Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has demonstrated resilience in the face of geopolitical and economic fragmentation, leveraging its integrated product lines, global layout, and smart manufacturing to enhance customer acquisition and international development [2][4]. - Despite a decline in net profit due to strategic equity disposals and employee stock plan expenses, the company achieved record revenue in 2024, reinforcing its leading position in the industry [2][3]. - The company has a high cash dividend payout ratio of 60%, reflecting strong operational confidence [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 3.699 billion yuan, a year-on-year increase of 6.42%, and a net profit of 241 million yuan, up 10.26% year-on-year [1]. - For the full year 2024, the company achieved revenue of 17.157 billion yuan, a 12.71% increase year-on-year, while net profit slightly decreased by 2.05% to 1.409 billion yuan [1][10]. - The gross profit margin for 2024 was 24.80%, down 1.43 percentage points year-on-year, and the net profit margin was 8.21%, down 1.24 percentage points year-on-year [1][10]. Product Segment Performance - Revenue from premium paper packaging reached 12.418 billion yuan, a 12.52% increase year-on-year, while the gross margin was 25.82% [3]. - The environmental paper-plastic products segment saw revenue growth of 19.45% year-on-year, totaling 1.271 billion yuan, with a gross margin of 20.98% [3]. - The company is recognized as one of the largest premium paper packaging manufacturers globally, maintaining a leading position in the consumer electronics and smart hardware sectors [3]. Geographic Revenue Breakdown - Domestic revenue for 2024 was 12.059 billion yuan, a 4.90% increase year-on-year, while international revenue surged by 36.81% to 5.097 billion yuan [4]. - The company has expanded its overseas operations, with production facilities in over 10 countries and more than 100 subsidiaries [4]. Future Earnings Forecast - The company has adjusted its profit forecast, expecting net profits of 1.690 billion yuan, 1.949 billion yuan, and 2.213 billion yuan for 2025, 2026, and 2027 respectively [10].

证券代码： 002831 证券简称：裕同科技 公告编号：2025-021 深圳市裕同包装科技股份有限公司 关于首次回购公司股份暨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。 深圳市裕同包装科技股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日 召开了第五届董事会第十一次会议，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 37.36 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 个月内。具体内容详见公司于 2025 年 4 月 9 日披露在"巨潮资讯网"上的 《关于回购公司股份方案的公告暨回购报告书》（公告编号：2025-007）。 2025 年 4 月 29 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 833,800 股，占公司总股本的 0.09%，最高成交价为 20.87 元/股，最低成交价为 20.56 元/股，成交总金额为 17,313,693.00 元（不含交 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved total revenue of 17.157 billion yuan in 2024, representing a year-on-year growth of 13%. The net profit attributable to shareholders decreased by 2% to 1.409 billion yuan, while the net profit excluding non-recurring items increased by 1% to 1.514 billion yuan [2][4]. - In Q4 2024, the company reported total revenue of 4.898 billion yuan, a year-on-year increase of 11%. However, the net profit attributable to shareholders fell by 35% to 295 million yuan, and the net profit excluding non-recurring items decreased by 16% to 384 million yuan [2][4]. - For Q1 2025, the company generated total revenue of 3.699 billion yuan, reflecting a year-on-year growth of 6%, with net profit attributable to shareholders increasing by 10% to 241 million yuan [2][4]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a 5% increase in domestic revenue and a 37% increase in international revenue. The revenue from paper packaging products grew by 13%, while other product categories showed varied performance [4]. - The gross profit margin for 2024 decreased by 1.4 percentage points to 24.8%, primarily due to strategic disposals and employee stock ownership plan costs [4]. - The company expects net profits for 2025, 2026, and 2027 to be 1.670 billion, 1.841 billion, and 2.059 billion yuan, respectively, corresponding to current price-to-earnings ratios of 12, 10, and 9 times [4]. Global Expansion - The company is enhancing its global capacity layout, with international revenue now accounting for 30% of total revenue. It operates over 50 production bases in more than 40 cities worldwide, including locations in Vietnam, India, and Mexico [4]. Shareholder Returns - The company maintained a high dividend payout ratio, distributing 850 million yuan in dividends for 2024, which represents 67.5% of its net profit. Additionally, it announced a share buyback plan of up to 200 million yuan, reflecting confidence in its financial position [4].

证券研究报告|公司点评报告 [Table_Title2] 裕同科技(002831) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002831 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 28.29/19.74 | | 目标价格： | | 总市值(亿) | 194.29 | | 最新收盘价： | 20.88 | 自由流通市值(亿) | 108.78 | | | | 自由流通股数(百万) | 520.99 | [Table_Summary] 事件概述 公司发布 2024 年报及 2025 一季报，2024 年公司实现营收 171.57 亿元，同比增长 12.71%，归母净利润 14.09 亿 元，同比减少 2.05%，扣非后归母净利 15.14 亿元，同比增加 1.34%，归母净利润下滑主要系公司策略性处置武 汉艾特、广东鸿铭股权以及确认员工持股计划股份支付费用所致；单季度看，24Q4 公司实现营收 48.98 亿元，同 比增加 10.92%，归母净利润 2.95 亿元，同比减少 34.93%，扣非后归母净利 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 17.157 billion (up 12.71% year-on-year) and a net profit attributable to shareholders of 1.409 billion (down 2.05%) for 2024 [1] - The first quarter of 2025 showed stable operations with a revenue of 3.699 billion (up 6.42%) and a net profit of 241 million (up 10.26%) [1] - The company is expected to recover profits in 2025, with projected revenues of 18.917 billion (up 10.26%) and net profits of 1.684 billion (up 19.56%) [11] Summary by Sections Company Performance - In 2024, the company achieved a revenue of 17.157 billion and a net profit of 1.409 billion, with a gross margin of 24.80% [1][10] - The fourth quarter of 2024 saw a revenue of 4.898 billion, but a significant drop in net profit to 294 million, primarily due to strategic asset disposals and employee stock plan costs [1] Business Segments - The 3C business remains solid, with a stable revenue contribution from major clients, accounting for 38.26% of total revenue [2] - The company has successfully upgraded its tobacco packaging business and is expanding its global footprint [2][3] Environmental Initiatives - Revenue from eco-friendly packaging reached 1.271 billion in 2024, reflecting a growth of 19.45% [3] - The company is actively involved in sustainable packaging initiatives and has received industry recognition for its innovations [3] Financial Metrics - The company’s expense ratio decreased by 0.43 percentage points in 2024, attributed to lower loan rates and increased foreign exchange gains [5] - The projected earnings per share for 2025 is 1.81, with a price-to-earnings ratio of 11.54 [11][13] Future Outlook - The company is expected to maintain a growth trajectory with projected revenues of 20.825 billion in 2026 and 22.939 billion in 2027, alongside net profits of 1.867 billion and 2.079 billion respectively [11][13] - The company is enhancing its global supply chain capabilities with new smart factories in both domestic and overseas markets [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.28 RMB [7][8]. Core Views - The company has demonstrated steady revenue growth, achieving 17.157 billion RMB in revenue for 2024, a year-on-year increase of 12.7%. However, the net profit attributable to the parent company was 1.409 billion RMB, down 2.1% year-on-year, which was below previous expectations [1][4]. - The company is positioned as a leader in the premium paper packaging industry, with ongoing improvements in overseas capacity and market expansion, supported by intelligent manufacturing capabilities [1][4]. Revenue and Profit Analysis - In 2024, the revenue from premium paper packaging reached 12.42 billion RMB, up 12.5% year-on-year, driven by recovering demand in downstream consumer electronics [2]. - Domestic revenue for 2024 was 12.06 billion RMB, a 4.9% increase year-on-year, while international revenue was 5.1 billion RMB, up 36.8% year-on-year, indicating strong overseas performance [2]. Margin and Cost Structure - The gross margin for 2024 was 24.8%, a decrease of 1.43 percentage points year-on-year, primarily due to changes in the business structure [3]. - The overall expense ratio decreased by 0.43 percentage points to 13.44%, with the financial expense ratio declining to -0.19% due to lower loan interest rates and increased exchange gains [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 1.707 billion RMB, 1.957 billion RMB, and 2.222 billion RMB respectively, with a corresponding EPS of 1.83 RMB, 2.10 RMB, and 2.39 RMB [4][6]. - The target price is based on a 16x PE ratio for 2025, reflecting the company's ongoing global and intelligent production layout [4].

证券研究报告 裕同科技 (002831 CH) 收入延续稳健增长，高分红优势突出 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 包装印刷 | 裕同科技发布年报及一季报：24 年公司实现营收 171.57 亿元/yoy+12.7%， 归母净利 14.09 亿元/yoy-2.1%，低于此前预期（16.44 亿元），主要系公司 策略性处置武汉艾特、广东鸿铭股权以及确认员工持股计划股份支付费用所 致。此外，1Q25 营收 36.99 亿元/同比+6.4%，归母净利 2.41 亿元/同比 +10.3%，24 年及 1Q25 公司收入稳健增长，我们判断系下游电子消费等需 求恢复，带动纸质精品包装主业营收增长。展望后续，我们认为公司作为精 品纸包装行业龙头，海外产能布局搭配市场开拓不断完善，智能制造护城河 持续构筑，看好公司竞争优势及长期成长潜力，维持"买入"评级。 纸包装主业稳健成长，海外收入表现亮眼 1）分业务看，24 年纸质精品包装营收 124.2 亿元/yoy+12.5%，我们判断 主要系下游消费电子等行业需求回 ...

Core Viewpoint - Shenzhen Yuto Packaging Technology Co., Ltd. has released its 2024 annual report summary, highlighting its operational results, financial status, and future development plans. The company emphasizes its position as a leading provider of innovative packaging solutions and sustainable manufacturing services in the industry [1]. Company Overview - The company is recognized as an industry leader and internationally renowned quality packaging solution provider, focusing on innovative one-stop packaging solutions and sustainable manufacturing services [4][5]. - Its main products include paper packaging, plant fiber eco-friendly packaging, biodegradable new material products, flexible packaging, functional material die-cutting, cultural creative printing products, labels, and consumer electronics components [5][6]. - The company serves clients across six core sectors: consumer electronics, alcohol, personal care, food, healthcare, and tobacco, while also covering industries like smart hardware, cosmetics, luxury goods, cultural creativity, and health [6]. Business Model and Competitive Advantages - The company operates over 100 subsidiaries and has established more than 40 production bases and four service centers in 10 countries and 40 cities globally, enabling close proximity to clients and efficient service delivery [6][7]. - It is one of the largest premium paper packaging manufacturers globally, holding a leading position in the consumer electronics and smart hardware sectors, as well as a strong market presence in China's high-end liquor and tobacco industries [7]. - The company leverages advanced printing and packaging technology, global agile delivery capabilities, and a comprehensive competitive advantage framework, including strong customer resources, a global production layout, and an integrated product line [7][8]. Performance Drivers - The company's performance is influenced by macroeconomic factors such as global and domestic economic conditions, policy environments, and market demand, which directly affect the printing and packaging industry [8]. - Internal factors include brand influence, market expansion capabilities, and productivity levels, with a strong brand attracting more clients and partners, thereby expanding sales [8]. - The company focuses on enhancing its group, international, and diversified operational capabilities to adapt to market changes and customer needs, with intelligent factory construction being a key aspect of productivity improvement [8]. Financial Data and Profit Distribution - The company plans to distribute a cash dividend of 6 yuan per 10 shares (including tax) to all shareholders, based on a total share capital of 930,513,553 shares, excluding 19,750,253 shares repurchased [3][36]. - The total cash dividend amounts to approximately 546.46 million yuan [36]. Important Meetings and Resolutions - The fifth board of directors has approved several key resolutions, including the annual financial report, profit distribution plan, and the appointment of auditors for the upcoming fiscal year [12][18][47]. - The company will hold its 2024 annual shareholders' meeting on May 20, 2025, to discuss and vote on these resolutions [66].

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。 特别提示： 1、拟续聘的会计师事务所名称：天健会计师事务所（特殊普通合伙）。 2、公司本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的 《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规 定。 证券代码： 002831 证券简称：裕同科技 公告编号：2025-017 深圳市裕同包装科技股份有限公司 关于拟聘任 2025 年度会计师事务所的公告 深圳市裕同包装科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董事会第十二次会议，审议通过了《关于续聘 2025 年度审计机构 的议案》，同意续聘天健会计师事务所（特殊普通合伙）为公司 2025 年度审计 机构。本议案尚需提交公司股东大会审议通过，现将有关事项公告如下： 一、拟聘任会计师事务所事项的情况说明 天健会计师事务所（特殊普通合伙）具备证券、期货相关业务从业资格，具 有上市公司审计工作的丰富经验，信用状况良好，不是失信被执行人，具备投资 者保护能力。天健会计师事务所（特殊普通合伙）连续多年为公司提供审计 ...

深圳市裕同包装科技股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况评估及履 职监督职责情况的报告 （2）承办本业务的分支机构基本信息 根据 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司治 理准则》、《国有企业、上市公司选聘会计师事务所管理办法》、《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等规 定和要求，现将董事会审计委员会对天健会计师事务所（特殊普通合伙）（以下 简称"天健所"）2024 年度履职评估及履行监督职责的情况报告如下： 一、2024 年年审会计师事务所基本情况 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | --- | --- | | 机构性质 | 特殊普通合伙企业 是否曾从事证券服务业务 是 | | | 天健会计师事务所成立于 1983 年 12 月，前身为浙江会计师事务 | | | 所；1992 年首批获得证券相关业务审计资格；1998 年脱钩改制成 | | 历史沿革 | 年转制成为天健会计师事务所（特 为浙江天健会计师事务所；2011 | | | 殊普通合伙）；2010 年 12 月成为首批获准 ...