奧瑞金: 關注產業整合發展

公司發佈三季報

公司24Q3收入37億，同增2%；歸母淨利2.1億同減13%，扣非後歸母淨利2.2億同減12%；24Q1-3公司收入109億同增1.4%，歸母淨利7.6億同增8%，扣非後歸母7.4億同增9.4%，主要系公司產品銷量增長，同時原材料價格下降；24Q1-3公司毛利率17.3%同增1.22pct；淨利率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.

收購中糧包裝助力拓展主業與戰略客戶

對於本次收購中糧包裝的進展，公司已經收到國家市場監督管理總局和北京市商務局核發的批文。本次交易尚需履行的審批程序包括，股東大會審議本次交易的相關議案；國家發改委對本次境外投資的備案；以及本次交易價款的匯出需完成境外投資外匯登記及購匯程序。

中糧包裝與奧瑞金均深耕金屬包裝行業，爲同行業公司。通過此次收購，上市公司將實現夯實主營業務，拓展戰略客戶，長期推動公司可持續發展。從主營業務來看，中糧包裝從事消費品包裝產品的生產和銷售，覆蓋飲料、啤酒、乳製品等包裝市場。 

通過本次交易，公司將進一步夯實二片罐及三片飲料、奶粉罐的主營業務，並進一步豐富國內鋼桶、氣霧罐、塑膠包裝等產品線，培育新的利潤增長點；公司也將從技術、營銷、產能、供應鏈等多維度與中糧包裝實現優勢互補，以差異化定位服務於不同需求的客戶，從而進一步拓展戰略客戶，降低單一客戶依賴度，推動可持續發展。

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.