证券代码： 002831 证券简称：裕同科技 公告编号：2024-050 深圳市裕同包装科技股份有限公司 关于公司提供担保进展情况的公告 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。 一、担保情况概述 深圳市裕同包装科技股份有限公司（以下简称"本公司"或"公司"）于 2024 年 4 月 25 日召开的第五届董事会第七次会议，于 2024 年 5 月 17 日召开 2023 年度股东大会，审议通过了《关于 2024 年度银行授信及调整对子公司担 保额度及期限的议案》，同意公司提供担保的总额度为 566,172.00 万元（折合人 民币,含资产池业务产生的担保，以及子公司之间的担保）。 根据经营发展需要，2024 年 11 月 25 日，公司与交通银行股份有限公司深 圳分行签署《保证合同》[合同编号：2024 侨保证华宝利 01]，为公司子公司深圳 华宝利电子有限公司（以下简称"华宝利"）融资授信提供担保。现将具体进展 情况公告如下： （一）本次新增担保情况： | | 担保方 | 被担保方 | 币种 | 担保 方持 | 被担保方资 产负债率 （2024 年 | 2 ...

Investment Rating - The report maintains a "Buy" rating for Yuto Packaging Technology (002831 SZ) with a target price of 27 90 yuan per share [3][6] Core Views - Yuto Packaging Technology is a leading enterprise in the paper packaging industry with a diversified product portfolio covering consumer electronics liquor tobacco luxury goods cosmetics and more The company has demonstrated strong resilience and growth with revenue increasing from 8 58 billion yuan in 2018 to 15 22 billion yuan in 2023 and net profit growing from 950 million yuan to 1 44 billion yuan during the same period [3] - The packaging industry is highly fragmented with paper packaging accounting for 23 25% of the total packaging market in China The industry faces challenges such as weak bargaining power limited transportation radius and difficulty in controlling upstream raw material prices [3] - The recovery of the consumer electronics sector in the second half of 2024 is expected to drive order growth for Yuto Packaging Technology The company holds a 20 6% market share in the consumer electronics packaging sector and is well positioned to benefit from the industry rebound [3] - Yuto Packaging Technology is advancing its globalization and intelligent manufacturing strategies The company has established a presence in 10 countries and over 40 cities globally with 50+ production bases and 5 service centers The company s early adoption of intelligent factory upgrades is expected to drive cost reductions and efficiency improvements [3] Financial Performance and Forecast - Revenue is projected to grow from 16 36 billion yuan in 2023 to 21 81 billion yuan in 2026 with a CAGR of 12 6% Net profit is expected to increase from 1 44 billion yuan in 2023 to 2 10 billion yuan in 2026 with a CAGR of 13 2% [5] - EPS is forecasted to rise from 1 75 yuan in 2024 to 2 26 yuan in 2026 The company s PE ratio is expected to decline from 14 71x in 2024 to 11 43x in 2026 reflecting strong earnings growth [5] Industry Overview - The Chinese packaging industry is highly fragmented with paper packaging being a significant segment accounting for 23 25% of the total market in 2023 The industry is expected to grow steadily with the market size projected to reach 1 195 trillion yuan in 2024 [58] - The consumer electronics packaging market is relatively concentrated with Yuto Packaging Technology holding a leading 20 6% market share in 2022 The recovery of the consumer electronics sector is expected to drive demand for packaging [67] - The tobacco packaging market is under pressure due to anti corruption measures in the tobacco industry but this could lead to a reshuffling of the competitive landscape Yuto Packaging Technology has a 2% market share in the tobacco packaging sector and is well positioned to capture new opportunities [73] Company Strategy and Competitive Advantages - Yuto Packaging Technology has a diversified product portfolio including paper packaging soft packaging plant fiber molded products and biodegradable materials The company s products are widely used in consumer electronics smart hardware healthcare cosmetics tobacco liquor and environmental packaging [28] - The company has a strong focus on globalization and intelligent manufacturing with a presence in 10 countries and over 40 cities globally The company s intelligent factory upgrades are expected to drive cost reductions and efficiency improvements [3] - Yuto Packaging Technology has a strong customer base including leading global brands in consumer electronics liquor and tobacco The company s ability to provide integrated packaging solutions has enhanced its competitiveness and customer loyalty [92]

证券代码： 002831 证券简称：裕同科技 公告编号：2024-049 深圳市裕同包装科技股份有限公司 关于股份回购实施完成的公告 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 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 个月内。具体内容详见公司于 2024 年 4 月 26 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：2024-018）。 截至本公告披露日，公司本次回购股份计划已实施完毕。根据《上市公司股 份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相 关规定，现将公司本次回购结果公告如下： 一、回购股份的具体情况 根据深圳证券交易所《上市公司自律监管指引第 9 号——回购股份》等相关 规定，20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported Q3 2024 earnings that exceeded expectations, with revenue of 12.259 billion yuan for the first three quarters, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 1.114 billion yuan, up 13.1% year-on-year [7] - The company is accelerating its international expansion, with overseas production bases covering Southeast Asia, South Asia, and Mexico, leading to higher theoretical net profit margins compared to domestic operations [7] - The company has a strong customer base and is expanding into new sectors, including 3C, eco-friendly paper and plastic, tobacco and alcohol packaging, and cosmetics, with significant growth potential in these areas [7] - The gross profit margin for Q3 2024 was 27.6%, with a net profit margin of 12.6%, indicating ongoing operational improvements despite external pressures such as currency fluctuations [7] - The company plans to maintain a dividend payout ratio of over 60% and has initiated a share buyback program, enhancing its investment appeal [7] Financial Summary - For 2024, the company forecasts total revenue of 17.237 billion yuan, a year-on-year growth of 13.2%, and a net profit of 1.633 billion yuan, reflecting a growth rate of 13.5% [8] - The projected earnings per share for 2024 is 1.75 yuan, with a price-to-earnings ratio of 15 [8] - The company’s return on equity (ROE) is expected to improve to 13.8% in 2024 [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][11]. Core Views - The company achieved record high revenue and profit in Q3 2024, with revenue of 12.26 billion (+13.4%) and net profit attributable to shareholders of 1.11 billion (+13.1%) for the first three quarters of 2024. In Q3 alone, revenue reached 4.91 billion (+10.4%) and net profit was 620 million (+11.4%) [2]. - The company continues to expand its market share in consumer electronics, tobacco, and environmentally friendly packaging, with a stable growth in profits alongside revenue increases. The profitability remains stable [2]. - The company is expected to benefit from the ongoing recovery in the consumer electronics sector, with double-digit growth anticipated in its main 3C packaging business. The introduction of AI products is expected to accelerate innovation cycles in consumer electronics [2]. - The company has announced a cash dividend policy of no less than 60% of net profit attributable to shareholders from 2023 to 2025, and plans to repurchase shares worth 100 to 200 million, indicating a commitment to high returns for shareholders [2]. - The company is enhancing its global footprint with the opening of factories in the Philippines and Mexico, and the construction of smart factories in various locations, which is expected to optimize costs and improve efficiency [2]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 12.26 billion (+13.4%) and net profit of 1.11 billion (+13.1%). The Q3 results showed revenue of 4.91 billion (+10.4%) and net profit of 620 million (+11.4%) [2][3]. - The company’s gross margin for Q3 2024 was 27.6%, with a slight decline attributed to currency fluctuations. The net profit margin was 13.0%, reflecting a 0.1 percentage point increase [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.75 yuan, with net profits expected to grow by 13% to 16.3 billion in 2024, 18.7 billion in 2025, and 21.0 billion in 2026 [2][3][9].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% compared to the CSI 300 Index within 6 months [4][13] Core Views - The company achieved record-high revenue and profits in Q3 2024, with revenue of 4.91 billion yuan (+10.5% YoY) and net profit of 620 million yuan (+11.4% YoY) [1] - The company's global expansion strategy is progressing steadily, with new factories opened in the Philippines and Mexico, enhancing its global manufacturing and delivery capabilities [1] - The company is accelerating its intelligent manufacturing process, with multiple smart factories in operation or under construction, which is expected to further improve production efficiency and optimize cost structure [2] - The company has a strong commitment to shareholder returns, with a cumulative dividend and share repurchase of 3.5 billion yuan since its IPO, and plans to distribute at least 60% of its annual net profit in cash from 2023 to 2025 [3] Financial Performance - For Q3 2024, the company achieved a gross margin of 27.6% (-0.5 pct YoY) and a net profit margin of 13% (+0.1 pct YoY) [1] - For the first three quarters of 2024, the company's revenue reached 12.26 billion yuan (+13.4% YoY), with net profit of 1.11 billion yuan (+13.1% YoY) [1] - The report adjusted the company's net profit forecast for 2024-2026 to 1.63/1.88/2.16 billion yuan, with corresponding P/E ratios of 15/13/11X [4] Industry and Valuation - The company operates in the light manufacturing/packaging and printing industry [5] - As of the report date, the company's A-share market capitalization was 23.9 billion yuan, with a P/B ratio of 2.16 and a P/S ratio of 1.57 [5] - The company's EV/EBITDA ratio is expected to improve from 8.27 in 2023 to 6.60 in 2026 [4] Strategic Development - The company has established a global presence with over 50 production bases and 5 service centers across 10 countries, which helps reduce production and transportation time and ensures stable customer service [1] - The company's intelligent manufacturing capabilities are expected to further enhance its production efficiency and cost optimization, with multiple smart factories in operation or under construction [2]

证券代码： 002831 证券简称：裕同科技 公告编号：2024-048 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。 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 个月内。具体内容详见公司于 2024 年 4 月 26 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：2024-018）。 一、回购股份的具体情况 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司应当在每个月的前 3 个交易日内公告截至上月 末的回购进展情况。现将公司回购股份进展情况公告如下： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 ...

那么我们也看到今天公司是公布了三季度的情况那么单三季度的收入率同比都是11%左右的一个增长那么这个其实还是非常超预期的一份预期因为整体我们看到所有的消费品相关的就是内置消费品单三季度的经营压力还是在进一步的增加的那么公司的话其实还是体现出来强于下游的一个增长的水平那么也是今天说的比较强的一个增长的一个认识 那么同样呢就去年我们也看到啊 单三技术其实利润率还是一个蛮高的一个基础那么在这样的一个比较 单三比较高的一个基础的情况下那么利润也是比较稳定的那么也是体现出来我们一直强调的公司的整体的这个供应 供应和运营效率的这个优势那么我们也是一直强调其实在 去包装这个行业还是会有一个持续的行业龙头整合的一个逻辑那么公司不管是收入端的一个文件增长还有利润率的稳定性其实都是沿着这件事情的那么我们现在就先把这个时间交给李总先请李总来给我们解读一下整体三制度的一个经营的情况然后是我们再开始一个交流李总 请好的 谢谢谷老师我们最近的这位投资人 股东还有线上分析师朋友 大家晚上好感谢大家来参加玉铜科技2024年三季度的业绩销售会我先报告一下公司发布的业绩景象吧2024年第三季度玉铜全体进行业绩稳中有进低音效率持续提升第三季度实现营 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in Q3 2024, with a total revenue of 12.26 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 13.4%. The net profit attributable to the parent company was 1.11 billion yuan, up 13.1% year-on-year [4] - The company is expected to maintain its profit forecast, with projected net profits of 1.63 billion yuan, 1.91 billion yuan, and 2.20 billion yuan for 2024-2026, corresponding to EPS of 1.76 yuan, 2.05 yuan, and 2.36 yuan respectively [4] Financial Performance - For Q3 2024, the company reported a revenue of 4.91 billion yuan, a 10.4% increase year-on-year, and a net profit of 620 million yuan, which is an increase of 11.4% year-on-year [4] - The gross margin for Q1-Q3 2024 was 25.2%, with a net profit margin of 9.3% [5] - The company maintained a consistent dividend policy, with a total dividend payout of 567 million yuan in 2023 and a proposed payout of 302 million yuan for the first half of 2024 [6] International Expansion - The company is accelerating its overseas capacity layout, with new factories opening in the Philippines and Mexico in Q3 2024. It now operates 13 overseas factories in 9 countries, including Vietnam, the Philippines, Australia, and the United States [6] Valuation Metrics - The current stock price is 24.75 yuan, with a market capitalization of 23.03 billion yuan. The P/E ratios for 2024, 2025, and 2026 are projected to be 14.1, 12.0, and 10.5 respectively [1][4]

Investment Rating - The investment rating for the company is "Accumulate" [2][3]. Core Views - The company's performance remains robust despite external pressures, with steady global capacity expansion and orderly business boundary growth, leading to counter-cyclical revenue growth [3]. - The earnings forecast has been adjusted, with EPS estimates for 2024-2026 revised to 1.78, 2.06, and 2.37 yuan respectively, and the target price raised to 39.44 yuan based on a 22.2x PE ratio for 2024 [3]. - The company is experiencing stable revenue growth, with expected growth rates of around 10% for key categories such as consumer electronics, tobacco, and alcohol packaging, while eco-friendly products are expected to grow significantly above the company average [3]. - Cost reduction and efficiency improvements are being implemented, with Q3 2024 gross and net profit margins at 27.6% and 13.0%, respectively, showing a slight year-on-year decrease but a quarter-on-quarter improvement [3]. - The company is expanding its international customer base, with production facilities established in over 10 countries, and aims to increase overseas capacity from approximately 20% to over 40% [3]. - The company has a strong commitment to shareholder returns, with a cash dividend of 870 million yuan in 2023, a payout ratio of 60.3%, and a projected dividend yield of around 5% for 2024 [3]. Financial Summary - The company's revenue for 2024 is projected at 17.887 billion yuan, with a year-on-year growth of 17.5%, and net profit expected to reach 1.652 billion yuan, reflecting a 14.9% increase [9]. - The company’s total assets are estimated to grow from 22.186 billion yuan in 2023 to 23.667 billion yuan in 2024 [9]. - The net profit margin is expected to stabilize around 9.7% for 2024, with a return on equity (ROE) projected at 13.5% [9].