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：2024-058 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， ...

上 海 兰 迪 律 师 事 务 所 关于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的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 1 关于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的法律意见书 致：浙江嘉益保温科技股份有限公司 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》"）、《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有 ...

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：2024-056 浙江嘉益保温科技股份有限公司 监事会关于公司 2024 年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 本公司及监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》等议案，根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板 股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务 办理》（以下简称"《自律监管指南》"）和《公司章程》的相关规定，公司对 2024 年限制性股票激励计划（以下简称"本激励计划"）拟首次授予激励对象的姓名和 职务在公司内部进行了公示。公司监事会结合公示情况对拟首次授予激励对象进 行了核查，相关公示情况及核查方式如下： 公司于2024年9月30日通过公司内部公告栏公示了《2024年限制性股票激励 计 ...

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to 121.30 CNY, up from the previous 101.55 CNY [4][2]. Core Insights - The company benefits from high demand from downstream customers, leading to increased volume and profit. The implementation of stock incentives reflects confidence in future growth [1][2]. - The earnings per share (EPS) estimates for 2024-2026 are projected at 6.77 CNY, 8.09 CNY, and 10.01 CNY respectively, indicating a strong growth trajectory that is expected to exceed industry averages [1][2]. - The stock incentive plan targets high-quality growth, with performance metrics set for revenue or profit growth of no less than 50%/80%/120% from 2023 levels over the next three years [1][2]. Financial Summary - Revenue is projected to grow from 1,775 million CNY in 2023 to 3,803 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 24.6% [2][9]. - Net profit attributable to shareholders is expected to increase from 472 million CNY in 2023 to 1,041 million CNY in 2026, with a CAGR of 23.8% [2][9]. - The company’s return on equity (ROE) is forecasted to remain strong, with estimates of 41.1% in 2024 and 37.6% in 2026 [2][9]. Market Position and Strategy - The company is expanding its product lines and enhancing brand visibility, particularly with the Stanley brand, which has shown significant sales growth on platforms like Amazon [1][2]. - The establishment of a production base in Vietnam is aimed at optimizing supply chain capabilities and strengthening relationships with key clients [1][2]. - The company is actively penetrating emerging markets such as South America and Australia, while also expanding its offline retail presence [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [6][10]. Core Insights - The company has announced a restricted stock incentive plan for 2024, covering 234 employees and aiming for significant revenue and profit growth targets over the next three years [6][10]. - The downstream market for insulated cups remains robust, with strong order growth from major clients, particularly Stanley, which has seen substantial sales increases [6][7]. - The company's new production base in Vietnam is set to enhance capacity and support ongoing revenue growth, aligning with client supply chain needs [7][10]. Summary by Sections Market Data - As of September 30, 2024, the closing price is 104.58 CNY, with a market capitalization of 10,033 million CNY [3][4]. Financial Performance - The company forecasts significant revenue growth, with expected total revenue of 2,775 million CNY in 2024, representing a 56.3% year-on-year increase [8]. - The net profit is projected to reach 722 million CNY in 2024, reflecting a 53.0% increase compared to the previous year [8]. Production and Capacity - The new Vietnam base is expected to commence operations in the second half of 2024, addressing capacity constraints and enhancing client relationships [7][10]. - The company is focusing on optimizing production processes and increasing efficiency through lean manufacturing practices [6][7]. Client and Product Strategy - The company is collaborating with major clients to launch high-margin, limited-edition products, which are expected to sustain high profitability [7][10]. - Stanley's marketing strategies and product expansions are anticipated to drive continued growth in the insulated cup market [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [4][12]. Core Views - The company has launched a stock incentive plan for 2024, granting 1.194 million restricted shares to 234 core management and technical personnel, which represents 1.2% of the total share capital at the time of the announcement. The initial grant is 955,000 shares, with a grant price of 48.3 CNY per share [1]. - The performance assessment criteria for the incentive plan are set with revenue and net profit growth targets of no less than 50%/80%/120% for the years 2024-2026, corresponding to revenues of at least 2.66 billion CNY, 3.20 billion CNY, and 3.91 billion CNY, and net profits of at least 710 million CNY, 850 million CNY, and 1.04 billion CNY respectively [1]. - The company is expected to see strong performance in Q3, with significant sales growth for its Stanley brand on Amazon, showing a year-on-year increase of 224% and a quarter-on-quarter increase of 120% [2]. - The completion of the company's factory in Vietnam is anticipated to contribute to increased production capacity in the second half of the year, enhancing customer response capabilities and supply chain security [2]. - The report adjusts profit forecasts for 2024-2026, projecting net profits of 721.48 million CNY, 864.01 million CNY, and 1.048 billion CNY, reflecting an increase from previous estimates [3]. Financial Data Summary - The company's revenue is projected to grow from 1.26 billion CNY in 2022 to 3.79 billion CNY by 2026, with growth rates of 115.08%, 40.96%, 49.02%, 21.44%, and 17.82% for the respective years [6][8]. - The net profit attributable to the parent company is expected to increase from 271.91 million CNY in 2022 to 1.048 billion CNY in 2026, with growth rates of 230.90%, 73.60%, 52.84%, 19.76%, and 21.30% [6][8]. - The company's earnings per share (EPS) is projected to rise from 2.62 CNY in 2022 to 10.09 CNY in 2026 [6][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 39.95 in 2022 to 10.36 in 2026, indicating improved valuation as earnings grow [6][8].