Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][3] Core Views - The company benefits from the recovery in terminal smartphone demand, with Q3 revenue increasing by 10.45% year-on-year. Global smartphone shipments are expected to grow by 5% in Q4 2024, marking the fourth consecutive quarter of growth [2] - The launch of Apple Intelligence is anticipated to stimulate replacement demand, positively impacting the 3C packaging segment. The company's intelligent transformation ensures the highest efficiency in the industry, and its global layout supports efficient delivery, suggesting growth performance may exceed peers [2] - The company's profitability remains stable, with a gross margin of 27.6% and a net margin of 13.0% in Q3 2024. Cost control is commendable, with sales, management, and R&D expense ratios showing favorable trends [2] - The company is positioned as a leading player in high-end packaging, with a focus on the recovery of downstream demand and an accelerated global layout. New growth drivers are expected from its cigarette and environmental packaging businesses [2] - The company plans to distribute at least 60% of its annual net profit in cash from 2023 to 2025 [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 12.259 billion RMB, a net profit of 1.114 billion RMB, and a non-deducted net profit of 1.130 billion RMB, all showing a year-on-year increase of 13% [1] - In Q3 2024, the company reported revenue of 4.905 billion RMB, net profit of 617 million RMB, and non-deducted net profit of 607 million RMB, reflecting year-on-year growth of 10.45%, 11.4%, and 13.7% respectively [1] Profitability and Cost Management - The gross margin and net margin for the first three quarters of 2024 were 25.2% and 9.3%, respectively, with Q3 figures at 27.6% and 13.0%. The company has effectively controlled costs, with sales, management, and R&D expense ratios showing improvements [2] Future Projections - The company is projected to achieve net profits of 1.68 billion RMB, 1.89 billion RMB, and 2.24 billion RMB for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 12.6%, and 18.4% [3] - The current price-to-earnings (P/E) ratios are estimated at 14, 12, and 10 for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 12.26 billion yuan for the first nine months of 2024, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 1.11 billion yuan, also up by 13.0% [1]. - In Q3 2024, the company achieved a revenue of 4.91 billion yuan, reflecting a year-on-year growth of 10.5%, with a net profit of 620 million yuan, up 11.4% year-on-year [1]. - The company is actively advancing its smart factory transformation domestically and expanding its overseas market presence, with new factories in the Philippines and Mexico expected to commence production by the end of the year [1]. - The company's gross margin for the first nine months of 2024 was 25.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin remained stable at 9.1% [1]. Financial Forecast Summary - The company is projected to achieve revenues of 17.56 billion yuan, 19.89 billion yuan, and 22.26 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.38%, 13.25%, and 11.89% [3]. - The net profit attributable to shareholders is expected to be 1.64 billion yuan, 1.91 billion yuan, and 2.18 billion yuan for the same years, with profit growth rates of 13.92%, 16.85%, and 13.79% [3]. - The diluted EPS is forecasted to be 1.76 yuan, 2.06 yuan, and 2.34 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14X, 12X, and 11X [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 4.905 billion yuan in Q3 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 617 million yuan, up 11.4% year-on-year [1] - The growth in revenue and profit is attributed to the stable performance in the 3C and tobacco & alcohol packaging sectors, along with rapid growth in environmental and daily chemical packaging [1] - The company is expanding its international operations with seven production bases established in countries such as Vietnam, India, and Indonesia, enhancing its global delivery capabilities [1] - The company is also accelerating the smart upgrade of its factories, which is expected to optimize operational efficiency and enhance long-term competitive advantages [1] Financial Performance Summary - For 2024-2026, the forecasted net profits attributable to shareholders are 1.64 billion yuan, 1.83 billion yuan, and 2.02 billion yuan, respectively, with corresponding P/E ratios of 14.0X, 12.6X, and 11.4X [1][2] - The company's gross margin for Q3 2024 was 27.6%, with a net profit margin of 12.6% [1] - The operating cash flow for Q3 2024 was 321 million yuan, showing a year-on-year increase [1] - Inventory turnover days decreased by 7 days to 52 days, and accounts receivable turnover days decreased by 17 days to 126 days, indicating improved operational efficiency [1]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 24.68 yuan [6]. Core Views - The company reported a revenue of 49.05 billion yuan in Q3 2024, reflecting a year-on-year growth of 10.45%. For the first three quarters of 2024, revenue reached 122.59 billion yuan, up 13.44% year-on-year [2]. - The recovery in downstream consumption, driven by AI, is expected to continue boosting revenue in the consumer electronics sector. The report notes a slight recovery in the tobacco and alcohol packaging segments, despite ongoing destocking [2]. - The company's gross margin slightly decreased to 27.57%, while net margin improved to 13.01%. The decline in gross margin is attributed to the depreciation of the US dollar [3]. - The company is nearing the completion of its smart factory construction, which is expected to lead to a reduction in capital expenditures in the future [3]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 17.25 billion yuan, representing a growth rate of 13.3%. The net profit attributable to shareholders is expected to be 1.61 billion yuan, with a growth rate of 12.0% [5]. - The report forecasts a steady increase in net profit for the years 2024 to 2026, with estimates of 1.61 billion yuan, 1.85 billion yuan, and 2.07 billion yuan respectively [5]. - The company's earnings per share (EPS) is projected to rise from 1.73 yuan in 2024 to 2.22 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 14 to 11 [7][8]. Investment Recommendations - The company is building a one-stop printing service matrix covering various packaging fields, which is expected to enhance its market share and revenue growth as downstream consumption improves [4]. - The report highlights the potential for profit recovery driven by cost reductions and product upgrades, with a focus on improving return on equity (ROE) through decreased capital expenditures and stabilization of core business profitability [4]. - The company is also expanding its global business presence, particularly in North America and Southeast Asia, which is anticipated to contribute to high growth in overseas revenue [4].

Financial Performance - The company's revenue for Q3 2024 reached ¥4,905,213,094.30, representing a year-over-year increase of 10.45%[1] - Net profit attributable to shareholders was ¥616,976,510.05, up 11.41% compared to the same period last year[1] - The net profit after deducting non-recurring gains and losses was ¥607,153,667.92, reflecting a 13.73% increase year-over-year[1] - Total operating revenue for the current period reached ¥12.26 billion, a 13.39% increase from ¥10.81 billion in the previous period[18] - Operating profit for the current period was ¥1.37 billion, up 15.43% from ¥1.19 billion in the previous period[19] - Net profit attributable to shareholders of the parent company was ¥1.11 billion, representing a 13.04% increase compared to ¥985.43 million in the previous period[20] - Total comprehensive income for the current period was ¥1.12 billion, compared to ¥1.04 billion in the previous period[20] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥22,700,195,561.05, a 2.32% increase from the end of the previous year[1] - The total current assets reached CNY 12,937,268,959.53, up from CNY 12,448,068,488.90, indicating an increase of about 3.93%[15] - The total liabilities increased to CNY 11,008,788,640.20 from CNY 10,594,684,027.62, representing a rise of approximately 3.91%[16] - The company's total equity reached CNY 11,691,406,920.85, up from CNY 11,591,609,367.78, marking an increase of about 0.86%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,612,639,863.99, down 37.47% year-over-year[4] - Cash flow from operating activities generated ¥1.61 billion, down 37.55% from ¥2.58 billion in the previous period[21] - The net cash flow from investment activities was -261,390,786.05 CNY, an improvement from -1,339,054,501.71 CNY in the previous year[22] - Cash inflow from financing activities totaled 3,326,957,793.21 CNY, slightly down from 3,344,944,957.65 CNY year-over-year[22] - The company reported a net increase in cash and cash equivalents of 375,406,334.68 CNY, contrasting with a decrease of -139,148,557.47 CNY in the previous year[22] - The total cash and cash equivalents at the end of the period reached 2,071,371,918.93 CNY, up from 1,388,713,760.20 CNY year-over-year[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,876[6] - The top shareholder, Wu Lanlan, holds 48.00% of shares, totaling 446,655,169 shares[6] - The second-largest shareholder, Wang Huajun, owns 10.49% of shares, amounting to 97,603,051 shares[6] - The company has a repurchase account holding 16,900,853 shares, representing 1.82% of total shares[7] - The top 10 shareholders do not have any known relationships or agreements as acting in concert, except for the couple Wang Huajun and Wu Lanlan[7] Investments and Corporate Actions - The company established Dalian Yutong Cloud Creation Technology Co., Ltd. with a registered capital of 50 million RMB on August 28, 2024[9] - The company has invested in the establishment of a Wuhan branch of Shenzhen Yutong Mutual Induction Intelligent Technology Co., Ltd. on September 18, 2024[11] - The company has canceled Dongguan Jieling Technology Packaging Co., Ltd. on July 2, 2024, and Zhaoqing Huaboli Electronics Co., Ltd. on September 2, 2024[8][11] - The company’s subsidiary, Shenzhen Yutong Cultural Technology Co., Ltd., holds 100% of Dalian Yutong Cloud Creation Technology Co., Ltd.[9] Operational Efficiency - The company reported a significant increase in other income, which rose by 40.90% to ¥94,044,310.70 due to VAT policy benefits[4] - The company is focused on a dual improvement action plan for quality returns, announced on August 30, 2024, aimed at enhancing operational efficiency and product quality[13] - Research and development expenses amounted to ¥538 million, a 6.25% increase from ¥505 million in the previous period[18] - Total operating costs increased to ¥10.90 billion, reflecting a 14.23% rise from ¥9.54 billion in the previous period[18] Audit and Reporting - The third quarter report was not audited[23]

证券代码： 002831 证券简称：裕同科技 公告编号：2024-046 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、公司不得在下列期间内回购公司股票： （1）自可能对本公司证券及 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is positioned as a leading provider of comprehensive packaging solutions in China, with a diversified product portfolio and a strong focus on the consumer electronics sector, which is expected to benefit from a recovery in demand [11][20]. - The company has demonstrated resilience in revenue growth, achieving a revenue of 7.353 billion yuan in the first half of 2024, a year-on-year increase of 15.5%, and a net profit of 497 million yuan, up 15.2% year-on-year [2][12]. - The company plans to enhance shareholder returns by maintaining a dividend payout ratio of no less than 60% from 2023 to 2025, highlighting its long-term investment value [4][10]. Summary by Sections 1. Company Overview - The company specializes in the research, manufacturing, and sales of paper packaging products and environmentally friendly plant fiber products, providing integrated services including design, technical development, and logistics [11][29]. - The main products include paper packaging, plant fiber molded products, biodegradable materials, and various functional materials, with a strong presence in the consumer electronics sector [11][21]. 2. Business Segments - **3C Packaging**: The company is the largest producer of premium paper packaging, with significant partnerships in the consumer electronics industry, including major clients like Huawei and Sony. The recovery in global smartphone sales is expected to support this segment [20][22]. - **Cigarette and Alcohol Packaging**: The company has expanded its high-end cigarette and alcohol packaging business, achieving significant revenue growth in recent years, with alcohol packaging revenue reaching 1.22 billion yuan in 2022 [23][26]. - **Eco-friendly Paper Plastics**: The company is well-positioned to benefit from the growing demand for biodegradable materials, with a compound annual growth rate (CAGR) of 36.1% in its eco-friendly packaging segment from 2019 to 2023 [29][34]. 3. Profitability and Financial Performance - The company achieved a gross margin of 26.23% in 2023, an increase of 2.48 percentage points year-on-year, supported by controlled raw material costs and improved operational efficiency through smart manufacturing initiatives [3][18]. - The net profit margin for 2023 was 9.82%, reflecting a year-on-year increase of 1.8 percentage points, indicating a positive trend in profitability [3][18]. 4. Future Outlook and Investment Recommendations - The company is expected to see net profit growth rates of 16%, 18%, and 11% for 2024, 2025, and 2026, respectively, with a current price-to-earnings (P/E) ratio of 12x, which is below the average of comparable companies [4][10]. - The report emphasizes the company's commitment to enhancing shareholder returns and its potential for long-term growth across various business segments, particularly in consumer electronics and eco-friendly packaging [4][10].

证券代码： 002831 证券简称：裕同科技 公告编号：2024-044 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 9 月 25 日，公司与中国民生银行股份有限公司 深圳分行签署《最高额保证合同》[合同编号：公高保字第宝南 24017 号]，为公 司子公司深圳市君信供应链管理有限公司（以下简称"深圳君信供应链"）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 | 被担保方资 | 2024 年度 | 担保额度 占上 ...

特别提示： 1、权益分派方案：本利润分配方案自披露至实施期间，公司股本总额 930,513,553 股，未发生变化；公司回购账户股份总数由 16,248,453 股变更为 16,900,853 股，即剔除回购股份后的股本基数为 913,612,700 股。 按照"现金分红金额固定不变"的原则，按公司最新剔除回购账户股份后的股 本基数 913,612,700 股计算分配比例为每 10 股派现金人民币 3.302356 元（含税）， 总计派息 301,707,438.15 元。 2、股权登记日：2024 年 10 月 10 日。 证券代码：002831 证券简称：裕同科技 公告编号：2024-045 深圳市裕同包装科技股份有限公司 2024 年半年度权益分派实施公告 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。 3、除权除息日：2024 年 10 月 11 日。 4、除权除息参考价：因公司回购股份不参与分红，本次权益分派实施后除息 价格计算时，每股现金红利应以每股现金红利= 0.3242375 元/股计算。（每股现金 红利=现金分红总额/总股本，即 301,707, ...

证 券 研 究 报 告 裕同科技（002831）2024 年中报点评 推荐（维持） 上半年业绩稳健增长，中期分红回馈股东 目标价：31.4 元 当前价：21.48 元 事项： 公司发布 2024 年中报。上半年，公司实现营收/归母净利润/扣非归母净利润 73.5/5.0/5.2 亿元，同比+15.5%/+15.1%/+4.0%。单二季度，公司实现营收/归母 净利润/扣非归母净利润 38.8/2.8/2.8 亿元，同比+12.3%/+11.2%/-19.0%。此外， 公司拟每 10 股派发现金人民币 3.30 元（含税），总计派息 3.02 亿元，占归母 净利润 60.76%。 评论： 下游 $$3 c$$ 需求逐渐回暖，海外市场延续高增。（1）分产品看，24H1 年公司纸 制精品包装产品/包装配套产品/环保纸塑产品分别实现收入 51.8/13.9/5.5 亿 元，同比+15.2%/+11.1%/+28.8%。根据 Counterpoint 数据显示，全球智能手机 市场在 2024 年第二季度销量同比增长 6％，为三年来最高的增速，3C 业务回 暖有望持续带动公司营收增长。（2）分区域看，24H1 公司国内/外 ...