公司于1994年在海南文昌创立，长期致力于食品饮料金属包装产品的研发、设计、生产和销售。在为客户提供各类食品（奶粉、罐头食品、滋补品、调味品、干果、大米、茶叶、宠物食品等）、饮料（功能饮料、茶饮料、啤酒、乳品饮料、植物蛋白饮料、果蔬汁、咖啡饮品、碳酸饮料、酒精饮品等）产品的包装制品生产的同时，还可提供包装设计、灌装及二维码辅助营销等综合包装服务。

Comprehensive coverage: metal cans a stable core driver; 5% net margin in Q1-3

About ORG Tech: starting out in Wenchang, Hainan company in 1994, ORG Tech is committed to the R&D, design, production and sales of F&B metal packaging products. It provides a variety of packaging products for food (milk powder, canned food, tonic, condiment, dried fruit, rice, tea, pet food) and beverages (functional drinks, teas, beers, dairy, vegetable protein drinks, fruit and vegetable juices, coffees, sodas, alcoholic drinks). It also handles packaging design, filling and QR code auxiliary marketing and other integrated packaging services.

22Q1-3营收108.64亿元，同增1.69%；22Q1-3归母净利润5.43亿元，同减33.85%。21年公司营收138.85亿元，同增20.22%，主要系1）传统三片罐业务稳中有增，饮料罐、食品罐营收保持稳健增长。2）受疫情影响，海外二片罐出口业务提升。同时，二片罐市场供需关系改善，产能利用率上升。3）原材料成本控制能力良好。

Financials: 22Q1-3 revenue arrived at RMB10.86bn, up 1.69% yoy, with 22Q1-3 net profit at RMB543m, down 33.85% yoy. 2021 revenue came to RMB13.89bn, up 20.22% yoy, mainly because: 

•3-piece cans had a steady rise in the traditional business, on a steady increase in revenue from F&B cans; 

•2-piece cans had more export business due to pandemic factors, which improved the segment’s supply-demand balance and raised capacity utilization rates; and

•Raw material cost control was good.

营收端：分行业看，主要以金属包装产品（2021年占总87.84%）为主且营收占比较稳定；分产品看，2012-2019年三片罐营收占比虽整体呈下降趋势，但仍占较大比例（2019年占总61.11%）。同期二片罐营收占比呈逐年上升趋势；从三片罐的细分看，2012-2019年饮料罐营收占比虽整体呈下降趋势，但仍占较大比例（2019年占总55.87%）。同期食品罐营收占比较少（占总约4%-5%）且较稳定；分地区看，主要以我国大陆（2021年占总93.28%）为主。

Product revenue drivers: ORG’s metal packaging products have maintained a stable profile as its core revenue driver, comprising 87.84% of total revenue in 2021. Within metal packaging, 3-piece cans shrank in revenue proportion over 2012-19, but were still a sizeable proportion of the business (61.11% of the total in 2019). Meanwhile, the revenue share of 2-piece cans in the same period kept rising year after year. Within 3-piece cans, beverage cans trended downward in revenue share over 2012-19 but still accounted for a large proportion (55.87% of the total in 2019). Food cans had a small revenue share (4-5% of the total) but were a stable trend in the period. Region wise, China remained the core market at 93.28% of total revenue in 2021.

毛利端：22Q1-3公司毛利率和归母净利率分别为12.99%、5%，分别同比-4.75pct、-3.24pct。2017-2021年金属包装产品行业毛利率呈逐年下降趋势，主要系1）2017-2020年我国快消品市场增速放缓；2）2020年疫情带来的不利影响所致。从细分金属罐看，2012-2019年三片罐毛利率总体大于二片罐产品，且两者差距较大。从三片罐的类型看，饮料罐的毛利率总体大于食品罐，且两者差距较大。

Product margins: 22Q1-3 gross and net margins came to 12.99% and 5% respectively, down 4.75ppt and 3.24ppt yoy. Metal packaging industry gross margins trended downward yoy over 2017-21, mainly because China’s growth slowed in fast-moving consumer goods over 2017-20, particularly with the pandemic impact in 2020. Within metal cans, 3-piece cans generally had far higher gross margins than 2-piece cans over 2012-19, while beverage 3-piece cans generally had far better gross margins than the food cans.

行业营收增速数据显示，金属包装行业与啤酒行业和软饮料行业呈正相关关系。2021年金属包装行业营收增速较快，主要受啤酒行业和软饮料行业增速上升所致。2017-2021年啤酒行业营收增速较缓，软饮料行业营收增速较快。2017-2021年金属包装行业营收CAGR为22.19%，啤酒行业营收CAGR为9.95%，软饮料行业营收CAGR为40.07%。

Cross-industry revenue growth: metal packaging correlates with beer, soft drinks 

Soft drinks grew fastest: metal packaging industry revenue grew faster than others in 2021, mainly driven by beer and soft drinks growth. Of the two, beer revenue grew more slowly while soft drinks grew faster over 2017-21. Comparing revenue CAGRs in the period, metal packaging had 22.19%, beer had 9.95% and soft drinks had 40.07%.

金属包装行业景气度有望提升，主要系：1）政策端：国家产业政策支持提供良好外部环境，行业或将迎来发展机遇。2）产品端：金属包装较塑料包装和纸包装具有多项优点。3）需求端：饮料行业消费升级驱动金属包装向好发展，未来啤酒罐化率的提升或将成为二片罐需求的主要增长点。

We expect China’s metal packaging industry growth to improve due to these factors: 

•Policy: national industrial policy support provides a macro boost, which could help the industry maximize development opportunities. 

•Products: metal packaging has many advantages over plastic and paper packaging. 

•Demand: we believe consumer upgrades in the beverage industry will drive metal packaging growth, while beer cans growth could become the main driver of 2-piece can demand in the future.

公司成立时间与同行相比较早，在客户积累方面具有先发优势。经过二十多年的发展，公司综合包装解决能力和差异化战略不断增强。公司积累了食品饮料行业的一大批优质客户资源，并与主要核心客户签订战略合作协议，建立长期稳定的战略合作伙伴关系，保障公司业绩可持续增长的态势。公司主要客户均为我国食品饮料领域内具有优势市场地位的知名企业。根据欧睿国际公布的数据，2021年中国功能饮料行业中，红牛占据着20.8%的市场份额，是我国功能饮料行业的龙头企业，东鹏特饮以6.6%的市场份额排在第二位，紧随其后的是脉动、康师傅、乐虎、健力宝和体质能量。

Advantages: first mover, customer resources, price premium, good cost control

Having started out in the packaging business before its peers, ORG Tech’s first-mover advantage has provided the accumulation of customers. It has had over 20 years to hone comprehensive packaging solutions and differentiation strategies. A large number of its premium customers are in F&B, with whom it has signed strategic cooperation agreements. Stable long-term strategic partnerships with core customers help the company to sustain performance growth. They tend to be well-known companies and dominant F&B players in China. Red Bull had a 20.8% share of China’s functional beverage industry in 2021, making it the segment leader, according to Euromonitor International data. Eastroc Beverages came in second with a market share of 6.6%, followed by Mizone, Master Kong, Lahoo, Jianlibao and Zhongwo.

公司ROE较同行可比公司优异，主要系公司销售净利率和经营利润率较高，盈利能力较强。

1）价格端：2014-2021年公司金属罐价格较同行可比公司高。经我们测算，虽公司金属罐价格整体较同行可比公司呈小幅下降趋势，但仍明显高于同行。2021年公司金属罐价格为0.65元/罐，较宝钢包装高0.21元/罐，较昇兴股份高0.16元/罐，较嘉美包装高0.08元/罐。

2）成本端：公司直接材料成本占主营业务成本比重较昇兴股份差距较小。直接材料成本占主营业务成本比重较大。2021年公司直接材料成本占总82.92%，较昇兴股份高4.34pct。

3）费用端：公司费控能力良好。公司在国内金属包装行业率先采用“跟进式”生产布局模式。通过“共生型生产布局”（Implant模式）和“贴近式生产布局”（Wall to Wall模式），与核心客户在空间上紧密依存，结合核心客户的产品特点和品质需求配备具有国际领先水平的生产设备，形成相互依托的发展模式。同时，也能最大程度地降低产品和包装运输成本。

ROE outperforms peers: ORG has a better ROE than its industry peers, mainly because of its higher net sales and operating margins, and hence stronger profitability.

•Pricing: ORG’s metal cans were priced higher than peers over 2014-21. By our estimates, although its metal can prices had a slight downtrend overall relative to industry peers, their prices were much higher than those of its peers. Metal can prices in 2021: ORG RMB0.65/can, RMB0.21 higher than Baosteel Packaging, RMB0.16 higher than Shengxing and RMB0.08 higher than Jiamei Packaging.

•Costs: ORG’s direct materials form a large proportion of its main business cost, but its gap with Shengxing is relatively small; ORG’s direct materials accounted for 82.92% of the total in 2021, just 4.34ppt higher than that of Shengxing.

•Expenses: ORG manages its expenses well, in our view. It was the first in the metal packaging industry to initiate a follow-through production model, which involves symbiotic production (implantation) and closely fitting production structures (wall to wall). The key precept is alignment of core customers’ potential growth, their product features and quality requirements, and the use of globally advanced production equipment to establish a mutually dependent development model. The model minimizes product and packaging transportation costs.