ORG Technology(SZ:002701) Tianfeng Securities·2025-08-03 14:42Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is actively expanding its overseas market presence by investing in new production lines in Thailand and Kazakhstan, which will enhance its production capacity and profitability [2][3] - The establishment of these overseas production lines is expected to meet the demand from local clients in the beer, energy drink, and carbonated beverage sectors, thereby broadening the company's customer base and market reach [1][2] - Following the acquisition of COFCO Packaging, the company has increased its market share in the domestic two-piece can market, positioning itself as the market leader [3] Summary by Sections Overseas Expansion - The company plans to invest approximately RMB 441.6 million in a new production line in Thailand with an annual capacity of 700 million cans [1] - A separate investment of about RMB 646.52 million is planned for a production line in Kazakhstan, targeting an annual capacity of 900 million cans [1][2] - These investments are part of the company's strategy to align with the internationalization trend in the industry and to optimize its production capacity [2] Domestic Market Position - The company has solidified its position in the domestic market, with a significant increase in market share following the acquisition of COFCO Packaging [3] - The forecast for the first half of 2025 indicates a net profit attributable to shareholders of RMB 850 million to 960 million, representing a year-on-year increase of 55% to 75% [3] Financial Projections - The report projects net profits for the years 2025 to 2027 to be RMB 1.41 billion, RMB 1.34 billion, and RMB 1.43 billion respectively [4] - The company's domestic market profitability is expected to improve, supported by the new overseas production facilities [4]