%% %% 丨证券研究报告丨 公司研究丨点评报告丨嘉益股份（301004.SZ） [Table_Title] 嘉益股份 2024Q3 点评： 持续高增，看好景气延续 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 2024 年 Q1-Q3 实现营收 / 归母净利 / 扣非净利 19.85/5.31/5.25 亿元，同增 62%/69%/62% ， 其中 2024Q3 实现营收 / 归母净利 / 扣非净利 8.21/2.14/2.13 亿元，同增 43%/42%/34% 。 | | | | | 分析师及联 ...

公司报告 | 季报点评 景气稀缺性凸显 公司发布 2024 年三季报 24Q3 公司实现收入 8.2 亿元，同比+42.8%；归母净利润 2.1 亿元，同比 +41.8%；扣非归母净利润 2.1 亿元，同比+34.13%。 24Q1-3 公司实现收入 19.9 亿元，同比+61.6%；归母净利润 5.3 亿元，同比 +69.2%；扣非归母净利润 5.2 亿元，同比+62.0%。 24Q3 毛利率 39.45%，同比-0.7pct，归母净利率 26%，同比-0.2pct；24Q1-3 毛利率 39.5%，同比+0.2pct，归母净利率 26.7%，同比+1.2pct。 Q3 公司收入及利润延续高增，我们预计主要系保温杯赛道景气延续。 保温杯 Q3 延续靓丽表现 公司坚持"客户第一、品质为先"的原则，将有限产能和资源优先分配给优 质客户和优质订单，确保对客户的响应速度、产品质量和服务水平，以满 足客户需求。同时，借助数字技术和智能运营手段的应用，公司也在不断 提升自身的竞争力和效率，以适应市场的需求和变化。 据 sorftime 数据，9 月美国亚马逊 Stanley 品牌销量 65 万件同比+74%，下 游品牌 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company continues to show high growth in performance, with a revenue of 1.985 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 61.6%, and a net profit attributable to shareholders of 530 million yuan, up 69.2% year-on-year [1] - The growth in Q3 revenue was primarily driven by the ongoing trend of overseas insulated cups, with China's insulated cup export value reaching 9.6 billion yuan, a year-on-year increase of 9% [2] - The company's gross margin for Q3 was 39.35%, a decrease of 0.67 percentage points year-on-year, mainly due to the impact of RMB appreciation [3] - A stock incentive plan was announced, aiming for revenue or performance growth of no less than 50%/80%/120% from 2024 to 2026 based on 2023 [4] Financial Summary - The company is expected to achieve revenues of 2.82 billion, 3.53 billion, and 4.31 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 59%, 26%, and 22% [5] - The projected net profit attributable to shareholders for the same years is 750 million, 910 million, and 1.11 billion yuan, with year-on-year growth rates of 60%, 21%, and 22% [5] - The company’s P/E ratios are projected to be 16, 13, and 11 for 2024, 2025, and 2026, respectively [5]

Investment Rating - The investment rating for the company is maintained as "Buy" [1]. Core Views - The company has shown a high revenue growth of 61.6% year-on-year for the first three quarters of 2024, with a total revenue of 1.99 billion yuan and a net profit of 530 million yuan, reflecting a growth of 69.2% [4]. - The company is expected to benefit from strong demand in downstream industries and has established deep ties with major clients, leading to an upward revision of profit forecasts for 2024-2026 [4]. - The company has implemented a long-term incentive plan to boost confidence among its core team, aiming for significant revenue and performance growth over the next three years [6]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 820 million yuan, representing a year-on-year increase of 42.8%, and a net profit of 210 million yuan, up 41.8% [4]. - The gross profit margin for Q1-Q3 2024 was 39.5%, with a net profit margin of 26.7%, indicating a slight increase compared to the previous year [5]. - The company’s earnings per share (EPS) for 2024 is projected to be 7.05 yuan, with a price-to-earnings (P/E) ratio of 17.0 times [7]. Financial Forecasts - The company’s revenue is expected to grow from 2.80 billion yuan in 2024 to 3.85 billion yuan in 2026, with corresponding net profits increasing from 732 million yuan to 1.05 billion yuan [7]. - The gross margin is projected to improve slightly from 41.1% in 2024 to 41.4% in 2026, while the net margin is expected to rise from 26.2% to 27.3% over the same period [7].

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 Q3 2024, with revenue of 1.985 billion yuan, a year-on-year increase of 61.6%, and a net profit of 531 million yuan, up 69.2% year-on-year [5][8]. - The overseas insulated cup market remains robust, with significant growth driven by major clients such as Stanley and Starbucks [5][8]. - The company has expanded its production capacity in Vietnam, which is expected to support new customer acquisition and enhance supply chain efficiency [5][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.985 billion yuan, with a net profit of 531 million yuan, and a gross margin of 39.5% [6][9]. - The projected revenue for 2024 is 2.856 billion yuan, with a net profit forecast of 744 million yuan, reflecting a year-on-year growth of 57.7% [6][9]. - The company’s earnings per share (EPS) for 2024 is estimated at 7.17 yuan, with a price-to-earnings (PE) ratio of 17 [6][9]. Market Trends and Customer Dynamics - The marketing strategies of Stanley have evolved, leveraging social media platforms to enhance brand visibility and drive sales [5][8]. - The company is focusing on flexible production to meet diverse customer needs, which is expected to improve profitability and return on equity (ROE) [5][8]. - The global trend towards insulated cups is expected to continue, with significant growth opportunities in markets outside the U.S. [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company's performance meets expectations, supported by high demand from downstream key customers. The earnings forecast for 2024-2026 has been raised, with expected EPS of 7.25, 8.64, and 10.69 CNY respectively, up from previous estimates of 6.77, 8.09, and 10.01 CNY. The target price has been increased to 138.26 CNY, reflecting a valuation premium due to strong brand partnerships and a positive sales trend for popular products [3][4] - Revenue continues to grow significantly, driven by innovative product designs and effective marketing strategies from key brand Stanley. The company benefits from strong sales on platforms like Amazon and its independent site, with the Vietnam base expected to enhance supply chain capabilities [3][4] - The gross margin and net margin for Q3 2024 are reported at 39.4% and 26.0%, respectively, with slight declines from the previous quarter. The report anticipates a foreign exchange impact of approximately 10 million CNY, but adjusted net profit is expected to grow by 40% [3][4] Financial Summary - The company’s revenue is projected to reach 2,719 million CNY in 2024, reflecting a 53.2% increase from 2023. Net profit attributable to the parent company is expected to be 753 million CNY, a 59.5% increase [11][12] - The company’s financial ratios indicate a strong return on equity (ROE) of 43.2% for 2024, with a projected PE ratio of 16.42 [11][12] - The total market capitalization is reported at 12,360 million CNY, with a current share price of 119.00 CNY [5][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in its Q3 2024 performance, with a revenue of 1.985 billion yuan, representing a year-on-year increase of 61.60%. The net profit attributable to the parent company reached 531 million yuan, up 69.20% year-on-year [1] - The increase in performance is primarily attributed to a rise in orders from overseas clients [1] - The company has launched a restricted stock incentive plan to establish a long-term incentive mechanism, aiming to attract and retain talent [1] Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 39.54%, a slight increase of 0.17 percentage points year-on-year. However, the gross margin for Q3 2024 was 39.35%, down 0.67 percentage points year-on-year [1] - The company’s operating income for Q3 2024 was 821 million yuan, a year-on-year increase of 42.79%, while the net profit attributable to the parent company was 214 million yuan, up 41.77% year-on-year [1] - The company’s net profit margin for the first three quarters of 2024 was 26.75%, an increase of 1.20 percentage points year-on-year, while the net profit margin for Q3 was 26.03%, a decrease of 0.19 percentage points year-on-year [1] Future Projections - Revenue projections for 2024-2026 are 2.744 billion yuan, 3.261 billion yuan, and 3.737 billion yuan, respectively, with year-on-year growth rates of 54.5%, 18.8%, and 14.6% [2] - The net profit attributable to the parent company is expected to be 750 million yuan in 2024, 899 million yuan in 2025, and 1.037 billion yuan in 2026, with corresponding growth rates of 58.9%, 19.9%, and 15.3% [2] - The company’s earnings per share (EPS) are projected to be 7.22 yuan in 2024, 8.65 yuan in 2025, and 9.98 yuan in 2026, with price-to-earnings (P/E) ratios of 17.43, 14.54, and 12.61, respectively [2]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥821,272,340.50, representing a 42.79% increase compared to ¥575,169,975.00 in the same period last year[2] - Net profit attributable to shareholders was ¥213,746,781.96, up 41.77% from ¥150,770,297.02 year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥213,225,904.64, reflecting a 34.13% increase from ¥158,831,597.63 in the previous year[2] - Basic earnings per share increased to ¥2.10, a 39.07% rise from ¥1.51 in the same quarter last year[3] - The company's operating revenue for Q3 2024 reached ¥1,985,164,069.91, representing a 61.60% increase compared to ¥1,228,466,543.94 in Q3 2023, primarily due to an increase in orders from overseas customers[8] - Net profit for the quarter was CNY 530,988,791.66, representing a 69.5% increase from CNY 313,823,353.35 year-over-year[20] - Basic earnings per share for Q3 2024 were 5.23, compared to 3.14 in the same period last year, reflecting a year-over-year increase of 67.5%[21] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥2,278,141,731.30, a 38.62% increase from ¥1,643,404,487.37 at the end of the previous year[3] - The company's total liabilities rose to CNY 598,558,580.74, compared to CNY 337,119,076.41, reflecting an increase of 77.5%[18] - The company's fixed assets increased to CNY 609,001,086.61 from CNY 342,912,670.64, representing a growth of approximately 77.5%[16] Cash Flow - The company reported a net cash flow from operating activities of ¥90,820,000.00 for the year-to-date period[3] - The net cash flow from operating activities for the first nine months of 2024 was ¥1,833,496,781.13, a 59.24% increase from ¥1,151,418,994.10 in the same period of 2023, due to improved sales revenue and collection of accounts receivable[8] - Total cash inflow from operating activities reached approximately ¥1.97 billion, up from ¥1.26 billion in the previous year, marking a growth of 55.5%[22] - Net cash flow from operating activities was ¥298.14 million, slightly down from ¥302.56 million in the same period last year, a decrease of 1.4%[22] - The company reported a net decrease in cash and cash equivalents of ¥20.18 million for the quarter, contrasting with an increase of ¥44.31 million in the same period last year[23] Investments and Expenses - R&D expenses rose by 46.77% to ¥64,288,656.03, attributed to increased direct investment in R&D and higher employee compensation[8] - The company reported a significant increase in investment income, which rose by 91.16% to ¥7,710,065.01, driven by higher forward foreign exchange settlement gains and increased financial investment returns[8] - The company experienced a 138.29% increase in taxes and surcharges, amounting to ¥14,943,115.83, due to the growth in sales revenue[8] - Research and development expenses for the quarter were CNY 64,288,656.03, up from CNY 43,803,118.30, indicating a year-over-year increase of 46.5%[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,304, with the top ten shareholders holding a combined 73.21% of the shares[9] - Zhejiang Jiashao Yunhua Investment Management Co., Ltd. holds 47.39% of the shares, making it the largest shareholder[9] - The total number of shares released from the initial public offering (IPO) was 75,000,000, accounting for 72.2061% of the total shares at the end of the reporting period[14] Other Financial Metrics - The weighted average return on equity decreased to 13.43%, down 1.98 percentage points from the previous year[3] - The company reported a gross profit margin of approximately 30.9% for the quarter, compared to 31.3% in the previous year[19] - The total operating costs for the quarter were CNY 1,367,587,230.10, which is an increase of 61.8% from CNY 845,519,062.59 year-over-year[19] - Other comprehensive income after tax amounted to CNY 3,326,147.00, slightly down from CNY 3,524,606.26 in the previous year[20] Future Plans - The company plans to continue expanding its production capacity and investing in new technologies to support growth[2] - The company plans to implement a new stock incentive plan for 2024, which was approved on October 18, 2024[15]

证券代码：301004 证券简称：嘉益股份 公告编号：2024-057 浙江嘉益保温科技股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会未存在否决议案的情形； （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2024 年 10 月 18 日（星期五）下午 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行投票的具体时间为： 2024 年 10 月 18 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2024 年 10 月 18 日 9:15 至 15:00 期间的任意时间。 2、现场召开地点：公司行政楼二楼会议室 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4、会议召集人：公司第三届董事会 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 5、现场会议主持人：董事朱中萍先生 本次股东大会的召集、召开程序符合有关法律、行政法 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-058 浙江嘉益保温科技股份有限公司 关于2024年限制性股票激励计划内幕信息知情人 及激励对象买卖公司股票情况的自查报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于2024年9月30日召开 的第三届董事会第七次会议、第三届监事会第七次会议，审议通过了《关于公司 <2024年限制性股票激励计划（草案）>及其摘要的议案》等相关议案，并于2024 年10月1日在巨潮资讯网（www.cninfo.com.cn）披露了相关公告。 自查期间，4名核查对象存在买卖公司股票的行为。经公司核查，上述核查 对象在其买卖公司股票前均未获知，亦未通过任何内幕信息知情人获知公司本次 激励计划的具体内容及时点安排，其买卖公司股票的行为是完全基于个人对二级 市场交易情况的自行独立判断及资金安排而进行的操作，不存在利用内幕信息进 行交易的情形。 自查期间，1家中介机构（浙商证券股份有限公司）自营账户存在买卖公司 股票的行为。相关中介机构内部均已建立了严格的防火墙隔离制度， ...