ORG Technology(SZ:002701)2024-08-22 05:31Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 7.206 billion yuan for the first half of 2024, a year-on-year increase of 1.14%, and a net profit attributable to shareholders of 548 million yuan, up 18.39% year-on-year [1]. - The gross margin for the first half of 2024 was 17.82%, an increase of 1.88 percentage points year-on-year, while the net profit margin was 7.34%, up 1.24 percentage points year-on-year [1]. - The company is a leader in metal packaging, focusing on its core business while actively expanding its business landscape, with expectations for improved profitability due to industry consolidation [1]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 3.654 billion yuan, a decrease of 3.13% year-on-year, but the net profit increased by 6.49% to 269 million yuan [1]. - The company’s comprehensive gross margin for the first half of 2024 was 17.82%, with a quarterly gross margin of 17.39% in Q2 [1]. - The company’s operating expenses ratio was 8.34%, an increase of 0.53 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses reported [1]. Business Segment Performance - The metal packaging business generated 6.36 billion yuan, a year-on-year increase of 2.66%, while the filling services segment saw a significant increase of 48.49% [1]. - Raw material prices have been declining, with the average market price for tinplate coil at 5,783 yuan/ton, down 5.71% month-on-month [1]. Earnings Forecast - The company is expected to achieve earnings per share of 0.36 yuan, 0.41 yuan, and 0.45 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 12X, 11X, and 10X [1][3].