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].

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]