奧瑞金: 關注產業整合發展

（以下内容从天风国际证券《奧瑞金: 關注產業整合發展》研报附件原文摘录）
　　ORG Technology (002701 CH) 关注产业整合发展 24Q3E net profit down 13% on macro impact; COFCO Packaging synergy to expand industry and product edge BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司发布三季报 公司24Q3收入37亿，同增2%；归母净利2.1亿同减13%，扣非後归母净利2.2亿同减12%；24Q1-3公司收入109亿同增1.4%，归母净利7.6亿同增8%，扣非後归母7.4亿同增9.4%，主要系公司产品销量增长，同时原材料价格下降；24Q1-3公司毛利率17.3%同增1.22pct；净利率6.95%同增0.52pct。 24Q3E revenue up 2% and net profit down 13%; 24M9E gross margin at 17.3% ORG Technology released unaudited results for the third quarter recently: 24Q3E key metrics: revenue arrived at RMB3.65bn, up 2% yoy; with net profit at RMB213m, down 13% yoy; and ex-nonrecurring net profit at RMB216m, down 12% yoy. 24Q1-3E: ·Key metrics: revenue was RMB10.9bn, up 1.4% yoy; with net profit at RMB761m, up 8% yoy; and ex-nonrecurring net profit at RMB742m, up 9.4% yoy, mainly due to an increase in product sales and lower raw material prices. ·Profitability: gross margin was 17.3%, up 1.22ppt yoy; and net margin was 6.95%, up 0.52ppt yoy. 收购中粮包装助力拓展主业与战略客户 对於本次收购中粮包装的进展，公司已经收到国家市场监督管理总局和北京市商务局核发的批文。本次交易尚需履行的审批程序包括，股东大会审议本次交易的相关议案；国家发改委对本次境外投资的备案；以及本次交易价款的汇出需完成境外投资外汇登记及购汇程序。 中粮包装与奥瑞金均深耕金属包装行业，爲同行业公司。通过此次收购，上市公司将实现夯实主营业务，拓展战略客户，长期推动公司可持续发展。从主营业务来看，中粮包装从事消费品包装产品的生产和销售，覆盖饮料、啤酒、乳制品等包装市场。 通过本次交易，公司将进一步夯实二片罐及三片饮料、奶粉罐的主营业务，并进一步丰富国内钢桶、气雾罐、塑胶包装等产品线，培育新的利润增长点；公司也将从技术、营销、产能、供应链等多维度与中粮包装实现优势互补，以差异化定位服务於不同需求的客户，从而进一步拓展战略客户，降低单一客户依赖度，推动可持续发展。 COFCO Packaging acquisition to expand core business and strategic customers Headway: ORG is progressing with the procedures in its acquisition of COFCO Packaging: the company has obtained approvals from the State Administration for Market Regulation and Beijing Municipal Bureau of Commerce; and the outstanding approvals include: ·Consideration of relevant motions at the shareholders’ meeting; ·Filing of the foreign investment with the National Development and Reform Commission; ·Remittance of the transaction price is subject to completion of the FX registration of the foreign investment and FX purchase procedures. Synergies: ·Market traction: as COFCO Packaging is also deeply engaged in the metal packaging industry, the acquisition enables ORG to consolidate its core business, expand its strategic customer base, and it is generally conducive to the company’s sustainable development in the long term. ·Products: relevant to ORG’s core business, COFCO Packaging covers production and sales of consumer packaging products in markets like beverages, beer and dairy products. It would help consolidate ORG’s core business in two-piece cans and three-piece beverage and milk powder cans, as well as boost its business in the Chinese market for steel barrels, aerosol cans, plastic packaging and other product lines and add new profit growth drivers. ·Enhance competitive strengths: COFCO Packaging also brings to the table complementary competitive advantages in multiple areas: technology, marketing, production capacities and the supply chain, and expansion of customer market differentiation to help ORG expand its strategic customers, reduce dependence on current major customers, and enhance its sustainable development. 投资建议/Investment Ideas 调整盈利预测，维持“买入”评级 基於24Q1-3业绩表现，目前宏观消费环境存在不确定性；我们调整盈利预测，预计公司24-26年EPS分别爲0.34元、0.38元以及0.43元（原值爲0.36/0.42以及0.48元），PE分别爲16X、14X、13X。 Valuation and risks In light of the impact of current macro consumption uncertainties on 24Q1-3E performance, we have nudged down our earnings forecast and now project EPS at RMB0.34/0.38/0.43 in 2024/25/26E (previously RMB0.36/0.42/0.48), with our PE at 16x/14x/13x. We maintain our BUY rating. 风险提示：原材料价格波动风险；客户依赖风险；业务拓展风险。 Risks include: raw material price fluctuations; major-customer dependence; and business expansion risks. Email: research@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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