Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][11]. Core Insights - The company reported better-than-expected performance in Q1 2024, benefiting from a decline in raw material costs. The revenue for 2023 was 13.843 billion yuan, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders was 775 million yuan, an increase of 37.1% [3][11]. - The gross margin improved due to increased sales of Red Bull and lower raw material costs, with a gross margin of 15.2% in 2023 and 18.3% in Q1 2024, both showing a year-on-year increase of 3.4 percentage points [3][11]. - The company is expanding its business into new areas, including the production of precision battery structure components for new energy vehicles, which is expected to create a second growth curve [3][11]. Financial Data Summary - For 2023, the company achieved total revenue of 13.843 billion yuan and a net profit of 775 million yuan. The forecast for 2024 is a revenue of 14.573 billion yuan and a net profit of 885 million yuan, reflecting a year-on-year growth of 14.2% [11][12]. - The company’s gross margin is projected to be 16.0% in 2024, with a return on equity (ROE) of 9.6% [11][12]. - The company plans to raise 9.4 billion yuan through convertible bonds to expand its production capacity for two-piece cans, which is expected to enhance profitability in the long term [3][11].

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 037 号 奥瑞金科技股份有限公司 关于公司控股股东部分股份质押的公告 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 二、股东股份累计质押的情况 截至公告披露日，上海原龙及其一致行动人所持质押股份情况如下： 1 股 东 名 称 是否为 控股股 东或第 一大股 东及其 一致行 动人 本次质 押数量 （万股） 占其所 持股份 比例 % 占公 司总 股本 比例 % 是 否 为 限 售 股 是否 为补 充质 押 质押 起始 日 质押到 期日 质 权 人 质押 用途 上 海 原 龙 是 5,461 6.50 2.12 否 否 2024 年 5 月 14 日 至质权 人申请 解除质 押之日 止 中国 银河 证券 股份 有限 公司 偿还 债务 一、 本次质押基本情况 证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 037 号 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][12] Core Views - The company's revenue in 24Q1 reached 3.6 billion, a year-on-year increase of 6%, with net profit attributable to the parent company of 280 million, up 33% year-on-year [1] - The company's gross margin in 24Q1 was 18%, an increase of 3.4 percentage points year-on-year, and the net profit margin was 7.8%, up 1.6 percentage points year-on-year [2] - The company plans to distribute cash dividends of 310 million yuan (including tax) for 2023, with a dividend payout ratio of 40% [2] - The company is steadily planning major asset acquisition projects, promoting deep-processed product business, and advancing international development strategies [3] - The company's three-piece can business maintains stable growth, with innovative products performing well, while the two-piece can business has seen improved profitability [9] - The company is actively promoting the acquisition of COFCO Packaging and has launched a series of self-owned brand products, including "Xiwang" sports nutrition drinks and "Le K" craft beer [10] - The company is expected to achieve net profits attributable to the parent company of 930 million, 1.07 billion, and 1.23 billion yuan in 2024-2026, with EPS of 0.36, 0.42, and 0.48 yuan per share, respectively [11] Financial Performance - In 2023, the company's revenue was 13.8 billion, a year-on-year decrease of 2%, while net profit attributable to the parent company was 770 million, up 37% year-on-year [8] - The company's metal packaging product and service revenue in 2023 was 12 billion, with a gross margin of 16.83%, an increase of 4 percentage points year-on-year [10] - The company sold 1.83 billion metal packaging cans in 2023, a year-on-year increase of 4%, while filling volume decreased by 19% to 540 million cans [10] - The company's total assets are expected to grow from 22.55 billion in 2024E to 26.97 billion in 2026E, with shareholder equity increasing from 9.57 billion to 11.25 billion during the same period [6] - The company's revenue is forecasted to grow from 16.15 billion in 2024E to 21.24 billion in 2026E, with net profit attributable to the parent company increasing from 930 million to 1.23 billion yuan [23] Strategic Initiatives - The company is focusing on enhancing its core competitiveness, optimizing product structure, and improving innovation capabilities [11] - The company is collaborating with COFCO Packaging and Haoneng (Hong Kong) to invest in metal packaging production projects in Central and Eastern Europe [10] - The company is expanding its overseas market presence and deepening cooperation with international clients [10] Valuation and Ratios - The company's P/E ratio is expected to decrease from 13X in 2024 to 10X in 2026, with a P/B ratio declining from 1.29X to 1.09X during the same period [23] - The company's EV/EBITDA ratio is forecasted to be 8.07X in 2024E, decreasing to 6.83X by 2026E [23] - The company's net profit margin is expected to remain stable at around 5.76%-5.81% from 2024E to 2026E [17]

奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会全 体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司于 2023 年 4 月 25 日召开的第四届董事会 2023 年第三次会议及 2023 年 5 月 18 日召开的 2022 年年度股东大会，审议通过了《关于公司合并报表范围内担保 额度的议案》，同意公司与下属公司之间、下属公司之间未来十二个月在额度内相互 提供担保。担保额度有效期为自公司 2022 年年度股东大会审议批准之日起十二个月 内。详见公司于 2023 年 4 月 27 日、2023 年 5 月 19 日在《中国证券报》《证券时 报》《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）披 露的相关公告。 一、担保进展情况概述 近日，公司与湖北银行股份有限公司咸宁分行（以下简称"湖北银行"）签署《最 高额保证合同》，就公司全资子公司奥瑞金（湖北）销售有限公司（以下简称"湖北 销售"）与湖北银行自 2024 年 4 月 18 日至 2026 年 4 月 18 日期间发生的债权提供最 高额保证，最高债权限额人民币 23 ...

证券代码：002701 证券简称：奥瑞金 奥瑞金科技股份有限公司 2023 年度业绩说明会投资者关系活动记录表 编号：2024-IR001 投资者关系活 □特定对象调研 □分析师会议 动类别 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与人员姓名 奥瑞金 2023 年度业绩说明会采用网络远程方式进行，面向全 体投资者 时间 2024年5月13日15:00-16:00 地点 深圳证券交易所“互动易平台”http://irm.cninfo.com.cn“云 访谈”栏目 上市公司接待 董事长 周云杰 人员姓名 独立董事 张力上 董事会秘书 高树军 财务总监 高礼兵 1.请问，收购中粮包装的进展如何? 答复：您好，收购项目有序推进过程中，请随时关注公司公告 ...

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024－临 034 号 奥瑞金科技股份有限公司 一、回购股份的进展情况 公司于 2024 年 3 月 5 日首次通过回购专用证券账户以集中竞价交易方式实 施回购股份，截至 2024 年 4 月 30 日，公司通过深圳证券交易所交易系统以集中 1 关于回购公司股份的进展公告 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 公司于 2024 年 2 月 29 日召开了第五届董事会 2024 年第二次会议及第五届 监事会 2024 年第一次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购公 司部分人民币普通股（A 股），用于实施员工持股计划或股权激励。回购股份价 格不超过人民币 6.10 元/股（含），回购资金总额不低于人民币 5,000.00 万元 （含）且不超过人民币 10,000.00 万元（含）。回购股份的实施期限为自董事会 审议通过本次回购股份方案之日起六个月内，具体回购股份的资金总额、 ...

证券代码：002701 证券简称：奥瑞金 （奥瑞）2024—临 035 号 奥瑞金科技股份有限公司 关于筹划重大资产重组的进展公告 奥瑞金科技股份有限公司（"奥瑞金"或"本公司"、"公司"）及董事会 全体成员保证信息披露的真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 重要内容提示： 1、本公司正在筹划向香港联合交易所有限公司（下称"香港联交所"）上 市公司中粮包装控股有限公司（下称"中粮包装"或"标的公司"）全体股东发 起自愿有条件全面要约，以现金方式收购中粮包装全部已发行股份（要约人及其 一致行动人持有的股份除外）（下称"本次交易"或"潜在要约"）。本潜在要 约如进一步落实，将由本公司下属北京市华瑞凤泉管理咨询有限公司的下属公司 （下称"要约人"）提出。 4、本次交易相关事项尚存在不确定性，公司将根据相关事项的进展情况， 严格按照相关法律法规的规定履行有关审批程序，分阶段及时履行信息披露义务。 一、 本次交易概述 本公司正在筹划向香港联交所上市公司中粮包装的全体股东发起自愿有条 件全面要约，以现金方式收购中粮包装全部已发行股份（要约人及其一致行动人 持有的股份除外）。本潜在要约如进一步落实，将由 ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 公司 2024 / 25 / 26 年能够实现基本每股收益 0.38 / 0.42 / 0.46 元，对应 PE 为 12X / 11X / 10X，维持"推荐"评级。 盈利预测 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|---------|-------|-------------------------------------|-------------|-----------------------------------------|--------|-------------------------------------|---------------------|-------------| | [Table_Money] 资产负债表（百万元） | | | | | 2 ...

Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year growth of 15%[33]. - The company's operating revenue for 2023 was CNY 13.84 billion, a decrease of 1.59% compared to CNY 14.07 billion in 2022[44]. - The net profit attributable to shareholders for 2023 was CNY 774.53 million, an increase of 37.05% from CNY 565.16 million in 2022[44]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 746.15 million, up 62.27% from CNY 459.83 million in 2022[44]. - The gross margin improved to 30%, up from 28% in the previous year, due to cost optimization strategies[34]. - The company reported a basic earnings per share of CNY 0.30 for 2023, a 36.36% increase from CNY 0.22 in 2022[44]. - The weighted average return on equity for 2023 was 9.09%, up from 7.03% in 2022[44]. - Total revenue for 2023 was ¥13,842,844,723, a decrease of 1.59% compared to ¥14,067,069,989 in 2022[89]. - Revenue from metal packaging products and services accounted for 86.97% of total revenue, down from 88.02% in the previous year, with a revenue of ¥12,038,666,271, a decline of 2.77%[89]. - The gross profit margin for metal packaging products and services improved to 16.83%, an increase of 4.34% year-on-year despite a revenue decrease[91]. Market Expansion and Strategy - The company is focusing on overseas expansion, having established partnerships with NHL teams and acquired the Auxerre football club to facilitate market entry and local collaboration[9]. - The company is actively exploring investment opportunities in Southeast Asia, Eastern Europe, and the Middle East as part of its overseas strategy[10]. - Market expansion plans include entering three new provinces, aiming for a 10% market share in these regions within two years[33]. - The company is actively pursuing international expansion, including investments in metal packaging production in Eastern Europe[82]. - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[176]. - Market expansion strategies include entering two new international markets by Q3 2024, aiming for a 5% market share in each[176]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[198]. Product Innovation and Development - The company has developed innovative packaging solutions, including the "energy ring can" and various new can types, which have led to rapid growth in production volume for new products[5][15]. - The company has launched its own brands, such as "Xi Wang" sports drinks and "Le K" craft beer, utilizing innovative packaging to enhance consumer experience[13]. - New product launches include a line of eco-friendly packaging solutions, expected to contribute an additional RMB 200 million in revenue[33]. - The company is investing RMB 100 million in R&D for new technologies in sustainable packaging[34]. - The company is focusing on R&D for new technologies, particularly in sustainable packaging solutions, with an investment of 10 million yuan allocated for 2024[176]. - New product development includes the launch of a smart device line, expected to contribute an additional 300 million RMB in revenue[198]. Customer and User Growth - User data indicates an increase in customer base by 20%, reaching a total of 2 million active users[34]. - The company reported a significant increase in user data, with a year-on-year growth of 15% in active users[176]. - User data showed an increase in active users by 25% compared to the previous year, reaching 3 million active users[198]. Financial Guidance and Future Outlook - The company has set a revenue guidance of RMB 1.8 billion for the next fiscal year, projecting a growth rate of 20%[34]. - The company provided a revenue guidance for 2024, expecting a growth rate of 15% to 20%[188]. - The overall performance guidance for the next quarter anticipates a 10% increase in net profit compared to the previous quarter[176]. Strategic Partnerships and Acquisitions - The company completed the acquisition and integration of Ball's Asia-Pacific business, enhancing its ability to respond efficiently to customer orders and positioning itself as a leader in the two-piece can market[4]. - A new strategic partnership has been formed with a leading beverage company to co-develop innovative packaging solutions[33]. - The company is exploring potential acquisitions in the packaging sector to enhance its market position[34]. - The company is actively pursuing a cash offer acquisition of COFCO Packaging to improve long-term profitability and industry competitiveness[149]. - A strategic acquisition of a local tech firm was completed, enhancing the company's R&D capabilities and expected to generate synergies worth 100 million RMB annually[198]. Sustainability and Social Responsibility - The company is committed to sustainable development, exploring green packaging solutions in response to tightening environmental regulations[60]. - The company emphasizes social responsibility and environmental protection while balancing the interests of shareholders, employees, and society[164]. - The company is committed to social responsibility, engaging in charitable activities and environmental protection initiatives[86]. Governance and Management - The company has established a complete corporate governance system, revising 18 basic governance systems during the reporting period[159]. - The board of directors consists of 9 members, including 3 independent directors, and held 10 meetings during the reporting period[162]. - The supervisory board, comprising 3 members, held 10 meetings to oversee the legality and compliance of the board's decisions[163]. - The company maintains effective communication with investors through various channels, including investor hotlines and online platforms[164]. - The company has established an independent financial management system, with no shared bank accounts with controlling shareholders, ensuring autonomous financial decision-making[167]. Risks and Challenges - The company faces risks related to high customer concentration, particularly with major clients like China Red Bull, which could impact performance if demand declines[151]. - The company is exposed to raw material price fluctuations, particularly for tinplate and aluminum, which could affect operating performance if costs rise significantly[153]. - The company has established a comprehensive food safety standard evaluation system to mitigate risks associated with food safety incidents among its major clients[154].

单位：元 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 否。 | --- | --- | --- | --- | |-----------------------------------------------|----------------|----------------|----------------------------------| | 项目 | 本报告期 | 上年同期 | 本报告期比上年 \n同期增减（ % ） | | 营业收入 | 3,551,440,217 | 3,351,936,675 | 5.95% | | 归属于上市公司股东的净利润 | 279,335,738 | 210,535,669 | 32.68% | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 264,520,477 | 205,947,300 | 28.44% | | 经营活动产生的现金流量净额 | 608,806,785 | -318,594,168 | -- | | 基本每股收益（元/股） | 0.11 | 0.08 | 37.50% | | 稀释每股收 ...