ORG Technology(002701) GF SECURITIES·2025-01-20 07:45Investment Rating - The investment rating for the company is "Buy" with a current price of 4.88 CNY and a reasonable value of 6.31 CNY [4]. Core Views - The completion of the acquisition is expected to enhance the financial statements and improve the competitive landscape of the company. The acquisition of COFCO Packaging is a significant step, as it allows the company to hold approximately 95.83% of COFCO's shares, thereby increasing its market position and pricing power in the metal packaging industry [9]. - The report anticipates a recovery in profitability for the metal packaging sector, with the company positioned to lead this improvement due to its strengthened market position and potential for overseas expansion. The projected net profits for 2024, 2025, and 2026 are 809 million CNY, 1,077 million CNY, and 1,140 million CNY, respectively, reflecting growth rates of 4.4%, 33.1%, and 5.9% [9]. Financial Summary - Revenue projections show a slight decline in 2023 to 13,843 million CNY, followed by a recovery to 14,439 million CNY in 2024, and further growth to 15,480 million CNY in 2025 and 16,538 million CNY in 2026, with growth rates of 4.3%, 7.2%, and 6.8% respectively [8]. - The EBITDA is expected to increase from 1,775 million CNY in 2023 to 2,263 million CNY in 2025, indicating a positive trend in operational profitability [8]. - The report highlights an expected increase in the company's return on equity (ROE) from 8.9% in 2023 to 10.7% in 2025, suggesting improved efficiency in generating profits from shareholders' equity [8].