上 市 公 司 轻工制造 2025 年 06 月 30 日 宝钢包装 (601968) ——最受益于行业格局改善的纯两片罐标的 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 30 日 | | | --- | --- | --- | | 收盘价（元） | | 4.77 | | 一年内最高/最低（元） | | 6.00/4.16 | | 市净率 | | 1.3 | | 股息率%（分红/股价） | 1.55 | | | 流通 A 股市值（百万元） | | 6,085 | | 上证指数/深证成指 | 3,444.43/10,465.12 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.55 | | 资产负债率% | 48.89 | | 总股本/流通 A 股（百万） | 1,276/1,276 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-01 08-01 09-01 10-01 11-01 12-01 01-0 ...

（责任编辑：王治强 HF013） 【2025年6月11日宝钢包装A股上市十周年，多领域发展成果显著】 2025年6月11日，宝钢包装迎来A股 上市十周年。过去十年，中国高质量发展，金属包装行业伴随新消费品牌崛起。宝钢包装响应消费和客 户需求变化，优化产品结构，提升附加值，保持增长潜力。 协会称，黄酒受年轻群体喜爱，会稽山推 出8度气泡黄酒，契合微醺需求。2025年"6·18大促"，会稽山抖音店12小时气泡黄酒销售额达1000万 元，80%以上成交为年轻人。 6月9日，宝钢包装在互动平台透露，公司为会稽山气泡黄酒两片罐供应 商，是国内快消金属包装领先企业，与众多知名快消品牌合作良好。 消费者注重酒饮口感和包装，新 消费酒品多采用罐装。从运输看，金属罐轻、便于运输且损耗低；从渠道看，罐装陈列多、存储久、安 全性高；从营销看，金属包装外观精美，满足个性需求。宝钢包装在印刷及成型技术有研发成果，助力 酒水外观创新。 出海与绿色供应链是消费品牌战略二重奏。全球禁塑令推进，中国低碳产品出海有绿 色溢价，国内新消费驱动绿色包装。金属罐回收率高、易清洁，利于品牌ESG评级提升，打开高端市 场，新兴市场罐装饮料增速快。 202 ...

Core Viewpoint - Baosteel Packaging celebrates its 10th anniversary on the A-share market, highlighting its adaptability to consumer trends and commitment to green development while expanding overseas [1] Group 1: Market Trends and Consumer Preferences - The metal packaging industry has experienced growth alongside the rise of new consumer brands in China, driven by high-quality development and the "dual circulation" strategy [1] - Young consumers are increasingly favoring products like sparkling yellow wine, as evidenced by Kuaijishan's sales performance during the "6.18 shopping festival," where its Douyin store achieved sales of 10 million yuan in just 12 hours [1] - Baosteel Packaging is a supplier of two-piece cans for Kuaijishan's sparkling yellow wine, indicating its strong partnerships with fast-moving consumer goods brands [1] Group 2: Product Innovation and Sustainability - The company has optimized its product structure to meet consumer demands for taste and packaging, with a shift towards canned beverages due to their lightweight, low loss, and aesthetic appeal [1] - Baosteel Packaging has made advancements in printing and forming technologies, supporting innovation in beverage branding [1] - The global push for plastic bans and the emphasis on environmental protection by the EU are driving demand for low-carbon products, which can command a premium in overseas markets [1] Group 3: International Expansion and Green Initiatives - In 2025, Baosteel Packaging plans to enhance its overseas presence with projects in Vietnam and Cambodia, including the completion of the first hoisting at the Long An project in Vietnam, which is expected to produce 800 million cans annually by January 2026 [1] - The Long An facility will improve logistics efficiency and is designed with a "solar roof," projected to reduce carbon dioxide emissions by 1,150 tons annually [1] - The company has achieved full green factory certification for its subsidiaries and is actively developing a dual-carbon platform while publishing carbon footprint reports [1]

证券研究报告 | 公司点评 | 包装印刷 奥瑞金(002701) 报告日期：2025 年 05 月 02 日 ——奥瑞金点评报告 投资要点 ❑ 公司公布 2024&2025Q1 业绩： 24 年公司实现营收 136.7 亿元，同比-1.2%，实现归母净利润 7.9 亿元，同比 +2.1%，实现扣非归母净利润 7.6 亿元，同比+2%，其中 Q4 收入 28.16 亿元，同 比-10.2%，实现归母净利润 0.29 亿元，同比-57%，实现扣非归母净利润 0.17 亿 元，同比-74%。25Q1 营收 55.7 亿元，同比+57%，归母净利润 6.65 亿元，同比 +138%，扣非归母净利 1.89 亿元，同比-28%，24 年业绩稳定，25Q1 并表中粮包 装业绩高增。 ❑ 境内两片罐压力明显，三片罐稳健 并表中粮拉动收入高增，期待两片盈利罐筑底回升 1）分产品：24 年金属包装产品及服务收入 121.23 亿元，同比+0.7%，毛利率 18.13%，同比+1.3pct，为收入核心，24 年公司三片罐业务的稳定增长，二片 罐业务各主要业绩指标同比提升，盈利水平提高，灌装服务/其他收入 1.66/13.84 亿 ...