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]

证券代码：301004 证券简称：嘉益股份 公告编号：2024-010 浙江嘉益保温科技股份有限公司 关于开展外汇衍生品交易业务的公告 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、误导性陈述或者重大遗漏。 重要内容提示： （一）开展外汇衍生品交易业务的原因和目的 公司出口业务占公司业务比例较大，为有效规避外汇市场的风险，防范汇率 大幅波动对公司业绩造成不良影响，提高外汇资金使用效率，公司拟开展外汇衍 生品交易业务。公司开展外汇衍生品交易业务不会影响主营业务的发展，公司将 合理安排资金使用。公司开展外汇衍生品交易业务将完全基于自身外币资产、负 债状况以及外汇收支业务具体情况，与公司日常经营需求紧密相关。 1.投资种类：公司拟开展的外汇衍生品交易品种包括：远期结售汇、外汇买 卖、外汇期权、利率掉期等。 2.投资金额：不超过 30,000 万美元或等值金额外币。 3.特别风险提示：公司开展的外汇衍生品交易遵循合法、谨慎、安全和有效 的原则，不做投机性、套利性的交易操作，但外汇衍生品交易操作仍存在一定的 市场风险、流动性风险和履约风险等。敬请投资者注意投资风险。 浙江嘉益保温科技股份有限 ...

浙江嘉益保温科技股份有限公司 2023 年度独立董事述职报告 本人作为浙江嘉益保温科技股份有限公司（以下简称"公司"）的独立董事， 在任职期间严格按照《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》《公 司章程》《独立董事工作制度》等相关法律法规的规定和要求，在 2023 年度任 期内，忠实、勤勉、尽责、独立地履行职责，积极出席公司召开的相关会议，认 真审议董事会的各项议案，独立、客观、公正地对各项议案和相关事项发表独立 意见，充分发挥了独立董事及各专门委员会委员的独立性、专业性的作用。 本 人已连续担任公司独立董事届满六年，根据相关规定，于 2023 年 12 月 20 日起 不再担任公司独立董事。现就本人 2023 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 本人李有星，1962 年出生，中国国籍，无境外永久居留权，教授，博士研究 生学历。1984 年 7 月至 1996 年 6 月任浙江工商大学法学院副教授；1996 年 6 月 至今任浙江 ...

目 录 | 一、前次募集资金使用情况鉴证报告………………………………第 1—2 | | 页 | | --- | --- | --- | | 二、前次募集资金使用情况报告……………………………………第 3—7 | | 页 | | 三、附件…………………………………………………………… 第 8-12 | | 页 | | （一）本所营业执照复印件……………………………………… 第 | 8 | 页 | | （二）本所执业证书复印件……………………………………… 第 | 9 | 页 | | （三）本所从事证券服务业务备案工作完备证明材料…………第 | 10 | 页 | | （三）签字注册会计师证书复印件…………………………第 11—12 | | 页 | 前次募集资金使用情况鉴证报告 天健审〔2024〕726 号 浙江嘉益保温科技股份有限公司全体股东： 我们鉴证了后附的浙江嘉益保温科技股份有限公司（以下简称嘉益股份公司） 管理层编制的截至 2023 年 12 月 31 日的《前次募集资金使用情况报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供嘉益股份公司向不特定对象发行可转换公司债券时使用，不 得用作任何其他目 ...

证券代码：301004 证券简称：嘉益股份 公告编号：2024-009 浙江嘉益保温科技股份有限公司 关于以闲置自有资金购买理财产品的公告 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。 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和第三届监事会第二次会议，会议审议通过了《关于以 闲置自有资金购买理财产品的议案》，在不影响公司正常经营及确保资金安全的 情况下，同意公司使用不超过人民币 10 亿元的闲置自有资金购买安全性高、流 动性好的理财产品（包括但不限于协定存款、通知存款、定期存款、结构性存款 以及其他金融机构理财产品等），使用期限自公司股东大会审议通过之日起 12 个月内有效。根据《深圳证券交易所创业板股票上市规则》及公司章程的规定， 本次以闲置自有资金购买理财产品事项尚需提交公司股东大会审议。现将具体情 况公告如下： 一、公司使用闲置自有资金购买理财产品的情况 （一）投资目的 为提高自有资金使用效率，在确保不影响正常经营和资金安全的情况下，公 司拟使用暂时闲置的自有资金购买理财产品，实现公 ...

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 ...

浙江嘉益保温科技股份有限公司 董事会 经核查独立董事孔祥杰、傅俊、张昕的任职经历以及签署的相关自查文件， 上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司 担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，因此，公司独立董事符合《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》 中对独立董事独立性的相关要求。 浙江嘉益保温科技股份有限公司董事会 关于独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《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》 等要求，浙江嘉益保温科技股份有限公司（以下简称"公司"）董事会，就公司在 任独立董事孔祥杰、傅俊、张昕的独立性情况进行评估并出具如下专项意见： 2024 年 3 月 30 日 ...