北京市中伦（广州）律师事务所 关于深圳市裕同包装科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 2024 年第二次临时股东大会的 法律意见书 致：深圳市裕同包装科技股份有限公司 根据深圳市裕同包装科技股份有限公司（"裕同科技"或"公司"）的委托， 北京市中伦（广州）律师事务所（"本所"）就公司 2024 年第二次临时股东大会 （"本次股东大会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资 格、本次股东大会的提案、表决程序及表决结果等相关问题发表法律意见。 本法律意见书系根据《中华人民共和国公司法》（"《公司法》"）、《中华人民 共和国证券法》、《上市公司股东大会规则》（"《股东大会规则》"）、《律师事务所 从事证券法律业务管理办法》（"《证券法律业务管理办法》"）及《深圳市裕同包 装科技股份有限公司章程》（"《公司章程》"）的有关规定出具。 二〇二四年九月 北京市中伦（广州）律师事务所 为出具本法律意见书之目的，本所经办律师（"本所律师"）列席了本次股东 大会，并依照现行有效的中国法律、法规以及中国证券监督管理委员会（"中国 证监会"）相关规章、规范性文件的要求和规定，对裕同科技提供 ...

证券代码：002831 证券简称：裕同科技 公告编号：2024-043 深圳市裕同包装科技股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： （2）网络投票时间： （a）通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年9月13 日上午9:15—9:25，9:30—11:30；下午13:00—15:00； （b）通过深圳证券交易所互联网投票系统投票的具体时间为：2024年9月13日 上午9:15—下午15:00。 3、股权登记日：2024年9月9日 4、召开地点：深圳市宝安区石岩街道水田社区石环路1号公司三楼会议室 5、召开方式：现场投票与网络投票表决相结合 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 （1）现场会议召开时间：2024年9月13日（星期五）下午14:30 6、召集人：公司董事会 7、主持人：董事长王华君先生 8、本次会议的召开符合《公司法》、《股票上市规则》及《公司章程》的规 定。 （二）会 ...

业绩稳健增长，延续高分红回馈股东 裕同科技(002831)/轻工 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | |---------------------------------------------------| | | | | | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： | 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | --- | --- | |----------------------------------------------|----------| | | | | [Table_Profit] 基本状况 总股本 ( ...

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]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved stable revenue growth in H1 2024, with a significant dividend payout to shareholders [5] - The company is expected to benefit from accelerated smart factory initiatives and a strong competitive position in the market [5] Financial Performance - In H1 2024, the company reported revenue of 7.35 billion yuan (up 15.5% year-on-year) and a net profit attributable to shareholders of 500 million yuan (up 15.1%) [5] - For Q2 2024, the company achieved revenue of 3.88 billion yuan (up 12.3%) and a net profit of 280 million yuan (up 11.2%) [5] - The company's gross margin for H1 2024 was 23.6%, remaining stable, while the net profit margin was 6.9% [6] Revenue Breakdown - In H1 2024, revenue from paper-based premium packaging was 5.18 billion yuan (up 15.2%), with a gross margin of 24.2% [7] - Domestic revenue was 5.13 billion yuan (up 9.5%), while international revenue reached 2.22 billion yuan (up 32.2%) [7] Company Highlights - The company is accelerating its global smart factory initiatives, with operations in over 10 countries and 50 production bases [8] - A high dividend payout ratio of 60.7% of net profit for H1 2024 reflects the company's commitment to returning value to shareholders [8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 22.07 CNY [3]. Core Views - The company achieved revenue growth in H1 2024, with total revenue of 7.353 billion CNY, a year-on-year increase of 15.52% [2]. - The company is benefiting from improved downstream demand and significant growth in overseas revenue, which reached 2.219 billion CNY, up 32.2% year-on-year, accounting for 30.18% of total revenue [2]. - The overall profitability remains stable, with a gross margin of 23.6% and a net margin of 6.86% in H1 2024 [2]. - The company is expected to see a recovery in profits driven by cost reductions and product upgrades, with projected net profits for 2024-2026 of 1.611 billion CNY, 1.851 billion CNY, and 2.069 billion CNY respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 7.353 billion CNY, with a net profit of 497 million CNY and a non-recurring net profit of 522 million CNY, reflecting increases of 15.52%, 15.15%, and 3.96% respectively [2]. - The second quarter of 2024 saw revenue of 3.878 billion CNY, with a net profit of 278 million CNY, marking a year-on-year increase of 12.28% and 11.23% [2]. - The company’s gross margin for H1 2024 was 23.6%, with a slight decrease of 0.01 percentage points, while the net margin decreased by 0.02 percentage points to 6.86% [2]. Revenue Breakdown - Revenue from premium paper packaging, packaging supporting products, and eco-friendly paper-plastic products in H1 2024 was 5.181 billion CNY, 1.39 billion CNY, and 547 million CNY, representing year-on-year growth of 15.22%, 11.1%, and 28.84% respectively [2]. - The company’s overseas revenue accounted for 30.18% of total revenue in H1 2024, indicating a strong reliance from major clients and benefits from the relocation of production capacities [2]. Future Outlook - The company is expected to continue expanding its market share and revenue, particularly in the 3C packaging sector, as consumer demand improves [2]. - Projected net profits for the years 2024, 2025, and 2026 are 1.611 billion CNY, 1.851 billion CNY, and 2.069 billion CNY, with corresponding PE ratios of 13X, 11X, and 10X [3][6].