ORG Technology(SZ:002701) Huafu Securities·2025-12-18 05:05Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [6][19]. Core Views - The company plans to sell part of its overseas subsidiary's equity to optimize its asset structure and enhance operational efficiency, which is expected to deepen its strategic partnership with Rexam Limited [3][4]. - The overall enterprise value of the Belgian subsidiary is €138 million, with the base consideration for the 80% stake set at €110.4 million, and the adjusted transaction amount anticipated to be between €50 million and €60 million [3]. - The transaction has received German antitrust approval, indicating regulatory support for the asset sale [3]. - The company is focusing on high-quality capacity construction and optimizing its asset structure by divesting non-core assets, which is expected to improve cash flow and reduce leverage [4]. - The domestic two-piece can business is expected to recover gradually, supported by rising aluminum prices and a more concentrated market environment [5]. - The company is accelerating its overseas capacity layout, with significant production planned in Thailand and Kazakhstan, which is anticipated to enhance profitability due to higher margins in international markets [5]. Financial Summary - The company forecasts net profits of ¥1.346 billion, ¥1.314 billion, and ¥1.489 billion for the years 2025, 2026, and 2027 respectively, reflecting a growth rate of 70%, -2%, and 13% [6][7]. - Revenue projections for 2025, 2026, and 2027 are ¥22.187 billion, ¥23.070 billion, and ¥23.811 billion, with growth rates of 62%, 4%, and 3% respectively [7]. - The current market capitalization corresponds to a valuation of approximately 12 times the expected earnings for 2026 [6].