奥瑞金(002701)：出售海外资产优化资产结构 深化波尔合作

Core Viewpoint - The company plans to sell 80% equity of its subsidiary, Benna Belgium, to Rexam Limited for approximately €110.4 million, aiming to optimize asset structure and enhance operational efficiency [1] Group 1: Transaction Details - The overall enterprise value of Benna Belgium is €138 million, with the adjusted transaction amount expected to be between €50 million and €60 million [1] - The transaction has received antitrust approval in Germany [2] Group 2: Strategic Focus - The sale is part of a strategy to optimize asset structure, improve operational efficiency, and reduce management costs, while deepening the global strategic partnership with Ball Corporation [3] - The expected investment income from this transaction is projected to exceed 10% of the company's most recent audited net profit, enhancing current operating performance [3] Group 3: Market Outlook - The domestic two-piece can business is expected to recover gradually, supported by rising aluminum prices and improved industry concentration [4] - The company is accelerating its overseas capacity layout, with significant production planned in Thailand and Kazakhstan, which is anticipated to improve profit margins [4] - The three-piece can business is stable, with strong relationships with major clients like Red Bull, contributing to consistent cash flow [4] Group 4: Profit Forecast and Investment Recommendation - The company is optimistic about the metal packaging industry's restructuring, with projected net profits for 2025-2027 at ¥1.346 billion, ¥1.314 billion, and ¥1.489 billion, reflecting a year-on-year growth of 70%, -2%, and 13% respectively [5] - The current market capitalization corresponds to a valuation of approximately 12 times for 2026, maintaining a "buy" rating [5]