轻工制造/家居用品 嘉益股份（301004.SZ） 2024 年业绩高增，优质客户绑定护航公司发展 ——公司信息更新报告 投资评级：买入（维持） | 日期 | 2025/4/1 | | --- | --- | | 当前股价(元) | 101.28 | | 一年最高最低(元) | 133.86/68.81 | | 总市值(亿元) | 105.20 | | 流通市值(亿元) | 97.02 | | 总股本(亿股) | 1.04 | | 流通股本(亿股) | 0.96 | | 近 3 个月换手率(%) | 45.47 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 嘉益股份 沪深300 相关研究报告 《2024Q3 收入业绩延续高增，股权 激励提振信心—公司信息更新报告》 -2024.11.1 《2024Q1 业绩再超预期，供需两旺 全年成长可期 —公司信息更新报告》 -2024.4.29 | 吕明（分析师） | 骆扬（联系人） | 蒋奕峰（联系人） | | --- | --- | --- | | lvming@kysec.cn | l ...

丨证券研究报告丨 [Table_Title] 嘉益股份 2024 年点评： 收入业绩延续高增，看好公司持续成长 公司研究丨点评报告丨嘉益股份（301004.SZ） 报告要点 [Table_Summary] 公司 2024 年实现营业总收入/归母净利润/扣非净利润 28.36/7.33/7.25 亿元，同增 60%/55%/56%；其中 2024 Q4 实现营业总收入/归母净利润/扣非净利润 8.51/2.02/2.01 亿元， 同增 56%/28%/41%。看好公司伴随新老客户增长持续放量带动公司收入整体延续不错增长， 此外公司越南基地产能爬坡、伴随新基地产能利用率提升有望拉动盈利修复。公司主要生产保 温杯品类至下游终端加价倍率较高，且客户全球化销售趋势&公司全球化产能布局有望减弱加 征关税影响。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 嘉益股份（301004.SZ） cjzqdt11111 蔡方羿 米雁翔 章颖佳 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV46 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5]. Core Insights - The company reported strong financial performance with a revenue of 8.51 billion in Q4 2024, a year-on-year increase of 55.6%, and a net profit attributable to shareholders of 2.02 billion, up 27.7% year-on-year [1]. - The company is expanding its overseas production capacity, particularly in Vietnam, to enhance its ability to respond to market demands and improve supply chain security [3]. - The global stainless steel vacuum cup market is steadily growing, especially in the mid-to-high-end segments, driven by increasing consumer demands for functionality and aesthetics [4]. Financial Performance - In 2024, the company achieved a total revenue of 28.36 billion, representing a 59.8% year-on-year growth, with a net profit of 7.33 billion, up 55.3% year-on-year [1]. - The company sold 60.73 million metal insulated cups in 2024, a 59.3% increase from the previous year, with an average price of 45.5 yuan per unit, reflecting a 0.5% increase [1]. - The gross margin for Q4 2024 was 33.3%, down 10.5 percentage points year-on-year, while the net profit margin was 23.7%, down 5.2 percentage points year-on-year [1]. Customer Strategy - The company's largest customer generated sales of 24.7 billion in 2024, a 64% increase, accounting for 87% of total sales, indicating a stable competitive landscape [2]. - The company prioritizes resource allocation to high-quality customers and orders, ensuring responsiveness and product quality [2]. - New brand customers, such as Owala, have been developed in 2024, which are expected to contribute to revenue growth [2]. Market Outlook - The global market for stainless steel vacuum cups is expected to continue its stable growth, particularly in the high-end sector, with emerging consumer demands spreading to Asia and Australia [4]. - The industry is shifting from a manufacturing-driven model to one focused on branding and design, with companies that excel in product innovation and global capabilities likely to succeed in the upcoming market reshuffle [4]. Financial Projections - The company forecasts net profits of 9.0 billion, 10.9 billion, and 12.8 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12X, 10X, and 9X [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5]. Core Insights - The company reported strong financial performance with a revenue of 8.51 billion in Q4 2024, a year-on-year increase of 55.6%, and a net profit attributable to shareholders of 2.02 billion, up 27.7% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 28.36 billion, representing a 59.8% increase, and a net profit of 7.33 billion, which is a 55.3% increase year-on-year [1]. - The company is expanding its overseas production capacity, particularly in Vietnam, to enhance its ability to respond to market demands and improve supply chain security [3]. - The global stainless steel vacuum cup market is expected to continue its stable growth, particularly in the mid-to-high-end segments, driven by increasing consumer demands for functionality and aesthetics [4]. Financial Performance - In Q4 2024, the company's gross margin was 33.3%, down 10.5 percentage points year-on-year, while the net profit margin was 23.7%, down 5.2 percentage points year-on-year [1]. - The company plans to distribute 3.1 billion in dividends for 2024, with a payout ratio of 43% [1]. - The company’s sales to its largest customer reached 24.7 billion in 2024, a 64% increase, accounting for 87% of total sales [2]. Market Outlook - The report highlights the ongoing expansion of the company's production capabilities in Vietnam, which is expected to alleviate capacity constraints and enhance customer responsiveness [3]. - The stainless steel vacuum cup market is evolving from a manufacturing-driven model to one focused on branding and design, with companies that excel in product innovation and global integration likely to succeed in the upcoming market reshuffle [4]. Financial Projections - The company forecasts net profits of 9.0 billion, 10.9 billion, and 12.8 billion for the years 2025 to 2027, respectively, with corresponding price-to-earnings ratios of 12X, 10X, and 9X [5].

近期嘉益股份（301004）发布2024年年报，证券之星财报模型分析如下： 营收与利润 根据嘉益股份发布的2024年年报，公司实现了营业总收入28.36亿元，同比上升59.76%；归母净利润 7.33亿元，同比上升55.27%；扣非净利润7.25亿元，同比上升55.54%。第四季度的表现同样亮眼，营业 总收入8.51亿元，同比上升55.63%；归母净利润2.02亿元，同比上升27.65%；扣非净利润2.01亿元，同 比上升41.44%。 主要财务指标 尽管营收和利润大幅增长，但公司的毛利率和净利率有所下降，分别为37.67%和25.84%，同比分别减 少了7.49%和2.81%。每股净资产达到18.25元，同比增长45.27%；每股收益7.2元，同比增长52.87%。每 股经营性现金流为4.78元，同比减少13.89%。 费用控制 公司在费用控制方面表现出色，销售费用、管理费用、财务费用总计9518.15万元，三费占营收比为 3.36%，同比减少了36.44%。具体来看，销售费用减少了23.07%，主要原因是本期股权激励费用减少； 管理费用增加了33.14%，主要是由于经营规模扩大、管理人员增加以及嘉益越南前 ...

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 首次公开发行股票并在创业板上市之持续督导保荐总结报告书 浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）作为浙江 嘉益保温科技股份有限公司（以下简称"发行人"、"嘉益股份"或"公司"） 首次公开发行股票并在创业板上市的保荐机构，负责本次股票发行上市后的持续 督导工作，持续督导期间自嘉益股份本次发行的股票上市之日起至 2024 年 12 月 31 日（以下简称"持续督导期间"）。浙商证券根据《证券发行上市保荐业务管 理办法》、《深圳证券交易所创业板股票上市规则》等相关规定，出具本持续督 导保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调 查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》等有关规定采取的监管措施。 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 嘉益股份(301004) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 嘉益股份：高增延续，客户扩张可期 [Table_ReportDate] 2025 年 03 月 31 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报。全年收入实现 28.36 亿元（同比+59.8%），归母 净利润实现 7.33 亿元（同比+55.3%），扣非归母净利润实现 7.25 亿元（同比 +55.5%）；24Q4 收入实现 8.51 亿元（同比+55.6%），归母净利润实现 2.02 亿元（同比+27.7%），扣非归母净利润实现 2.01 亿元（同比+40.9%）。Q4 收 入延续高增，利润端汇兑正向贡献，1）海外产能爬坡，固费摊销不足（越南基 地 24 年亏损约 0.34 亿），2） ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.836 billion yuan for 2024, representing a year-on-year increase of 59.8%, and a net profit of 733 million yuan, up 55.3% year-on-year [2][3] - The core customers, including PMI (Stanley and Starbucks), generated revenue of 2.472 billion yuan, a 63.0% increase year-on-year, accounting for 87.2% of total revenue [2] - The company is expected to maintain high growth in Q1 2025, despite some short-term profit pressures due to external factors [2] - The company has a strong global presence, with 96% of the US insulated cup imports coming from China, indicating a high dependency on Chinese manufacturing [3] - The gross margin for 2024 was 37.7%, down 3.1 percentage points year-on-year, while the net margin was 25.8%, down 0.8 percentage points year-on-year [3] Financial Summary - The company’s total revenue is projected to reach 3.664 billion yuan in 2025, with a year-on-year growth rate of 29.2% [7] - The net profit for 2025 is estimated at 849 million yuan, reflecting a growth rate of 15.9% year-on-year [7] - The gross margin is expected to decline to 35.4% in 2025, while the net asset return (ROE) is projected to be 34.4% [7] - The earnings per share (EPS) is forecasted to be 8.18 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.34 times [4][7]

证券代码：301004 证券简称：嘉益股份 公告编号：2025-019 债券代码：123250 债券简称：嘉益转债 浙江嘉益保温科技股份有限公司 成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《中华人民共和国公司法》规定的不得担任公司董事、高级管理 人员的情形的； 监事会关于 2024 年限制性股票激励计划预留授予日 激励对象人员名单的核查意见 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"）监事会依据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》（以 下简称"《管理办法》"）《深圳证券交易所创业板股票上市规则》（以下简称"《创 业板上市规则》"）《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》等相关法律法规及《公司章程》的要求，对公司2024年度限制性股票激 ...

上海兰迪律师事务所 关于浙江嘉益保温科技股份有限公司 授予预留部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于浙江嘉益保温科技股份有限公司 致：浙江嘉益保温科技股份有限公司 上海兰迪律师事务所接受浙江嘉益保温科技股份有限公司（以下简称"嘉益 股份"或"公司"，证券代码为301004）的委托，为公司实施2024年限制性股票 激励计划所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股权激励管理办法》《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》等有关法律、法规、规范性文件和《浙江嘉益保温科技股份有限公 司章程》的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，于 激励计划（草案）的法律意见书》（以下简称"《草案法律意见书》"）、于 ...