股票 
板块 
用户 
资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
◎
嘉益股份:
从客户拓展、成本管控和产能协同三个方面应对行业变化
Addressing Industry Changes from Three Aspects: Customer Expansion, Cost Control, and Production Capacity Synergy
投资要点
Investment Thesis
公司发布半年报
26Q2公司营收6亿，同比-10%；归母净利1.1亿，同比-29%；扣非后归母净利1亿；26H1营收10亿，同比-26%，归母净利1.7亿，同比-44%；扣非后归母净利1.6亿，同比-46%。26H1公司财务费用0.22亿，25H1为-0.04亿元，主要系本期利息收入减少及汇兑损失增加所致。
全球不锈钢保温器皿市场竞争格局持续变化，行业增长动力由少数头部品牌主导逐步转向多品牌、多细分市场共同驱动，不同品牌的市场表现进一步分化。受市场竞争加剧、终端消费偏好变化及渠道结构调整等因素影响，部分主要客户所运营品牌的终端销售规模阶段性下降，并相应调整采购规模，上述变化对公司经营业绩产生影响；同时人民币兑美元平均汇率同比升值，导致公司以美元结算的销售收入折算为人民币后的金额相应减少，进一步影响了公司经营业绩。
面对市场和客户需求的变化，公司重点从客户拓展、成本管控和产能协同三个方面采取应对措施：一是加快客户多元化拓展，围绕不同区域、不同品牌定位持续推进新客户开发和项目导入。二是加强成本费用管控，通过优化采购管理、生产组织和资源配置，持续推进降本增效，努力降低收入规模下降对盈利水平的影响；三是优化境内外产能协同，根据客户和订单需求合理配置生产资源，持续提升越南生产基地的运营效率、订单承接能力和交付保障能力。
26H1公司越南生产基地已进入稳定运营阶段，越南子公司未经审计的单体报表口径实现营业收入48,061.94万、净利13,986.59万，净利率29.10%，已实现规模化运营并保持优秀的盈利水平。目前，越南子公司已建立覆盖产品制造各主要环节的独立、完整生产体系，能够独立开展规模化生产并稳定完成订单交付。
越南基地现已成为公司规模最大的境外生产基地和海外订单交付的重要平台，公司的境外产能布局已经形成稳定的产能支撑、订单交付能力和盈利贡献，进一步增强了公司在产能调配、原产地安排和海外订单交付方面的灵活性和主动性。
The Company Released Its Semi-Annual Report
In Q2 2026, the Company's revenue was RMB 600 million, down 10% Year-on-Year; net profit attributable to the parent company was RMB 110 million, down 29% Year-on-Year; net profit attributable to the parent company after non-recurring items was RMB 100 million; in H1 2026, Operating Revenue was RMB 1 billion, down 26% Year-on-Year, net profit attributable to the parent company was RMB 170 million, down 44% Year-on-Year; net profit attributable to the parent company after non-recurring items was RMB 160 million, down 46% Year-on-Year. In H1 2026, the Company's Financial Expenses were RMB 22 million, compared to RMB -4 million in H1 2025, primarily due to a decrease in interest income and an increase in exchange losses during the current period.
The competitive landscape of the global stainless steel vacuum insulated drinkware market continues to evolve, with industry growth momentum gradually shifting from dominance by a small number of leading brands to being jointly driven by multiple brands and multiple market segments, and the market performance of different brands has further diverged. Affected by factors such as intensified market competition, changes in end-consumer preferences, and adjustments in channel structure, the terminal sales scale of brands operated by certain Major Customers has declined on a phased basis, leading to corresponding adjustments in their procurement volumes; these changes have had an impact on the Company's operating performance. At the same time, the average Exchange Rate of the RMB against the USD appreciated Year-on-Year, causing a corresponding reduction in the RMB-equivalent amount of the Company's USD-denominated sales revenue, which further affected the Company's operating performance.
In response to changes in the market and customer demand, the Company has focused on taking countermeasures from three aspects: customer expansion, cost control, and Production Capacity synergy. First, the Company is accelerating customer diversification by continuously advancing the development of new customers and project onboarding across different regions and brand positioning. Second, the Company is strengthening cost and expense control by optimizing procurement management, production organization, and resource allocation to continuously drive cost reduction and efficiency improvement, striving to mitigate the impact of declining revenue scale on Profitability. Third, the Company is optimizing the synergy between domestic and overseas Production Capacity by rationally allocating production resources based on customer and order requirements, and continuously improving the operational efficiency, order fulfillment capability, and delivery assurance capacity of its Vietnam production base.
In H1 2026, the Company's Vietnam production base has entered a stable operational phase; the Vietnam Subsidiaries achieved Operating Revenue of RMB 480.6194 million and net profit of RMB 139.8659 million on an unaudited standalone basis, with a Net Profit Margin of 29.10%, having achieved large-scale operations while maintaining excellent Profitability. Currently, the Vietnam Subsidiaries have established an independent and complete production system covering all major stages of product manufacturing, enabling them to independently conduct large-scale production and stably fulfill order deliveries.
The Vietnam base has now become the Company's largest overseas production base and an important platform for overseas order fulfillment. The Company's overseas Production Capacity layout has formed stable Production Capacity support, order fulfillment capability, and Profitability contribution, further enhancing the Company's flexibility and initiative in Production Capacity allocation, country-of-origin arrangements, and overseas order delivery.
投资建议
Investment Thesis
调整盈利预测，维持“增持”评级
考虑到下游市场竞争加剧对公司订单影响，我们调整盈利预测，预计2026-28年归母净利润为3.2/3.7/4.1亿（前值为3.3/4.0/4.5亿元），EPS为2.2/2.5/2.8元，PE为15/13/12X。
Adjusting Earnings Forecast, Maintaining "Accumulate" Rating
Taking into account the impact of intensifying competition in downstream markets on the company's orders, we adjust our Earnings Forecast and project Net Profit Attributable to Parent Company for 2026–28 at RMB 320/370/410 million (previously RMB 330/400/450 million), with EPS of RMB 2.2/2.5/2.8 and P/E of 15/13/12X.
风险提示
核心客户份额下降风险；海外需求不及预期；产能扩张不及预期等。
Risks Warnings
Risk of declining share among core customers; overseas demand falling short of expectations; Production Capacity expansion falling short of expectations, etc.
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