宝钢包装：二片罐包装龙头，经营质量领先、全球产能扩张

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading player in the domestic two-piece can packaging industry, with a focus on expanding production capacity and maintaining strong operational quality. It has established stable partnerships with major fast-moving consumer goods clients such as Coca-Cola, PepsiCo, and Budweiser [1][15]. - The company has shown a compound annual growth rate (CAGR) of 9.3% in revenue and 39.2% in net profit from 2017 to 2022, indicating robust growth [1][15]. - The industry has significant growth potential, with an expected CAGR of 2.3% in overall demand for two-piece cans from 2021 to 2025, driven by increased canning rates in the beer sector [1][11]. - The company has a global production layout, with investments in Southeast Asia, including Vietnam, Cambodia, and Malaysia, totaling 4.2 billion cans of production capacity [1][11]. - The company has implemented smart factory initiatives, leading to improved efficiency and reduced costs, with revenue per employee increasing from 2.31 million yuan to 5.69 million yuan from 2012 to 2023 [1][11]. Financial Summary - The company's revenue for 2022 was 8,543 million yuan, with a projected revenue of 9,115 million yuan for 2024, reflecting a growth rate of 17.5% [3][10]. - The net profit for 2022 was 268 million yuan, with projections of 268 million yuan, 354 million yuan, and 455 million yuan for 2024, 2025, and 2026 respectively [2][10]. - The EBITDA for 2022 was 676 million yuan, with forecasts of 763 million yuan, 911 million yuan, and 1,082 million yuan for the years 2024 to 2026 [2][10]. - The company’s EV/EBITDA ratios are projected to decrease from 7.8x in 2024 to 5.1x in 2026, indicating improving valuation metrics [2][10].