天风证券研报指出，新巨丰25H1归母净利0.6亿同减31%，Q2归母净利0.46亿，同增37%。2025H1公司 积极推进"50亿包无菌包装材料生产项目"的生产线建设，进一步积累在高端产品及灌装设备市场的技术 与经验，注重成本控制与管理优化，致力于为客户提供高品质、高稳定性的无菌包装产品。25H1公司 境外全资子公司景丰控股通过自愿全面要约进一步收购纷美包装已发行股份（要约人及其一致行动人持 有股份除外）。截至25H1末，本次交易已实施完毕，在整合阶段公司将深入分析双方差异，加强与纷 美包装业务协同，促进双方优势的深度融合与互补。综合考虑公司25H1业绩表现，收购纷美后产生的 协同效应以及目前市场和消费环境，调整盈利预测，预计25-27年归母净利润分别为1.7/2.1/2.6亿（25-26 年前值为2.2/2.5亿），对应PE分别为25/20/16x。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company reported a revenue of 900 million in Q2 2025, representing a year-on-year increase of 132%, while the net profit attributable to the parent company was 46 million, up 37% [1]. - For the first half of 2025, the company achieved a revenue of 1.3 billion, a 52% increase year-on-year, but the net profit attributable to the parent company decreased by 31% to 60 million [1]. - The company is actively advancing the construction of a 5 billion sterile packaging material production project, focusing on high-quality and stable products [1]. - The company has completed the acquisition of a controlling stake in Fenmei Packaging, enhancing its control and integration capabilities [1][2]. Financial Performance - The adjusted profit forecast for the company estimates net profits attributable to the parent company for 2025, 2026, and 2027 to be 166.96 million, 208.22 million, and 256.37 million respectively, with corresponding P/E ratios of 24.88, 19.95, and 16.20 [3][8]. - The revenue projections for 2025, 2026, and 2027 are 2.56 billion, 2.94 billion, and 3.40 billion respectively, with growth rates of 49.79%, 14.87%, and 15.90% [3][8]. - The company’s total assets are projected to reach 3.87 billion in 2025, with a debt-to-asset ratio of 29.73% [9]. Business Integration - The company aims to strengthen business integration with Fenmei Packaging through management, team, and technology collaboration, enhancing operational efficiency and market competitiveness [2]. - The management integration includes maintaining Fenmei Packaging's Hong Kong listing status to enhance its international image and attract business opportunities [2]. - The technology integration focuses on collaborative research and development in filling machine technology and after-sales service, aiming to improve product competitiveness in the domestic market [2].

格隆汇7月31日丨新巨丰(301296.SZ)于投资者互动平台表示，公司无菌包装产品主要应用在液态奶和非 碳酸软饮料中，与胖东来暂无业务往来。公司将不断加强客户拓展，逐步提升市场份额。 ...

格隆汇7月31日丨新巨丰(301296.SZ)在互动平台表示，公司无菌包装产品主要应用在液态奶和非碳酸软 饮料中，与胖东来暂无业务往来。公司将不断加强客户拓展，逐步提升市场份额。 ...