浙商证券股份有限公司 关于浙江嘉益保温科技股份有限公司 向不特定对象发行可转换公司债券 非经特别说明，本发行保荐书中所用简称，均与募集说明书中具有相同含义。 3-1-1 | 声明 1 | | --- | | 目 录 2 | | 一、本次证券发行基本情况 3 | | 二、保荐机构承诺事项 6 | | 三、《关于加强证券公司在投资银行类业务中聘请第三方等廉洁从业风险防 | | 控的意见》要求的核查事项 7 | | 四、保荐机构对发行人本次证券发行的推荐意见 8 | | 五、本次证券发行符合法律、法规规定的发行条件 9 | | 六、发行人存在的主要风险 21 | | 七、保荐机构对发行人发展前景的评价 29 | | 八、保荐机构对本次证券发行的推荐结论 30 | 一、本次证券发行基本情况 （一）保荐机构指定保荐代表人及保荐业务执业情况 之 发行保荐书 保荐机构（主承销商） （住所：浙江省杭州市五星路 201 号） 声明 作为浙江嘉益保温科技股份有限公司（以下简称"嘉益股份""发行人"或 "公司"）向不特定对象发行可转换公司债券的保荐机构，浙商证券股份有限公 司（以下简称"本保荐机构""保荐机构"或"浙商证券"）及其 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-017 浙江嘉益保温科技股份有限公司 关于 2022 年第二期限制性股票激励计划预留授予部分的 第一个限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、2022 年第二期限制性股票激励计划预留授予限制性股票第一个解除限售 期符合解除限售条件的激励对象共计 27 人； 2、2022 年第二期限制性股票激励计划预留授予限制性股票第一个解除限售 期可解除限售的限制性股票数量为 40.35万股，占公司目前股份总数的 0.3880%； 3、2022 年第二期限制性股票激励计划预留授予限制性股票第一个限售期解 除限售的限制性股票上市流通日为 2024 年 4 月 15 日。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于2024年3月28日召开 第三届董事会第二次会议及第三届监事会第二次会议，审议通过了《关于公司 2022年第二期限制性股票激励计划预留授予部分的第一个解除限售期解除限售 条件成就的议案》，董事会认为公司《2022年第二期限制性股票激励计 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][20] Core Views - The company reported a revenue of 1.78 billion yuan in 2023, representing a year-on-year increase of 41.0%. The net profit attributable to the parent company was 470 million yuan, up 73.6%, with a net profit margin of 26.6%, an increase of 5.0 percentage points year-on-year [3][21] - The company has a stable development supported by high-quality customers, with the top two customers contributing 84.91% and 8.12% of revenue, respectively [5][19] - The company focuses on international markets, primarily through OEM and ODM production for well-known international brands, achieving a revenue split of 5% domestic and 95% international [19] Financial Performance - The comprehensive gross profit margin for 2023 was 40.7%, an increase of 6.5 percentage points year-on-year. The expense ratio was 9.1%, up 1.5 percentage points [4][21] - The company expects net profits of 582 million yuan and 702 million yuan for 2024 and 2025, respectively, with year-on-year growth rates of 23.2% and 20.8% [20][21] - The company’s revenue is projected to reach 2.233 billion yuan in 2024, with a year-on-year growth of 25.8% [21][25] Market Comparison - The company’s stock closed at 75.45 yuan, with a market capitalization of 7.847 billion yuan [1][21] - The average PE ratio for comparable companies is 15.19, while the company is expected to have a PE of 12.5 and 10.4 for 2024 and 2025, respectively [8][20]

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大客户占比提升，毛利率达到历史峰值： 嘉益股份 2023 年毛利率 40.7%，YoY+6.5pct，折算 2023Q4，公司单 季度毛利率 43.7%，YoY+5.5pct，毛利率表现均达到历史高位。嘉益 股份毛利率表现亮眼，我们认为主要因为第一大客户占比提升明显， 根据公司年报数据，2023 年公司第一大客户销售额占比 84.9%， YoY+16.6pct。生产款式集中，规模效应显现。 热门产品热销持续，嘉益订单有望保持高位： 嘉益股份 2023 年四个季度的收入和业绩均表现亮眼，主要因为大客 户 Stanley 旗下 Quencher 保温杯在北美市场热卖。根据我们过去一 年的持续跟踪，亚马逊平台美国站上 Quencher 系列保温杯处于限购 和缺货状态，体现产品在北美市场的火热。根据亚马逊平台 3 月 31 日的信息显示，当前 Quencher 保温杯仍处于全系限购两只的状态， 且小容量（14 盎司及 20 盎司）杯型部分颜色仍处于缺货状态，由此 可以判断 Quencher 在北美市场热度仍在，嘉益的订单高企情况预计 仍将延续。 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 ...

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 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 70.1 yuan, maintaining the current rating [1]. Core Views - The company reported a revenue of 5.47 billion yuan in Q4 2023, representing a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 1.58 billion yuan, up 51.6% year-on-year [1]. - The total revenue for 2023 reached 17.8 billion yuan, marking a 41% increase, with a net profit of 4.7 billion yuan, which is a 74% increase year-on-year [1]. - The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 208 million yuan, with a dividend payout ratio of approximately 44% [1]. - The first major customer accounted for 15.1 billion yuan in sales, representing 85% of total sales, with a year-on-year growth of 75% [1]. - The company is focusing on enhancing its brand image and market share through deep cooperation with high-quality customers in the stainless steel vacuum insulation industry [1]. Financial Data Summary - The company’s revenue for 2022 was 1,259.54 million yuan, which increased to 1,775.40 million yuan in 2023, with a growth rate of 40.96% [3]. - The net profit attributable to shareholders rose from 271.91 million yuan in 2022 to 472.03 million yuan in 2023, reflecting a growth rate of 73.60% [3]. - The projected net profits for 2024, 2025, and 2026 are 581.21 million yuan, 708.51 million yuan, and 843.19 million yuan, respectively [3][4]. Market Trends - The market for vacuum insulated cups is evolving from a functional product to a consumer-oriented product, driven by increased consumer purchasing power and diverse consumption scenarios [1]. - The company is leveraging the advantages of its manufacturing base in Vietnam to enhance production capacity and improve order response capabilities [1].

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]