股份有限公司 2024 年第四次临时股东大会 之法律意见书 致：奥瑞金科技股份有限公司 北京市金杜律师事务所（以下简称本所）接受奥瑞金科技股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市 公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特 别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、 规章和规范性文件和现行有效的《奥瑞金科技股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师出席了公司于2024年11月11日召开的公司2024 年第四次临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2024 年第三次临时股东大会审议通过的《公司章程》； 2. 公司分别于 2024 年 6 月 8 日、2024 年 9 月 4 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 6.53 CNY, while the current stock price is 5.36 CNY [4]. Core Views - The company has shown steady revenue growth in Q3 2024, with a total revenue of 36.51 billion CNY, reflecting a year-on-year increase of 1.92%. However, the net profit for Q3 decreased by 12.55% to 2.13 billion CNY [1][2]. - The acquisition of COFCO Packaging is progressing smoothly, with necessary approvals received, which is expected to enhance the company's market position in the beverage and dairy packaging sectors [2]. - The company’s gross margin improved slightly to 17.30% in the first three quarters of 2024, driven by a decrease in raw material prices, although Q3 saw a slight decline in gross margin to 16.27% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 108.57 billion CNY, a year-on-year growth of 1.40%, and a net profit of 7.61 billion CNY, up 7.74% year-on-year [1]. - The company’s net profit margin for Q1-3 2024 was 6.95%, an increase of 0.52 percentage points year-on-year, while Q3's net profit margin was 5.82%, down 0.76 percentage points [3]. - The projected revenues for 2024-2026 are 144.88 billion CNY, 157.46 billion CNY, and 169.70 billion CNY, with corresponding net profits of 8.80 billion CNY, 10.25 billion CNY, and 11.79 billion CNY, indicating a positive growth trajectory [4][9].

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 106 号 奥瑞金科技股份有限公司 关于公司合并报表范围内担保的进展公告 注册资本：57,054.67 万元人民币 成立日期：2015 年 03 月 09 日 法定代表人：周原 住所：咸宁市咸宁经济开发区长江产业园内 经营范围：金属包装制品设计、制造、销售；从事节能技术开发和资源再生 的技术开发；进出口业务贸易。（涉及许可经营项目，应取得相关部门许可后方可 经营） 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。 公司于 2024 年 4 月 28 日召开的第五届董事会 2024 年第三次会议及 2024 年 5 月 27 日召开的 2023 年年度股东大会，审议通过了《关于公司合并报表范围内担保 额度的议案》，同意公司与下属公司之间、下属公司之间未来十二个月在额度内相互 提供担保。担保额度有效期为自公司 2023 年年度股东大会审议批准之日起十二个月 内。详见公司于 2024 年 4 月 30 日、2024 年 5 月 28 日在《中国证券报》《证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company reported a revenue of 10.857 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 761 million yuan, up 7.7% year-on-year [1]. - The report highlights the resilience of the company's revenue in Q3 despite weak terminal demand, with a slight revenue increase of 1.9% year-on-year [2]. - The report emphasizes the impact of weak demand and fluctuating raw material prices on short-term profitability, noting a Q3 gross margin of 16.27%, down 0.08 percentage points year-on-year [3]. - Future revenue growth is projected at 7.8%, 7.5%, and 8.2% for 2024-2026, with net profit growth of 18.9%, 16.5%, and 14.9% respectively [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.651 billion yuan, a year-on-year increase of 1.9%, but a quarter-on-quarter decrease of 0.1%. The net profit for Q3 was 213 million yuan, down 12.5% year-on-year and 21% quarter-on-quarter [1]. - The gross margin for the first three quarters was 17.3%, an increase of 1.22 percentage points year-on-year, while the net margin was 6.95%, up 0.52 percentage points year-on-year [3]. Market Dynamics - The company's two-piece can business is expected to face slight pressure due to a slowdown in terminal demand, with beer production declining by 5.3% year-on-year in Q3 [2]. - The three-piece beverage can segment is anticipated to remain stable due to strong relationships with major clients and a diversified customer base [2]. Profitability Outlook - The report forecasts a gross margin of 15.0% for 2024, with net margins improving to 6.4% by 2026 [4]. - The company is expected to benefit from potential acquisitions, which could enhance the competitive landscape in the two-piece can industry [4].

1 证券代码：002701 证券简称：奥瑞金 奥瑞金科技股份有限公司投资者关系活动记录表 编号：2024-IR002 | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------- ...