股票简称：嘉益股份 股票代码：301004 浙江嘉益保温科技股份有限公司 Zhejiang Cayi Vacuum Container Co., Ltd. （浙江省金华市武义县经济开发区白洋工业区） 向不特定对象发行可转换公司债券 募集说明书 （注册稿） 保荐机构（主承销商） （住所：浙江省杭州市五星路 201 号） 签署日期： 年 月 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募集说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 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募集说明书 重大事项提示 公司特别提示投资者对下列重大事项给予充分关注，并仔细阅读本募集说 明 ...

浙江嘉益保温科技股份有限公司（以下简称"公司"）向不特定对象发行可 转换公司债券的申请已于 2023 年 10 月 20 日获得深圳证券交易所上市审核委员 会审核通过，并于 2023 年 12 月 4 日获得中国证券监督管理委员会出具的《关 于同意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注册 的批复》（证监许可〔2023〕2740 号）。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于向不特定对象发行可转换公司债券 申请获得深圳证券交易所上市审核委员会审核通过的公告》（公告编号：2023- 054）与《关于向不特定对象发行可转换公司债券申请获得中国证券监督管理 委员会同意注册批复的公告》（公告编号：2023-073）。 鉴于公司于 2024 年 3 月 30 日披露了《2023 年年度报告》，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 3 号》《监管规则适用指引— 发行类第 7 号》相关规定的要求，及《深圳证券交易所上市公司证券发行上市 审核规则》等规定，公司会同相关中介机构对募集说明书（注册稿）、发行保 荐 书 等 文 件 进 ...

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 上市保荐书 保荐机构（主承销商） （住所：浙江省杭州市五星路 201 号） 二〇二四年四月 声明 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"）接受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"）的委托，担任发行人向不特定对象发行可转换公司债券的保荐机构。 本保荐机构和保荐代表人已根据《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》"）《证券发行 上市保荐业务管理办法》（以下简称"《保荐管理办法》"）《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"）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 ...

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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Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 84.15 CNY for the next six months [3][4]. Core Insights - 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 43.7% in Q4 2023, reflecting historical highs [1]. - The first major customer accounted for 84.9% of sales in 2023, up 16.6 percentage points year-on-year, indicating a significant concentration of sales [1]. - The Quencher insulated cup from Stanley continues to perform well in the North American market, leading to sustained high order levels for the company [2]. - The company reported a net profit of 470 million CNY in 2023, a year-on-year increase of 73.6%, with a Q4 net profit of 160 million CNY, up 51.6% year-on-year [10]. Financial Performance - The company's revenue for 2023 was 1,775.4 million CNY, with projections of 2,167.9 million CNY for 2024 and 2,383.6 million CNY for 2025 [3][15]. - The net profit is expected to grow to 583.1 million CNY in 2024 and 594.7 million CNY in 2025 [15]. - The earnings per share (EPS) is projected to be 4.54 CNY in 2024 and 5.61 CNY in 2025 [15]. - The price-to-earnings (PE) ratio is expected to decrease from 27.7 in 2022 to 15.9 in 2024 [15]. Market Position - The company is recognized as a leading manufacturer of insulated cups, benefiting from strong sales to overseas major customers [3]. - The company has a total market capitalization of approximately 7,234.24 million CNY, with a circulating market value of 1,817.83 million CNY [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of April 1, 2024 [2]. Core Insights - The company achieved a revenue of 1.78 billion yuan in 2023, representing a year-on-year increase of 41.0%, and a net profit attributable to shareholders of 472 million yuan, up 73.6% [5]. - The revenue for Q4 2023 was 550 million yuan, reflecting a growth of 29.2%, with a net profit of 160 million yuan, increasing by 51.6% [5]. - The company is expected to continue its growth trajectory, with revised profit forecasts for 2024-2026, projecting net profits of 575 million, 715 million, and 847 million yuan respectively [5]. Revenue Summary - Revenue from stainless steel vacuum containers accounted for 1.688 billion yuan, with a year-on-year growth of 41.14%, increasing its revenue share to 95.09% [6]. - International market revenue was a significant growth driver, with overseas income reaching 1.688 billion yuan, up 41.69% [6]. - The sales volume of metal products was 38.1295 million units, a year-on-year increase of 17.64%, with an average selling price of 45.2 yuan per unit, up 23.0% [6]. Profitability Summary - The company's gross margin for 2023 was 40.7%, an increase of 6.5 percentage points, while the net margin improved to 26.6%, up 5.1 percentage points [7]. - For Q4 2023, the gross margin was 43.7%, with a net margin of 28.9% [7]. Company Highlights - The company is set to launch a production capacity of 13.5 million stainless steel vacuum cups in Vietnam in 2024, enhancing its order capacity and competitive advantage [8]. - The partnership with PMI is deepening, with expected revenue from this client reaching 1.507 billion yuan in 2023, a year-on-year increase of 75.2%, accounting for 84.9% of total revenue [8]. - The strong sales momentum of PMI's Stanley brand is expected to continue, with significant growth in domestic market sales [8].