ORG Technology(SZ:002701) Huafu Securities·2025-09-02 11:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [18]. Core Views - The company has shown significant revenue growth, with a 62.74% year-on-year increase in revenue for the first half of 2025, reaching 11.727 billion yuan, and a 64.66% increase in net profit, amounting to 903 million yuan [3]. - The company is actively expanding its overseas market presence, with notable investments in Thailand and Kazakhstan to establish new production bases, which are expected to enhance long-term growth [5]. - The integration of COFCO Packaging has strengthened the company's market position in the metal packaging sector, allowing it to transition from a focus on market share to profitability [6]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 14.1%, a decrease of 3.7 percentage points year-on-year, while the net margin was 7.7%, an increase of 0.1 percentage points [6]. - The company reported a quarterly revenue of 6.152 billion yuan in Q2 2025, reflecting a year-on-year growth of 68.35% [3]. - The company’s operating expenses were well-managed, with a total expense ratio of 7.88%, down 0.46 percentage points year-on-year [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.346 billion yuan, 1.314 billion yuan, and 1.489 billion yuan respectively, with a significant increase of 70% in 2025 compared to the previous year [6][7]. - The estimated earnings per share (EPS) for 2025 is 0.53 yuan, with a price-to-earnings (P/E) ratio of approximately 10.6 [7][8].