Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company has a strong focus on overseas insulated cup OEM business, leveraging supply chain advantages and leading surface treatment technology to enhance profitability and customer loyalty [4][5]. - The company reported a significant revenue increase of 41.0% year-on-year in 2023, reaching 1.775 billion yuan, with a net profit growth of 73.6% to 472 million yuan [6][7]. - The company is expected to continue its growth trajectory, with projected net profits of 583 million yuan in 2024, 734 million yuan in 2025, and 904 million yuan in 2026, reflecting year-on-year growth rates of 23.4%, 25.9%, and 23.2% respectively [5][7]. Financial Summary - The company achieved a gross margin of 40.7% in 2023, an increase of 6.5 percentage points year-on-year, with a quarterly gross margin of 43.8% in Q4 2023 [6][8]. - The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 208 million yuan, which represents 44.1% of the 2023 net profit [6][7]. - The first major customer, PMI (Stanley + Starbucks), generated revenue of 1.508 billion yuan in 2023, a year-on-year increase of 75.2%, indicating strong demand and market performance [6][7]. Market Position and Strategy - The company is strategically positioned to benefit from the growing trend of insulated cups in the U.S. market, with a focus on product innovation and marketing strategies that leverage social media platforms [5][6]. - The establishment of a production base in Vietnam is expected to enhance supply chain efficiency and meet the diversified needs of downstream customers [4][5]. - The company is well-prepared to capitalize on the ongoing popularity of the Stanley brand and its new product launches, which are anticipated to drive continued sales growth [5][6].

[Table_Author] 分析师：蔡欣 执业证号：S1250517080002 电话：023-67511807 邮箱：cxin@swsc.com.cn 分析师：赵兰亭 执业证号：S1250522080002 电话：023-67511807 邮箱：zhlt@swsc.com.cn | --- | --- | --- | --- | --- | |------------------------|----------------|------------------|------------------|----------------| | 百 万 元 | 2023A | 2024E | 2025E | 2026E | | 合 计 营业收入 | | | | | | | 1775.4 | 2,197.94 | 2,669.97 | 3,205.04 | | yoy 营业成本 | 41.0% 1052.5 | 23.8% 1,288.28 | 21.5% 1,556.56 | 20.0% 1,861.70 | | 毛利率 | 40.7% | 41.4% | 41.7% | 41.9% | | 不锈钢真空保温器皿 ...

轻工制造/家居用品 嘉益股份（301004.SZ） 2024 年 04 月 01 日 数据来源：聚源 干源证券 公 司 研 究 | --- | --- | |-------------------------------|-------------| | 投资评级：买入（维持） \n日期 | 2024/4/1 | | 当前股价 ( 元 ) | 69.56 | | 一年最高最低 ( 元 ) | 73.20/26.65 | | 总市值 ( 亿元 ) | 72.34 | | 流通市值 ( 亿元 ) | 18.18 | | 总股本 ( 亿股 ) | 1.04 | | 流通股本 ( 亿股 ) | 0.26 | | 近 3 个月换手率 (%) | 474.81 | -50% 0% 50% 100% 150% 200% 2023-04 2023-08 2023-12 嘉益股份 沪深300 《2023Q3 业绩再超预期，盈利能力 持续提升—公司信息更新报告》- 2023.11.16 《2023H1 业绩再超预期，产能扩充+ 优质客户绑定公司成长可期—公司信 息更新报告》-2023.8.16 《预计客户订单充沛，利润率仍有提 ...

公司报告 | 年报点评报告 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|----------------------------------------------| | 嘉益股份（ 301004 ） | | 证券研究报告 2024 年 03 月 31 日 | | | 投资评级 | | | 保温杯逻辑进阶， 23 年加大分红 | 行业 轻工制造 | / 家居用品 | | | | | | | 6 个月评级 当前价格 | 买入（维持评级） 70.1 元 | ...

Financial Performance - The company's operating revenue for 2023 reached ¥1,775,401,871.97, representing a 40.96% increase compared to ¥1,259,542,221.22 in 2022[20] - Net profit attributable to shareholders of the listed company was ¥472,032,916.88, a significant increase of 73.60% from ¥271,906,187.46 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥466,442,546.88, reflecting a 71.76% increase compared to ¥270,947,895.72 in 2022[20] - The net cash flow from operating activities was ¥577,371,714.05, marking an impressive growth of 118.19% from ¥264,612,870.85 in the prior year[20] - Basic earnings per share increased to ¥4.71, up 73.16% from ¥2.72 in 2022[20] - Total assets at the end of 2023 amounted to ¥1,643,404,487.37, a 45.20% increase from ¥1,131,857,661.06 at the end of 2022[20] - Net assets attributable to shareholders of the listed company reached ¥1,306,285,410.96, which is a 50.49% increase from ¥868,037,936.06 in the previous year[20] - The weighted average return on net assets for 2023 was 43.90%, an increase of 6.72% from 37.18% in 2022[20] Revenue Breakdown - In 2023, the company's total revenue for the four quarters was approximately 1.88 billion yuan, with the highest revenue in Q3 at 575.17 million yuan[22] - The revenue from the metal products industry accounted for ¥1,725,335,149.9, which is 97.18% of total revenue, with a year-on-year growth of 40.33%[61] - The sales of stainless steel vacuum insulated containers generated ¥1,688,269,874.9, making up 95.09% of total revenue, and increased by 41.14% from ¥1,196,204,760.4 in the previous year[61] Market Position and Strategy - The company is positioned in the stainless steel vacuum insulation product market, which is experiencing growth due to rising consumer demands for aesthetics and sustainability[36] - The market for stainless steel vacuum insulation products is primarily concentrated in developed countries, with Europe and North America accounting for approximately 50% of the market share[36] - The company aims to strengthen partnerships with brand operators to enhance product development and market competitiveness[33] - The company is accelerating its strategic layout in Vietnam to diversify product origins and strengthen supply chain collaboration with overseas clients[43] - The company has established stable partnerships with international brands through OEM and ODM business models, enhancing its market competitiveness[47] Research and Development - Continuous investment in R&D has strengthened the company's technological innovation capabilities, ensuring product updates and iterations[53] - Research and development expenses rose by 55.06% to ¥66,998,943.16, reflecting increased investment in R&D personnel and projects[68] - The number of R&D personnel increased by 12.00% to 252, although the proportion of R&D staff relative to total employees decreased to 9.01%[72] - The company completed several new product developments, including a one-button opening coffee cup and a portable vacuum insulation box, aimed at expanding market share[71] Sustainability and Corporate Responsibility - The company emphasizes the importance of employee health by providing supplementary medical insurance and annual awards for outstanding employees[182] - The company has been recognized as a "Green Low-Carbon Factory" in Zhejiang Province, reflecting its commitment to sustainable development and environmental protection[184] - The company actively engages in social responsibility initiatives, collaborating with various organizations to support diverse charitable projects[184] - The company is committed to expanding its global footprint by establishing overseas production bases and enhancing international competitiveness[99] Governance and Compliance - The board of directors confirmed compliance with governance standards, ensuring transparency and accountability in operations[110] - The company has established a supervisory board consisting of 3 supervisors, including 1 employee representative, complying with legal and regulatory requirements[117] - The company strictly adheres to information disclosure obligations, ensuring timely and accurate information is available to all shareholders[120] - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, organization, and business[121] Employee Management and Compensation - The total number of employees at the end of the reporting period was 2,792, with 2,683 in the parent company and 109 in major subsidiaries[154] - The company has implemented a performance-based salary system to align employee compensation with performance evaluations[156] - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to 772.7 million CNY[139] - The remuneration for independent directors was reported as 0, indicating no payment during the period[139] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[110] - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on energy-efficient solutions[110] - The company plans to enhance its online sales channels, aiming for a 30% increase in e-commerce revenue by the end of 2024[134] - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 300 million RMB allocated for this purpose[110]

浙江嘉益保温科技股份有限公司 前次募集资金使用情况报告 根据中国证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规 定，将本公司截至 2023 年 12 月 31 日的前次募集资金使用情况报告如下。 一、前次募集资金的募集及存放情况 (一) 前次募集资金的数额、资金到账时间 根据中国证券监督管理委员会《关于同意浙江嘉益保温科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕1229 号），本公司由主承销商 浙商证券股份有限公司采用网下向符合条件的投资者询价配售与网上向持有深 圳市场非限售 A 股股份或非限售存托凭证市值的社会公众投资者定价发行相结 合的方式，向社会公众公开发行人民币普通股（A 股）股票 2,500 万股，发行价 为每股人民币 7.81 元，共计募集资金 19,525.00 万元，坐扣承销和保荐费用 2,660.38 万元后的募集资金为 16,864.62 万元，已由主承销商浙商证券股份有 限公司于 2021 年 6 月 22 日汇入本公司募集资金监管账户。另减除上网发行费、 招股说明书印刷费、申报会计师费、律师费等与发行权益性证券直接相关的新增 外部费用 1,260 ...

第一章 总 则 第一条 为规范浙江嘉益保温科技股份有限公司 （以下简称"公司"）董事、 高级管理人员的产生，优化公司董事会、高级管理人员的组成和结构，完善公 司法人治理结构，根据《中华人民共和国公司法》《上市公司治理准则》《上 市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等法律、行政法规、规范性文件及《浙江嘉益保 温科技股份有限公司章程》 （以下简称 《公司章程》 ）的相关规定，公司董 事会特设立提名委员会，并制定本实施细则。 第二条 提名委员会是公司董事会下设的专门工作机构，主要负责拟定董 事、高级管理人员的选择标准和程序，对董事、高级管理人员人选及其任职资 格进行遴选、审核，并形成明确的审查意见，向董事会报告，对董事会负责， 依照《公司章程》和董事会授权履行职责，提名委员会的提案应当提交董事会 审议决定。 第二章 人员组成 （三）广泛搜寻合格的董事和高级管理人员的人选； （四）对董事候选人和高级管理人员人选进行审查并提出建议； 第四条 提名委员会委员应由董事长、二分之一以上独立董事或全体董事 三分之一以上提名，并由董事会选举产生。 第五条 提名委员会 ...

一、2023 年度利润分配方案基本情况 经天健会计师事务所（特殊普通合伙）审计，公司 2023 年度合并报表实现 归属于上市公司股东的净利润为 472,032,916.88 元，2023 年度母公司实现净利润 479,644,750.37 元。截至 2023 年 12 月 31 日，公司合并报表的未分配利润为 839,904,614.75 元，母公司报表的未分配利润为 880,338,901.55 元。根据合并报 表和母公司报表中可供分配利润孰低的原则，截至 2023 年 12 月 31 日，公司可 供股东分配的利润为 839,904,614.75 元。 根据中国证券监督管理委员会《关于进一步落实上市公司现金分红有关事项 的通知》《上市公司监管指引第 3 号——上市公司现金分红》等相关法规，结合 《公司章程》的利润分配政策，公司 2023 年度利润分配方案如下： 公司拟以现有总股本 104,000,000.00 为基数,拟向全体股东每 10 股派发现金 红利 20 元（含税），合计拟派发现金红利 208,000,000.00 元（含税），本次分红 占 2023 年合并报表归属于母公司所有者的净利润的 44.0 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 三、附件………………………………………………………………第 4—7 页 （一）本所营业执照复印件……………………………………… 第 4 页 （二）本所执业证书复印件……………………………………… 第 5 页 （三）签字注册会计师证书复印件……………………………第 6—7 页 为了更好地理解嘉益股份公司 2023 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 嘉益股份公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《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（2023 年 12 月修订）》（深证上〔2023〕1204 号）的规定编制汇总 表，并保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-006 浙江嘉益保温科技股份有限公司 第三届监事会第二次会议决议公告 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"）第三届监事会第二次会 议于 2024 年 3 月 28 日在公司会议室以现场结合通讯方式进行召开。本次会议通 知于 2024 年 3 月 18 日以邮件方式发送。本次会议应出席监事 3 人，实际出席监 事 3 人。本次监事会由半数以上监事共同推举监事会主席曾涛先生主持。本次会 议的召开和表决程序符合《中华人民共和国公司法》等有关法律法规、规范性文 件和《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 经出席会议的监事认真审议，表决通过了如下决议： （一）审议通过《关于 2023 年年度报告及其摘要的议案》 经审核，监事会认为公司《2023 年年度报告》及《2023 年年度报告摘要》 的内容真实、准确、完整地反映了公司 2023 年度经营的实际情况，报告编制和 审核的程序符合法律、行政法规的要求，符合中国证监会和深交所的相关规 ...