编号：2025-011 证券代码：002209 证券简称：达意隆 广州达意隆包装机械股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 业绩说明会 □路演活动 □其他(请文字说明其他活动内容) 活动参与人员 一、参与机构及人员 （一）线上会议：中信建投自营 乔翔、李雄杰、王明明、 叶天鸣、孟皓；中泰证券 寇鸿基 （二）现场调研：颐和久富 张准；天虫资本 李星雨；申万 宏源 刘建伟；煜德投资 程跃；中金公司 张琮翎；招商基 金 莫凡 二、上市公司接待人员 副总经理、董事会秘书：王燕囡 证券事务代表：冯天璐 时间 2025 年 12 月 15 日至 2025 年 12 月 19 日 地点 线上会议室、公司会议室 形式 线上会议、现场调研 交流内容及具体问答 记录 一、公司产品体系及经营情况介绍 二、互动交流 1、近年来，公司毛利率增长的原因有哪些？ 答：近年来，公司通过优化产品结构、强化内部管理、提升 产品品质、持续推进降本增效等措施稳步提升毛利率。 2、公司的代加工业务主要包括哪些？ 答：公司的代加工业务主要由公司设立的全资子公司开展， ...

证券代码：002209 证券简称：达意隆 广州达意隆包装机械股份有限公司 投资者关系活动记录表 编号：2025-007 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 业绩说明会 □路演活动 □其他(请文字说明其他活动内容) 活动参与人员 一、参与机构及人员 兴业证券 祁佳仪、中信建投证券 吴雨瑄、红土创新基金 郑 伟佳、星石投资 孔嘉祥、平安基金 张聪、招商证券 朱艺 晴、奇盛基金 李飞廉、光大永明资产 蒋冰 二、上市公司接待人员 副总经理、董事会秘书：王燕囡女士 时间 2025 年 11 月 26 日、2025 年 11 月 27 日 地点 公司会议室 形式 现场调研 交流内容及具体问答 记录 一、公司产品体系及经营情况介绍 二、互动交流 1、公司的境外销售主要是通过什么途径？ 答：对于国际市场，公司采用代理销售为主、直接销售为辅 的模式进行销售，在部分区域自主开发市场。 2、公司目前有没有代加工业务？ 答：公司具备为下游饮料、日化等行业内品牌企业提供代加 工的服务能力。2025年上半年，公司代加工收入约为5,791.58 万元，占公司营业收入的6.05%。 3、 ...

Market Overview - A-shares experienced a slight decline on October 28, with the Shanghai Composite Index closing at 3988.22 points, down 0.22% [1] - The Shenzhen Component Index fell 0.44% to 13430.10 points, while the ChiNext Index decreased by 0.15% to 3229.58 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 21,479 billion yuan, a decrease of 1,923 billion yuan compared to the previous day [1] Sector Performance - The shipbuilding sector saw significant gains, while sectors such as precious metals, energy metals, wind power equipment, steel, non-ferrous metals, and beauty care experienced notable declines [1] - The strongest performance on October 28 was from the Fujian sector, driven by three main factors: a total investment exceeding 200 billion yuan from 172 projects signed at the 2025 World Maritime Equipment Conference, the upcoming 16th Cross-Strait Cultural and Creative Industries Expo, and the implementation of 33 institutional opening measures in the Fujian Free Trade Zone [3] Company Highlights - Chu Tian Technology saw a remarkable increase of 20.4% in its stock price, with a reported earnings per share of 0.14 yuan and a net profit of 84.46 million yuan for Q3 2025, reflecting a year-on-year growth of 145.11% [4] - The company has implemented cost-reduction and efficiency-enhancing measures since August 2024, resulting in a 11.72% decrease in expenses [4] - Chu Tian Technology's products, particularly its sterile filling equipment, are leading in the domestic market and are sold globally, with a significant customer base among domestic vaccine manufacturers [4] Strategic Insights - The recent market dynamics indicate a shift in leadership within the A-share market, with technology stocks beginning to surpass traditional leaders like Kweichow Moutai [2] - The Central Committee's recommendations for the 15th Five-Year Plan emphasize the importance of advancing digital China and artificial intelligence, suggesting a future where technology will play a crucial role in the A-share market [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its industry-leading position in equipment business and strong momentum in fresh beer operations [5][66]. Core Views - The company is a leading manufacturer in the beer equipment sector, known for its "turnkey" capabilities, which provide comprehensive solutions from design to installation, enhancing customer loyalty [7][10]. - The fresh beer segment is expected to drive significant growth, with a focus on differentiated products and a successful transition to a franchise model for its small bar operations [10][46]. - Revenue and profit forecasts indicate substantial growth, with projected net profits increasing significantly from 2025 to 2027, reflecting a strong recovery and expansion in both beer manufacturing and equipment sectors [6][64]. Summary by Sections Market Performance - As of September 18, 2025, the company's closing price is 25.31 RMB, with a total market capitalization of approximately 3,054.95 million RMB and a debt-to-asset ratio of 60.61% [3]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are estimated at 17.01 billion RMB, 18.87 billion RMB, and 20.12 billion RMB, with year-on-year growth rates of 14.12%, 10.97%, and 6.62% respectively [6][64]. - The expected net profits for the same period are 0.79 billion RMB, 0.98 billion RMB, and 1.23 billion RMB, with growth rates of 273.29%, 23.98%, and 26.45% respectively [6][64]. Business Overview - The company has established a robust presence in the beer equipment market, leveraging its technical expertise and extensive project experience to secure a strong order backlog [10][24]. - The company’s dual business model, combining equipment manufacturing and craft beer production, positions it well for future growth, particularly in the high-end beer segment [10][14]. Growth Drivers - The fresh beer segment is anticipated to grow significantly, supported by the successful launch of new products and the expansion of sales channels, including strategic partnerships with major retailers [10][49]. - The company has successfully developed a new type of draft beer machine, which is expected to enhance sales in the immediate consumption market [56][60]. Competitive Position - The company is recognized for its strong brand reputation and customer loyalty, having established long-term relationships with major players in the beer industry [10][34]. - The report highlights the company's unique "turnkey" service model as a competitive advantage, allowing it to meet the complex needs of beer manufacturers efficiently [31][32].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Lehui International, with a current PE ratio of 130.37, which is significantly higher than the industry average of 82.52 [1][2] - As of March 31, 2025, Lehui International has 8,564 shareholders, a decrease of 629 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company specializes in the research, production, and manufacturing of liquid food equipment, with key products including brewing equipment and sterile filling equipment, recognized as national champions in their category [1] Group 2 - In the latest quarterly report for Q1 2025, Lehui International reported a revenue of 206 million yuan, a year-on-year decrease of 5.87%, while net profit increased by 160.61% to 8.94 million yuan, with a gross margin of 20.66% [1] - The company ranks 220th in the industry based on PE ratio, indicating a relatively high valuation compared to its peers [1][2] - The average PE ratio for the specialized equipment industry is 82.52, with a median of 60.21, suggesting that Lehui International's valuation is significantly above the industry norms [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Lehui International, which closed at 28.56 yuan with a PE ratio of 129.55 times, significantly higher than the industry average of 81.01 times [1][2] - As of March 31, 2025, Lehui International had 8,564 shareholders, a decrease of 629 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company specializes in the research, production, and manufacturing of liquid food equipment, with key products including brewing equipment and sterile filling equipment, recognized as national champions in their category [1] Group 2 - In the latest quarterly report for Q1 2025, Lehui International reported a revenue of 206 million yuan, a year-on-year decrease of 5.87%, while net profit increased by 160.61% to 8.94 million yuan, with a gross margin of 20.66% [1] - The company ranks 219th in the industry based on PE ratio, indicating a premium valuation compared to its peers [1][2] - The average PE ratio for the specialized equipment industry is 81.01 times, with a median of 60.75 times, suggesting that Lehui International is significantly overvalued relative to its industry [2]

Company Overview - Lehui International closed at 28.63 yuan, up 1.60%, with a rolling PE ratio of 129.87 times and a total market value of 3.456 billion yuan [1] - The company ranks 223rd in the specialized equipment industry, which has an average PE ratio of 77.40 times and a median of 59.20 times [1] Shareholder Information - As of March 31, 2025, Lehui International had 8,564 shareholders, a decrease of 629 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Operations - Lehui International specializes in the research, production, and manufacturing of liquid food equipment, with main products including brewing equipment, sterile filling equipment, and other bioprocess equipment [1] - The company has been recognized as a national champion in manufacturing, with its beer brewing equipment and filtration equipment awarded national champion product status [1] Financial Performance - In the latest quarterly report for Q1 2025, the company achieved operating revenue of 206 million yuan, a year-on-year decrease of 5.87%, while net profit was 8.9383 million yuan, reflecting a year-on-year increase of 160.61%, with a gross profit margin of 20.66% [1]

Group 1 - The stock price of Lehui International is reported at 27.72 yuan, down by 0.31 yuan or 1.11% from the previous trading day, with a trading range of 28.30 yuan to 27.58 yuan and a transaction volume of 0.74 billion yuan [1] - Lehui International's main business includes the research, production, and sales of beer brewing equipment and sterile filling equipment, categorizing it within the specialized equipment manufacturing industry. The company's products are widely used in the beer and beverage sectors, serving well-known domestic and international clients [1] - The company will hold its third extraordinary general meeting of shareholders for 2025 on August 1, to review multiple proposals including the cancellation of the supervisory board, amendments to the company’s articles of association, and adjustments to fundraising projects [1] Group 2 - On July 31, the net outflow of main funds was 11.139 million yuan, accounting for 0.33% of the circulating market value [2]

Company Overview - Lehui International closed at 30.82 yuan, down 1.25%, with a rolling PE ratio of 139.81 times and a total market value of 3.72 billion yuan [1] - The company operates in the specialized equipment industry, which has an average PE ratio of 63.41 times and a median of 50.07 times, placing Lehui International at the 229th position in the industry ranking [1] Shareholder Information - As of March 31, 2025, Lehui International had 8,564 shareholders, a decrease of 629 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] Business Operations - Lehui International focuses on the research, production, and manufacturing of liquid food equipment, with key products including brewing equipment for alcoholic beverages, sterile filling equipment, and other bioprocess equipment [1] - The company has been recognized as a national champion in manufacturing, with its beer brewing equipment and filtration equipment awarded national-level champion product status [1] Financial Performance - In the latest quarterly report for Q1 2025, the company reported revenue of 206 million yuan, a year-on-year decrease of 5.87%, while net profit reached 8.94 million yuan, reflecting a year-on-year increase of 160.61%, with a gross profit margin of 20.66% [1]

Group 1 - The core viewpoint of the news is that the private equity firm Xiangju Capital has conducted research on the listed company Lehui International, revealing insights into its financial performance and strategic direction for 2024 and beyond [1] Group 2 - Lehui International's projected revenue for 2024 is 1.49 billion yuan, representing a year-on-year decline of 9.77%, while the net profit attributable to shareholders is expected to be 21.1 million yuan, an increase of 7.16% [1] - The operating cash flow for Lehui International is reported at 334 million yuan, showing a significant increase of 5,321.62% [1] - The equipment segment remains stable with a profit of 96.38 million yuan, showing consistent annual growth [1] - The fresh beer segment is projected to incur a loss of 75.28 million yuan in 2024, despite a sales growth of 33.36%, which aligns with expectations [1] - In the first quarter of 2025, Lehui International's revenue reached 206 million yuan, with a net profit of 8.94 million yuan, marking a substantial increase of 160.61% compared to the same period in 2023 [1] - The fresh beer segment achieved an EBITDA profit of 2.02 million yuan [1] - The company is focusing on developing markets with breweries, launching self-developed fresh beer machines, and expanding its small tavern business through comprehensive franchising [1] - Lehui International is establishing a "fresh beer 30-kilometer" barrier, continuously investing in brand content, and promoting at store terminals [1] - The equipment segment has a clear development direction, aiming to expand into overseas markets and diversify horizontally, with beer equipment revenue now accounting for approximately 60% [1] - The company achieved an EBITDA profit of 2 million yuan in the first quarter through cost reduction and efficiency improvement, with future focus on effective expansion and maintaining profitability [1] - The first phase of the Wuhan factory has been put into production, and construction has started for factories in Kunming and Changchun, with capital expenditures aligned with sales and profit conditions [1] - Lehui International is advancing its whiskey and brandy business, having completed a domestic whiskey line project [1] - The company aims to secure better contract terms and has dedicated personnel to monitor receivables, enhancing cash flow management efficiency [1] - The Nanjing company is one of the few domestic suppliers of log6 level sterile filling equipment, primarily serving beverage and liquor filling enterprises [1]