证券代码： 002831 证券简称：裕同科技 公告编号：2024-041 深圳市裕同包装科技股份有限公司 关于回购股份进展的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 截至 2024 年 8 月 31 日，公司通过回购专用证券账户以集中竞价交易方式实 施了回购股份，累计回购股份数量 978,500 股，占公司总股本的 0.11%，最高成交 价为 26.93 元/股，最低成交价为 22.23 元/股，成交总金额为 23,769,933.00 元（不 含交易费用）。 本次回购股份资金来源为公司自有资金，回购价格未超过回购方案中拟定的 价格上限 37.69 元/股。本次回购符合相关法律法规的要求，符合既定的回购股份 方案。 深圳市裕同包装科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日 召开了第五届董事会第七次会议，审议通过了《关于回购公司股份的议案》，同意 公司以不超过每股 37.69 元的价格回购公司股份，回购金额不低于 10,000 万元，不 超过 20,000 万元，回购股份的实施期限自董事会审议通过本次公司股份方案之日 起 12 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4]. Core Views - Yutong Technology is recognized as a leading player in the premium paper packaging industry in China, with a strong foundation in 3C packaging and promising growth in diversified sectors [1][14]. - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue and 11.0% in net profit from 2014 to 2023, indicating robust growth potential [1][21]. - The packaging industry is characterized by low entry barriers and high competition, but Yutong has established a competitive moat through cost efficiency and service quality [1][21]. Summary by Sections Company Overview - Yutong Technology, founded in 1996, specializes in paper printing and packaging products, initially focusing on consumer electronics packaging and expanding into high-value sectors such as tobacco, cosmetics, and health products [14][21]. - The company has a strong client base, including major brands like Lenovo, Huawei, and Moutai, which contributes to its stable revenue streams [1][14]. Financial Performance - Revenue increased from 3.67 billion to 15.22 billion yuan from 2014 to 2023, with a CAGR of 17.1% [21]. - The net profit rose from 560 million to 1.44 billion yuan during the same period, with a CAGR of 11.0% [24]. - The company expects net profits of 1.69 billion, 1.99 billion, and 2.29 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 18%, 18%, and 15% [2][4]. Market Position and Strategy - Yutong holds approximately 30% market share in the global 3C packaging sector, with a comprehensive coverage of major clients [1][21]. - The company is diversifying into other packaging markets, with potential market sizes estimated at 95 billion yuan for tobacco and cosmetics, and 75 billion yuan for environmentally friendly packaging [1][21]. - The report highlights the importance of mergers and acquisitions in enhancing market share, drawing parallels with North American packaging giants [1][21]. Valuation and Price Target - The estimated reasonable stock price for Yutong is between 27.30 and 30.90 yuan per share, based on various valuation methods [4]. - The current closing price is 23.10 yuan, indicating potential upside [4]. Future Outlook - The report anticipates a recovery in the consumer electronics market, with expected growth in smartphone shipments of 8.5%, 7.8%, and 6.5% year-on-year for the upcoming quarters [1][21]. - Yutong's strategic focus on high-margin new businesses and the completion of significant capital expenditures are expected to enhance profitability moving forward [1][21].

Investment Rating - The report maintains a "Buy" rating for the company as of August 29, 2024 [1][4][6] Core Insights - The company has demonstrated strong revenue growth, with a 15.52% year-on-year increase in revenue for the first half of 2024, reaching 7.353 billion yuan, and a net profit increase of 15.15% to 497 million yuan [1][2] - The company continues to expand its international business, achieving a 32.20% year-on-year revenue growth in foreign markets, indicating a successful internationalization strategy [2][3] - The dividend payout ratio remains high at approximately 60%, reflecting the company's confidence in its ongoing development [3][4] Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 73.53 billion yuan, with a net profit of 4.97 billion yuan, and a non-recurring net profit of 5.22 billion yuan [1][2] - The revenue breakdown for key product categories shows continued growth, with paper packaging products increasing by 15.22% year-on-year [2] Business Segments - Domestic revenue grew by 9.55% to 5.134 billion yuan, while international revenue surged by 32.20% to 2.219 billion yuan, with respective gross margins of 21.11% and 29.37% [2][3] - The company has a strong presence in various sectors, including consumer electronics, tobacco, and luxury goods, which supports its sales growth [2] Future Projections - Revenue forecasts for 2024-2026 are projected at 172.94 billion yuan, 193.77 billion yuan, and 212.75 billion yuan, respectively, with corresponding net profits of 16.30 billion yuan, 18.36 billion yuan, and 20.46 billion yuan [4][5] - The company is expected to maintain a stable gross margin around 26% and improve its return on equity (ROE) to 15% by 2026 [5][6]

丨证券研究报告丨 公司研究丨点评报告丨裕同科技（002831.SZ） [Table_Title] 裕同科技 2024H1 点评：Q2 业绩符合预期，稳 健成长叠加持续高分红可期 报告要点 | --- | |------------------------------------------------------------------------------------------------| | [Table_Summary] 公司 2024H1 拟现金分红 3 亿元，分红比例 60.7%（2023 年度分红比例 60.3%）。公司 | | 实现收入 73.53 亿元（同增 16%），归母净利润 4.97 亿元（同增 15%），扣非净利润 | | （同增 4%）；2024Q2 实现收入 38.78 亿元（同增 12%），归母净利润 2.78 亿元（同增 | | 扣非净利润 2.79 亿元（同降 19%）。 | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 裕同科技（002831.SZ） cj ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.34 yuan based on a 16x PE valuation for 2024 [2][4][6]. Core Insights - The company reported a revenue of 7.353 billion yuan for the first half of 2024, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 497 million yuan, up 15.15% year-on-year [1]. - The second quarter revenue reached 3.878 billion yuan, with a year-on-year increase of 12.28%, and a net profit of 278 million yuan, growing 11.23% year-on-year [1]. - The company's paper packaging business showed steady growth, with significant increases in overseas operations, particularly in Mexico and the Philippines, contributing to a 32.20% year-on-year growth in international revenue [1]. - The gross margin remained stable, with a slight increase in the second quarter to 24.95%, attributed to a decrease in raw material prices [1]. - The company announced a mid-term dividend plan, proposing a cash dividend of 3.30 yuan per 10 shares, totaling approximately 302 million yuan, which is 61% of the net profit for the first half of 2024 [1]. Financial Summary - The company forecasts net profits for 2024-2026 to be 1.648 billion, 1.869 billion, and 2.109 billion yuan respectively, with corresponding EPS of 1.77, 2.01, and 2.27 yuan [2][6]. - Historical financial data shows a revenue of 16.362 billion yuan in 2022, with a projected increase to 21.268 billion yuan by 2026, reflecting a compound annual growth rate [3]. - The gross margin is expected to improve from 26.2% in 2023 to 27.2% in 2026, while the net profit margin is projected to increase from 9.4% to 9.9% over the same period [3].

裕同科技（ [Table_StockNameRptType] 002831） 公司点评 | --- | --- | --- | |--------------------------------------------------------------|-------------|-------------------------------------------------------------------------------------------------------------------------------| | 24H1 | | 业绩稳步增长，进一步加大股东分红 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： 2024-08-27 | | ⚫[Table_Summary] 事件：公司发布 2024 年半年度报告，收入利润稳步增长 | | [Table_BaseData] 收盘价（元） | 22.07 | 公司发布 2024 年半年度报告，2024H1 实现营业收入 75.53 亿元，同 | | 近 12 个月最高/最低（元） | 2 ...

公 司 研 究 裕同科技（002831.SZ） 2024 年 08 月 28 日 2024H1 收入业绩平稳增长，高分红比例回馈股东 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | --- | |--------------------------|--------------------------|--------------------------| | 吕明（分析师） | 周嘉乐（分析师） | 骆扬（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | luoyang@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 | 证书编号：S0790122120029 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/28 | | 当前股价(元) | 22.39 | | 一年最高最低(元) | 29.00/21.55 | | 总市值(亿元) | ...

消费逐季恢复叠加海外布局，公司收入再增长 2024 年 08 月 27 日 ➢ 事件。裕同科技发布 2024 年中报， 2024H1 实现营收/归母净利润/扣非净 利润 73.53/4.97/5.22 亿元，同增 15.52%/15.15%/3.96%；24Q2 实现营收/归 母净利润/扣非净利润 38.78/2.78/2.79 亿元，同比+12.28%/11.23%/-19.01%， 主因公司通过套保对冲汇率损失计在非经常性损益当中，23Q2/24Q2 通过套保 产生的非经常性损失分别为 1.16/0.40 亿元。 ➢ 下游需求逐季转好，海外收入实现高增。24H1 纸质精品包装/包装配套产品 /环保纸塑产品收入分别为 51.81/13.9/5.47 亿元，分别同增 15.22%/11.1%/2 8.84%，占比分别为 70.46%/18.91%/7.44%。其中下游消费电子、烟酒消费均 呈逐渐转好态势，（24H1 苹果/安卓手机出货 9.53/47.95 亿台，同比-4.6%/+ 9.83%），叠加公司持续拓展新客户，实现收入稳定增长。海外方面：24H1 海 外收入为 22.19 亿元，同增 32.2%，占 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 裕同科技（002831.SZ） 经营业绩优异，海外布局前瞻、智能工厂加速 公司发布 2024 年半年报：2024H1 公司实现营业收入 73.53 亿元（同比+15.5%）， 归母净利润 4.97 亿元（同比+15.2%）；单 Q2 实现营业收入 38.78 亿元（同比 +12.3%），归母净利润 2.78 亿元（同比+11.2%）。消费电子板块温和复苏，烟酒 包低基数下增长稳健，环保纸塑延续较快增长；公司供应链优势明显、海外布局前 瞻，平台型龙头地位凸显。 3C 业务稳健复苏，多元布局韧性凸显。公司 2024H1 纸制精品包装/包装配套产 品/环保纸塑产品/其他产品分别实现收入 51.81/13.90/5.47/1.04 亿元（同比 +15.2%/+11.1%/+28.8%/+24.2%），毛利率分别为 24.2%/21.8%/21.6%/13.6%（同比+0.9pct/-2.1pct/+1.2pct/-18.5pct），收入稳 健增长、毛利率保持稳定。分板块来看，3C 需求延续修复，我们预计 Q2 收入实 现双位数左 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -22% -13% -4% 5% 14% 24% 2023-08 2023-12 2024-04 —裕同科技 2024 年中报点评 本报告导读： [Table_Market] 交易数据 公司业绩符合预期，中长期战略路径及成长路径清晰，短期高管增持彰显发展信心。 投资要点： [Table_PicQuote] 52周股价走势图 裕同科技 深证成指 业绩稳健增长，高分红价值回报凸显 裕同科技(002831) 林纸产品 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 33.11 | | | 上次预测: | 32.12 | | [当前价格： Tab ...