浙江嘉益保温科技股份有限公司2024年向 不特定对象发行可转换公司债券信用评级 报告 CSCI Pengyuan Credit Rating Report 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人 员与评级对象不存在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告 遵循了真实、客观、公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的 合法性、真实性、准确性和完整性作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组 织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、 持有任何证券的建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导 致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时， 本评级机构已对受评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变 更信用评级。本评级机构提醒报告使用者应及时登陆本公司网站关注被评证券信用评级的 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-064 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发行公告 保荐人（主承销商）：浙商证券股份有限公司 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、 误导性陈述或者重大遗漏。 特别提示 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"） 和浙商证券股份有限公司（以下简称"主承销商"或"保荐人（主承销商）"）根据《中 华人民共和国证券法》、《证券发行与承销管理办法》（证监会令〔第 208 号〕）、《上 市公司证券发行注册管理办法》（证监会令〔第 206 号〕）、《深圳证券交易所上市公 司证券发行与承销业务实施细则》（深证上〔2023〕101 号）、《深圳证券交易所上市 公司自律监管指引第 15 号——可转换公司债券》（深证上〔2022〕731 号）、《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（2024 年修订）》（深 证上〔2024〕398 号）等相关规定向不特定对象发行可转换公司债券（以下简称"可转 债"或"嘉益转债"）。 本次向不特定对象发行的可转债将向 ...

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 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"）及其指定的保荐代 表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民 共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》 （以下简称"《管理办法》"）《＜上市公司证券发行注册管理办法＞第九条、 第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适 用意见——证券期货法律适用意见第 18 号》（以下简称"《证券期货法律适用 意见第 18 号》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中 国证监会"）以及深圳证券交易所（以下简称"深交所"）的有关规定，诚实守 信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本 发行保荐书，并保证所出具文件的真实性、准确性和完整 ...

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]