研报掘金丨华西证券：维持开润股份“买入”评级，收购嘉乐剩余少数股权，贡献业绩增厚

Group 1 - The core viewpoint of the article is that the acquisition of the remaining minority stake in Jiale by Kairun Co. is expected to enhance performance significantly [1] - After the acquisition, the ownership stake will increase from 81.4% to 100%, with a purchase price-to-earnings ratio (PE) of approximately 15X [1] - The acquisition is projected to increase profits by approximately 27 million in 2026 [1] Group 2 - In the short term, the acquisition of the minority stake in Jiale is expected to boost performance [1] - In the medium term, both the 2B bag manufacturing and Jiale have room for improvement in net profit margins, and the change in operational control in the 2C segment presents opportunities for profit enhancement [1] - Due to recent overseas demand slowdown and the acquisition of Jiale's stake, the profit forecast has been adjusted while maintaining a "buy" rating [1]