ORG Technology(SZ:002701)2024-08-26 13:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][8]. Core Insights - The company reported a strong performance in its 2024 mid-year report, with a revenue of 7.206 billion yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 548 million yuan, up 18.4% year-on-year [5][8]. - The company is focusing on innovation in metal packaging, with significant growth in the sales of two-piece and three-piece cans, contributing to a revenue increase in this segment [5][8]. - The decline in raw material costs, particularly tinplate, has positively impacted profit margins, with a gross margin of 17.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year [5][8]. - The company is optimizing its production capacity for two-piece cans, which is expected to improve profitability in the long term due to a better competitive landscape and increased demand for differentiated can types [5][8]. Financial Summary - The company achieved a total revenue of 14.573 billion yuan in 2024E, with a projected year-on-year growth rate of 5.3% [6]. - The net profit attributable to shareholders is forecasted to reach 885 million yuan in 2024E, reflecting a growth rate of 14.3% [6]. - The gross margin is expected to stabilize around 16.0% in 2024E, with a gradual improvement in profitability anticipated through 2026E [6][8].