达意隆 20260107 摘要 达意隆受益于碳酸饮料和瓶装水在东南亚、印度、中东和非洲等新兴市 场的强劲需求，海外市场成为其主要增长引擎，合同负债显著增长，预 示未来营收向好。 公司通过自主研发吹瓶机、吹灌旋一体机等关键技术，实现了从单机到 整线的拓展，提升了生产节拍，增强了与海外龙头企业的竞争力，为国 际市场扩张奠定基础。 达意隆通过与可口可乐、百事可乐等全球巨头合作，设立海外分公司和 建立经销商网络，成功拓展国际市场，海外营收占比已接近 50%，且盈 利能力优于国内市场。 公司营收增速和利润端增速均显著提升，得益于区域结构优化和毛利率 提升。海外市场对价格的容忍度较高，无菌灌装线替代也提升了国内毛 利率，推动整体盈利能力改善。 净利润增长主要驱动因素包括毛利率提升、信用减值损失改善以及有效 的费用管控。2025 年前三季度净利润达到 7.7%，同比增长超过三个百 分点，盈利能力显著增强。 Q&A 请介绍达意隆在新兴市场的业务前景和主要亮点。 达意隆在新兴市场的业务前景非常乐观，主要亮点包括液态产品包装设备的专 业性和出海战略。首先，达意隆作为液态产品包装设备专家，不仅提供饮料行 业的一体化生产线（从吹瓶到 ...

Core Viewpoint - The report from Zhongtai Securities highlights the rapid development of emerging beverage categories such as sugar-free drinks, tea, and functional beverages, which have led to a significant recovery in equipment demand due to continuous new product launches and capacity expansion by second and third-tier brands [1][2]. Domestic Market - The domestic beverage consumption has undergone significant structural changes, benefiting from the widespread adoption of health-conscious consumption, with emerging categories like sugar-free drinks and functional beverages experiencing rapid growth [2]. - The demand for liquid packaging machinery is driven by the need for line upgrades, with a strong demand for ultra-clean and sterile lines [2]. - The domestic market is expected to see steady growth, with listed companies entering an expansion cycle since 2019, despite intense competition [2]. Overseas Market - Emerging markets have shown overall growth over the past decade, with accelerated growth post-pandemic, particularly in regions like India, Southeast Asia, and Latin America, where consumer spending power is increasing [3]. - Chinese companies are experiencing accelerated export growth due to their significant cost-performance advantages and after-sales service, although their market share remains low, indicating substantial future growth potential [3][4]. - The Asia-Pacific market is witnessing a decline in German companies' deliveries in 2024, while imports from China are on the rise [3]. Industry Outlook - The overall industry is experiencing a positive development trend, with simultaneous increases in revenue scale and profitability due to the resonance of domestic and international market demands [4]. - The global packaging equipment market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, while China's packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period [2]. - Domestic manufacturers have established strong competitive advantages for overseas expansion, including lower costs and faster delivery times compared to Western brands, as well as stable technical service capabilities [4].

Investment Rating - The report does not explicitly state an investment rating for the liquid packaging machinery industry. Core Insights - The liquid packaging machinery is essential for the fast-moving consumer goods sector, particularly in food and beverage, personal care, and condiments. The industry primarily focuses on complete line sales, such as "blow-fill-cap" solutions. In developed markets, the emphasis is on upgrading existing production lines, while developing markets in Asia, Africa, and Latin America are still expanding their production capacity. The economic lifespan of domestic liquid packaging machinery is typically around 10 years [4][10]. Summary by Sections 1. Liquid Packaging Machinery Overview - Liquid packaging machinery is crucial for automating the entire process from bottle manufacturing to filling, capping, labeling, and packaging. The core equipment includes blow molding machines, filling machines, capping machines, and downstream packaging equipment. The industry is characterized by integrated solutions, with developed countries focusing on line upgrades and emerging markets still in the expansion phase [10][4]. 2. Domestic Market - Recent structural changes in domestic beverage consumption, driven by health trends, have led to rapid growth in sugar-free drinks, tea, and functional beverages. This has resulted in a significant recovery in equipment demand, with domestic companies entering an expansion cycle post-2019. The competition in the domestic market is intense, but growth is expected to remain stable [4][21]. 3. Overseas Market Opportunities - Emerging markets have shown consistent growth over the past decade, accelerated post-pandemic. Increased consumer spending in countries like India, Southeast Asia, and Latin America has driven demand for bottled water and sugary beverages. Chinese companies, leveraging cost advantages and service capabilities, are seeing accelerated export growth, with significant potential for market share expansion in these regions [4][21][25]. 4. Advantages of Chinese Liquid Packaging Machinery Exports - Chinese manufacturers have several competitive advantages in overseas markets, including lower purchase and maintenance costs compared to Western brands, efficient logistics to Southeast Asia and South Asia, and the ability to provide customized products and stable technical services. The global trend of investment shifting towards emerging markets further supports the demand for packaging equipment [4][25][30]. 5. Market Size and Growth Projections - The global packaging equipment market is projected to grow at a CAGR of 3.8% from 2024 to 2032, while China's packaging machinery industry is expected to grow at an annual rate of around 8% during the 14th Five-Year Plan period. The average profitability growth rate in the industry is estimated at 7%, with exports potentially reaching $12 billion [4][21]. 6. Market Demand and Supply Analysis - The report estimates that the domestic liquid packaging machinery market size for beverage packaging will reach approximately 169.4 billion yuan in 2024, based on consumption data and production line requirements. The overseas market for liquid packaging machinery is projected to be around 750.9 billion yuan, with significant growth potential in regions like Asia-Pacific and Africa [4][31][35]. 7. Recommended Companies - The report suggests focusing on companies such as Dali Long, New Meixing, Yongchuan Intelligent, and Zhongya Co., which are positioned to benefit from the industry's growth and export opportunities [4][21].

证券代码：300509 证券简称：新美星 投资者关系活动记录表 江苏新美星包装机械股份有限公司 【回复】公司多年积累的技术优势成功转化、夯实了市场领先 地位，并获得了国内外众多客户的高度认可。 投资者关系活动记录表 | 投资者关系活动 | 特定对象调研 □ 分析师会议 ☑ | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | 现场参观 ☑ | | | □ 其他 | | 参与单位名称及 | （1）中泰证券 寇鸿基； | | 人员姓名 | （2）华夏基金 邓寒； | | | （3）万家基金 冯哲； | | | （4）盛熙基金 谢丙东； | | | （5）光大永明资产 蒋冰； | | | （6）玖鹏资产 边梦葳。 | | 时间 | 2025 年 12 月 9 日 (周二) 上午 10:00—12:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书张钦杰 | | 员姓名 | 一、公司产品体系及经营情况介绍 | | | 二、互动交流 | | | 【问题 1】请谈谈公司在技术方面的核心竞争优势。 | | | 【回复】新美星 ...

Financial Outlook - The company projects a revenue of 1.8 billion CNY for 2025, with a net profit of 100 million CNY and a net profit of 90 million CNY after excluding non-recurring gains and losses [2][3] - The financial targets are internal management indicators and do not constitute a formal profit forecast or commitment to investors [2] Strategic Focus - The management will focus on several key areas to achieve the financial targets, including: - Market-oriented innovation and breakthroughs [3] - Active market expansion to consolidate market share [3] - Implementation of lean management to enhance quality and efficiency [3] - Promotion of expansion projects to increase production capacity [3] - Strengthening cost control to improve overall efficiency [3] - Optimizing internal management for standardized operations [3] Market Engagement - The company is currently focused on the development of liquid product packaging equipment and has no immediate plans to enter other machinery sectors [3] - As of September 15-19, 2025, the company participated in the drinktec 2025 exhibition in Munich, Germany, engaging in technical exchanges and business discussions with global enterprises [3] - The number of shareholders is to be disclosed in the company's regular reports [3]

Core Viewpoint - New Meixing (300509) reported significant growth in its 2024 annual results, with total revenue reaching 1.075 billion yuan, a year-on-year increase of 15.78%, and net profit attributable to shareholders soaring by 94.36% to 45.2522 million yuan, driven by continuous innovation and market expansion in the liquid packaging machinery sector [1] Business Expansion and Technological Breakthroughs - New Meixing is a leading enterprise in high-end liquid packaging machinery in China, providing integrated solutions for liquid product factories across five major sectors: beverages, dairy, alcohol, condiments, and daily chemicals, serving over 80 countries and regions with renowned brands like Coca-Cola, Danone, and Nestlé [4] - In 2024, the company launched advanced solutions such as dry sterilization blowing and filling technology and integrated blowing and filling machines, further solidifying its market position [4] - At the CBB2024 exhibition, New Meixing showcased its latest technological achievements, including a fully automatic rotary bottle blowing machine with a capacity of 3,000 bottles per hour and Asia's first integrated blowing and filling machine with a capacity of 108,000 bottles per hour, enhancing product value and global competitiveness [4] Operational Model Optimization and Market Expansion - The company employs a "production based on orders" procurement model and a "sales driven production" model to ensure sufficient raw material supply and high-quality product delivery [5] - New Meixing optimizes its supply chain management and enhances project delivery and R&D capabilities, providing more precise services for customer customization [5] - The company has achieved stable growth in the domestic market and significant breakthroughs in international markets, particularly in Southeast Asia and Europe, by strengthening brand building and improving after-sales service systems [5][6] Human Resources and Internal Management - New Meixing adheres to a "talented team" human resources strategy, regularly attracting and reserving excellent R&D talent through partnerships, platform building, and recruitment [7] - The company has improved its internal management and operational efficiency by enhancing governance, internal control, and management systems, establishing a reasonable evaluation system [7] - In 2024, New Meixing's focus on continuous technological innovation, market expansion, and internal management optimization has laid a solid foundation for sustainable development, reflected in significant growth in revenue and net profit [7]