ORG Technology(SZ:002701) Changjiang Securities·2025-12-19 00:01Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company’s subsidiary, Beina Hong Kong, plans to sell 80% of its subsidiary Beina Belgium to Rexam Limited (100% owned by Ball Corporation) for an estimated adjusted transaction price of approximately €50-60 million, which has already received German antitrust approval [2][4] - Beina Belgium primarily produces and sells two-piece metal can packaging containers, with projected net profits of €1.79 million and €4.93 million for the first half of 2024 and 2025, respectively [2][4] - This transaction aligns with the company's overseas business development strategy, optimizing asset structure and enhancing operational efficiency [10] - The company is accelerating its overseas expansion through mergers and acquisitions and self-built factories, with a total planned capacity of approximately 4 billion cans across various regions [10] - Recent expectations for price increases in the domestic two-piece can market are optimistic, with potential recovery in profitability anticipated starting in early 2026 [10] - The company is positioned as a leader in the domestic metal packaging industry, with significant growth drivers expected from the recovery of two-piece can margins, overseas business expansion, and improved domestic consumption demand [10] Financial Projections - The company is expected to achieve net profits attributable to shareholders of ¥1.15 billion, ¥1.22 billion, and ¥1.45 billion for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 13, 13, and 11 times [10]