Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Views - The company has exceeded expectations in Q2, with a projected net profit of 198-218 million yuan, representing a year-on-year increase of 80%-102% [6] - The high demand in the thermal cup sector and the realization of scale effects are driving the company's performance beyond expectations [2] - The trend of thermal cups becoming fashionable continues, with the company's global capacity layout and manufacturing advantages enhancing market share [2] - The company benefits from strong marketing and collaborations, transforming thermal cups from durable goods to fast-moving consumer goods [6] Financial Forecasts - The company is expected to achieve revenues of 2.71 billion, 3.40 billion, and 4.15 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 53%, 25%, and 22% [7] - The projected net profits for the same years are 707 million, 875 million, and 1.06 billion yuan, with year-on-year growth rates of 50%, 24%, and 21% [7] - The earnings per share (EPS) are forecasted to be 6.80, 8.41, and 10.18 yuan for 2024, 2025, and 2026, respectively [9] Key Financial Metrics - The company’s revenue growth is projected at 40.96% for 2023, 52.65% for 2024, 25.49% for 2025, and 22.06% for 2026 [9] - The net profit growth is expected to be 73.60% for 2023, 49.80% for 2024, 23.67% for 2025, and 21.04% for 2026 [9] - The company’s price-to-earnings (P/E) ratio is projected to be 16.85, 11.25, 9.10, and 7.52 for the years 2023, 2024, 2025, and 2026, respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 76.5 CNY [6][23]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 305 million to 325 million CNY in the first half of 2024, representing a year-on-year increase of 87.1% to 99.3% [1]. - The growth in performance is attributed to the continuous uptrend in the industry of the company's main products, with a steady increase in customer orders and a focus on enhancing service quality and responsiveness [1][4]. - The company is expanding its production capacity, with projects in Vietnam expected to come online in 2024, which will further enhance its ability to meet customer demand and improve order response capabilities [4][14]. Financial Performance Summary - The company forecasts a net profit of 198 million to 218 million CNY for Q2 2024, reflecting a year-on-year growth of 79.7% to 97.9% [12]. - The projected net profits for 2024 to 2026 are 690 million, 830 million, and 970 million CNY respectively, with corresponding P/E ratios of 12, 10, and 8 times [4]. - Revenue growth rates are projected at 34.66% for 2024, 23.42% for 2025, and 15.83% for 2026 [19]. Industry Context - The market for insulated cups remains robust, with strong growth momentum from major clients, particularly in the U.S. market, where brands like Stanley are effectively leveraging social media for marketing [15]. - The company is adopting measures to mitigate risks from rising shipping costs and currency fluctuations, including a pricing adjustment mechanism linked to exchange rates [2][3].

请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 风险提示：原材料价格大幅波动的风险、汇率波动的风险、国内外环境变化的风险、 大客户销售不及预期的风险。 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简单金融 成就梦想 信息披露 证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） ：相对强于市场表现 20％以上； 增持（Outperform） ：相对强于市场表现 5％～20％； 中性（Neutral） ：相对市场表现在－5％～＋5％之间波动； 减持（Underperform） ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） ：行业超越整体市场表现； 中性（Neutral） ：行业与整体市场表现基本持平； 看淡 (Underweight） ：行业弱于整体市场表现。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投 资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的 ...

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3]. Core Views - The company's performance in Q2 significantly exceeded expectations, primarily due to strong sales from major clients and the release of scale effects. The expected net profit for the first half of 2024 is projected to be between 3.05 billion to 3.25 billion yuan, representing a year-on-year growth of 87.06% to 99.32% [7]. - The company is expected to alleviate capacity bottlenecks in the second half of the year, with the completion of a new production base in Vietnam contributing to increased output. This expansion is anticipated to enhance supply chain stability and deepen cooperation with major clients [7]. - The report highlights that the company's competitive edge is expected to improve further with the production ramp-up in Vietnam, providing a stable source of orders and supporting continued growth [7]. Financial Summary - The company's revenue for 2023 is projected at 1,775 million yuan, with a year-on-year growth rate of 41%. By 2026, revenue is expected to reach 3,387 million yuan, with a growth rate of 16% [2]. - Net profit for 2023 is estimated at 472 million yuan, with a year-on-year growth of 74%. The forecast for 2026 is a net profit of 985 million yuan, reflecting a growth rate of 15% [2]. - Earnings per share (EPS) are projected to increase from 4.54 yuan in 2024 to 9.48 yuan in 2026, indicating a strong upward trend in profitability [2][7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 24Q2 业绩亮眼，订单饱满延续 大客户 PMI 订单表现仍优秀：我们取平均数 2.08 亿元作为净利 润值，同时以 2024Q4 的历史高位利润率 28.9%为假设进行回推， 得到收入值或为 7.2 亿元。以公司 2023 年收入/销量得到的均价 45.2 元进行计算，嘉益 2024Q2 或销售了 1593 万只保温杯，仍保 持订单饱满的态势。考虑到公司第一大客户 PMI 业务占比较高， 我们认为当前嘉益的业绩表现反映出 PMI 订单仍保持旺盛。 投资建议：嘉益股份是保温杯壶制造领先企业，海外大客户产 品销售持续火热利好嘉益订单表现。基于销售情况的火热超出我 们此前的预期，我们适当上调了盈利预测。维持买入-A 投资评级， 给予公司 2024 年 15x PE,6 个月目标价 102.15 元。 | --- | --- | --- | --- | --- | --- | |-----------------------------|---------------------------------|---------|---------|--------- ...

Financial Performance - The company expects net profit attributable to shareholders to be between 305 million and 325 million CNY, representing a year-on-year growth of 87.06% to 99.32% compared to 163.05 million CNY in the same period last year[4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 300 million and 320 million CNY, indicating a year-on-year increase of 81.64% to 93.75% from 165.16 million CNY last year[4]. Operational Efficiency - The company has significantly improved operational efficiency through lean management and has enhanced its comprehensive operational capabilities[6]. Market Trends - The main product industry continues to experience upward trends, with stable growth in customer orders due to a favorable terminal market[5]. Financial Reporting - The financial data provided is a preliminary estimate by the company's finance department and has not yet been audited by the accounting firm[12]. - The specific financial data for the first half of 2024 will be detailed in the company's half-year report, urging investors to make cautious decisions and be aware of investment risks[15].

证券代码：301004 证券简称：嘉益股份 公告编号：2024-038 浙江嘉益保温科技股份有限公司 关于部分限制性股票回购注销完成暨股份变动的公告 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、浙江嘉益保温科技股份有限公司（以下简称"公司"或"嘉益股份"）本 次回购注销的限制性股票数量为 130,700 股，涉及激励对象 6 人，回购注销股份 占注销前公司总股本的 0.1257%，回购价格为 7.90 元/股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次限制 性股票回购注销事宜已于 2024 年 7 月 22 日办理完成。本次回购注销完成后， 公司股份总数由 104,000,000 股变更为 103,869,300 股。 一、限制性股票回购注销完成暨股份变动情况说明 （一）本次限制性股票激励计划简述 1、2022 年 7 月 20 日，公司召开第二届董事会第十三次会议，会议审议通 过了《关于<浙江嘉益保温科技股份有限公司 2022 年第二期限制性股票激励计 划（草案）>及其摘要的议案》《关于<浙江嘉益保温科技股份有限公司 ...

在这里给大家解读一下我们最新外发的关于嘉义股份的一个深度报告首先就是为什么我们会选择在这个时间点去发这一篇深度呢那首先最重要的一个原因就是还是公司作为整个的这个跨境产业链非常具备标志性的这样的一个形容出口类的这个公司吧 我们还是会觉得是非常有必要去做一个重点项目的一个覆盖的那其次的话就是我们刚好现在也是七月初我们看到了最新数据测的一个支持那基于数据测的话依然是看好公司上半年业绩的一个增长的持续性以及全年的这样的一个利润的业绩表现的 那最新的这个亚马逊美国站Stanley的品牌销量数据的话是6月份的这样的一个销量大概是74.6万件同比增长了182%整体的上半年1到6月份的一个销量情况大概是达到了397万件的一个水平同比增长了137那从这个 最新的这个Stanley的一个销量水平的话我们其实也能够看到关于公司的这个市场最关注的一些核心问题包括公司的这个增长的持续性以及供应链的这样的一个竞争优势其实是仍然存在的那我们的话其实是会更加的认为公司正在通过内部的这个管理以及产品结构的优化去进一步的提升公司自身的一个竞争力和盈利能力那后续的话也会继续发挥 它在整个的这个生产及供应链端的一个优势通过和更多的这个国际品牌客户合 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-037 浙江嘉益保温科技股份有限公司 关于调整 2022 年第二期限制性股票激励计划 限制性股票回购价格的公告 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。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2024 年 6 月 27 日召 开的第三届董事会第四次会议、第三届监事会第四次会议，分别审议通过了《关 于调整 2022 年第二期限制性股票激励计划限制性股票回购价格的议案》。因公 司 2023 年年度权益分派已于 2024 年 4 月 30 日实施完毕，根据《2022 年第二期 限制性股票激励计划（草案）》的相关规定及 2022 年第三次临时股东大会的授 权，公司决定对 2022 年第二期限制性股票激励计划限制性股票的回购价格进行 调整。本次调整完成后，回购价格由 9.90 元/股调整为 7.90 元/股。现将相关事项 说明如下： 一、已履行的决策程序和信息披露情况 1、2022 年 7 月 20 日，公司召开第二届董事会第十三次会议，会议审议通 过了《关于<浙江嘉益保温科技股份有限公 ...

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 2022 年第二期限制性股票激励计划 调整限制性股票回购价格的 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 关于浙江嘉益保温科技股份有限公司 2022 年第二期限制性股票激励计划调整限制性股票回购价格的 法律意见书 致：浙江嘉益保温科技股份有限公司 上海兰迪律师事务所接受浙江嘉益保温科技股份有限公司（以下简称"嘉益 股份"或"公司"，证券代码为301004）的委托，为公司实施2022年第二期限制 性股票激励计划所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《 ...