Jiamei Packaging(SZ:002969) Zheng Quan Zhi Xing·2025-06-17 10:29Core Viewpoint - The credit rating report indicates that the company, 嘉美食品包装 (Jia Mei Packaging), maintains an AA credit rating, reflecting its strong position in the metal can production industry, but faces challenges due to high customer concentration and reliance on major clients [3][6][19]. Company Overview - 嘉美包装 is one of the largest metal can manufacturers in China, providing a comprehensive range of food and beverage packaging solutions, including three-piece cans, two-piece cans, and aseptic paper packaging [5][13]. - The company has established a nationwide production network with bases in multiple provinces, enhancing its service capabilities and customer reach [5][15]. Financial Performance - In 2024, the company reported a net profit increase of 18.78% due to a decrease in raw material costs, particularly for tinplate used in three-piece cans [6][19]. - The company's total assets as of March 2025 were 41.25 billion, with total liabilities at 14.79 billion, indicating a stable financial position [3][4]. Customer Dependency - The company has a high customer concentration, with its largest client, 养元饮品 (Yangyuan Beverage), accounting for 32.48% of its revenue. This dependency poses risks if the client's performance declines [15][17]. - Despite maintaining stable relationships with major clients, the sales volume and revenue from these clients have shown a downward trend, necessitating close monitoring of their operational stability [7][15]. Market Environment - The metal packaging industry is experiencing increased concentration due to mergers and acquisitions, which may enhance competitive dynamics [10][12]. - The demand for metal packaging is supported by the growth in the soft drink sector, which saw a 6.3% increase in production in 2024, providing a favorable outlook for the industry [10][12]. Operational Efficiency - The company's overall capacity utilization remains low, with significant seasonal fluctuations affecting production levels. The utilization rate for three-piece cans has decreased due to reduced orders from major clients [15][18]. - The company employs a "sales-driven production" model, which has helped maintain a high production-sales ratio despite the challenges faced [15][18]. Raw Material Costs - The cost of key raw materials, particularly tinplate, has decreased, positively impacting the company's profitability. The average procurement price for tinplate fell by 9.97% in 2024 [19]. - The company faces ongoing pressure to control costs, as over 70% of its operating costs are attributed to direct materials, making it sensitive to fluctuations in raw material prices [19][20].