奥瑞金：公司半年报点评：24H1业务发展稳中有进，行业格局改善有望

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 7.206 billion yuan for the first half of 2024, representing a year-on-year growth of 1.14%, while the net profit attributable to shareholders was 548 million yuan, up 18.39% year-on-year [5][6] - The metal packaging business remains robust, with a revenue of 6.360 billion yuan in the first half of 2024, a year-on-year increase of 2.66%, accounting for 88.3% of total revenue [5] - The company is focusing on product differentiation and innovation in packaging solutions, which enhances its core competitiveness [5] - The filling business saw a significant growth of 48.49% year-on-year, indicating a strong demand for integrated services [5] - The company is actively exploring new growth paths through smart packaging strategies, leveraging technologies like QR codes for enhanced consumer engagement [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.654 billion yuan, a decrease of 3.13% year-on-year, while the net profit was 269 million yuan, an increase of 6.49% year-on-year [5] - The gross profit margin for Q2 2024 was 17.39%, up 0.48 percentage points year-on-year, indicating improved profitability [6] Business Development - The company is implementing a differentiated product strategy and has established strategic partnerships with well-known brands in the fast-moving consumer goods sector [5] - The filling business is accelerating, and the smart packaging initiative is driving industry upgrades [5] Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 911 million yuan, 1.010 billion yuan, and 1.056 billion yuan, respectively, with expected growth rates of 17.6%, 10.9%, and 4.5% [6][9] - The current closing price corresponds to a PE ratio of 12.28 for 2024, with a reasonable valuation range of 5.31 to 5.67 yuan based on comparable companies [6][9]