奥瑞金：2024中报业绩点评：新增长极

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Views - The company has demonstrated resilience in its performance with a double-digit year-on-year profit growth, achieving a net profit of 548 million yuan in H1 2024, which is an increase of 18.39% year-on-year [3][4]. - The metal packaging business remains stable, with revenue from metal packaging products and services reaching 6.36 billion yuan, a year-on-year increase of 2.66%, while the filling service revenue surged by 48.49% to 100 million yuan [4][6]. - The company is focused on innovation and deepening cooperation with key clients, enhancing customer stickiness and overall profitability [4][6]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 7.206 billion yuan, a slight increase of 1.14% year-on-year, and a net profit attributable to shareholders of 548 million yuan, reflecting an 18.39% increase [3][4]. - The company's gross profit margin improved to 17.82%, up by 1.88 percentage points year-on-year, while the net profit margin was 7.52%, an increase of 1.17 percentage points [4][6]. Business Segments - The metal packaging segment is a key growth driver, with a focus on innovative packaging solutions and integrated filling services, establishing long-term partnerships with well-known brands [4][6]. - The company has implemented a steady cash dividend and share repurchase plan, reflecting confidence in future growth [6]. Earnings Forecast - The company is projected to achieve revenues of 14.549 billion yuan, 15.756 billion yuan, and 16.904 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits expected to be 893 million yuan, 999 million yuan, and 1.1 billion yuan [6][7].