奥瑞金：Q3营收稳增，重组稳步推进

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 6.53 CNY, while the current stock price is 5.36 CNY [4]. Core Views - The company has shown steady revenue growth in Q3 2024, with a total revenue of 36.51 billion CNY, reflecting a year-on-year increase of 1.92%. However, the net profit for Q3 decreased by 12.55% to 2.13 billion CNY [1][2]. - The acquisition of COFCO Packaging is progressing smoothly, with necessary approvals received, which is expected to enhance the company's market position in the beverage and dairy packaging sectors [2]. - The company’s gross margin improved slightly to 17.30% in the first three quarters of 2024, driven by a decrease in raw material prices, although Q3 saw a slight decline in gross margin to 16.27% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 108.57 billion CNY, a year-on-year growth of 1.40%, and a net profit of 7.61 billion CNY, up 7.74% year-on-year [1]. - The company’s net profit margin for Q1-3 2024 was 6.95%, an increase of 0.52 percentage points year-on-year, while Q3's net profit margin was 5.82%, down 0.76 percentage points [3]. - The projected revenues for 2024-2026 are 144.88 billion CNY, 157.46 billion CNY, and 169.70 billion CNY, with corresponding net profits of 8.80 billion CNY, 10.25 billion CNY, and 11.79 billion CNY, indicating a positive growth trajectory [4][9].