Investment Rating - The investment rating for the company is "Buy" with a current price of 77.92 CNY and a fair value of 87.01 CNY, maintaining the previous rating of "Buy" [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.05-3.25 billion CNY in the first half of 2024, representing a year-on-year increase of 87.06%-99.32%, exceeding market expectations [9]. - The home appliance industry remains at a high level of prosperity, with China's customs data showing a 19.1% year-on-year increase in thermos cup exports from January to May 2024, and a remarkable 36.1% growth in May alone [9]. - The company is experiencing rapid growth alongside major clients, with a projected net profit of 695 million CNY, 867 million CNY, and 1.049 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 47.3%, 24.8%, and 21.0% [10]. Financial Summary - The company reported a revenue of 1,260 million CNY in 2022, with a projected increase to 1,775 million CNY in 2023, and further growth to 2,499 million CNY in 2024, reflecting a growth rate of 41.0% [11]. - The EBITDA is expected to rise from 316 million CNY in 2023 to 800 million CNY in 2024, indicating strong operational performance [11]. - The net profit is projected to grow from 472 million CNY in 2023 to 695 million CNY in 2024, showcasing a significant increase in profitability [11].

各位投资者大家早上好我是广发清工曹清文今天的话呢主要跟各位投资者汇报一下我们个股深度的本轮第一期关于保温杯的两个重点标的一个是我们前期一直推荐的嘉义股份第二个是我们新增推荐的这个哈尔斯 那么基于这两个标准的同时推荐的我们的基础是在于我们认可这个整个保温杯在海外的一个景气趋势以及所带来的这些中国制造商的出口的趋势那么从客观数据上面我们大概有 这么三类的情况出现第一类的话呢就是我们会发现整个保温杯的出口金额和美国保温杯的这个进口金额基本都处于一个比较景气向上的状态 那么中国的保温杯的出口金额在22年23年和24年的上半年分别是17%8%和20%多的一个增长情况那美国的保温杯的进口金额的话呢相应的来说是68%然后下滑3%和增长39% 这样的一个这三个时间段的增长情况所以我们觉得说可能23年的时候会有一定的下游的这个库存的这样的一些扰动但是24年的恢复趋势还比较好整个三年的增长趋势也都是好于其他的板块 那第二类的话呢我们发现在一些亚马逊的美国亚马逊的这样的一些第三方数据里面像三类品牌然后再包括一些其他的一些算是目前小网红的品牌基本上在美亚的销量都能到翻倍以上所以也是间接去验证了这个行业特别是头部一些标的的这样的一些景 ...

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 ...

Summary of the Conference Call Record Company Overview - The report focuses on Jiayi Co., highlighting its significance as a representative company in the cross-border supply chain industry, particularly in the export sector [1] Core Insights and Arguments - The timing of the report's release is strategic, emphasizing Jiayi Co.'s role in the cross-border supply chain [1] Other Important Content - The report aims to provide a deep analysis of Jiayi Co., indicating its importance in the current market context [1]