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].

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 裕同科技（002831.SZ） 经营业绩优异，海外布局前瞻、智能工厂加速 公司发布 2024 年半年报：2024H1 公司实现营业收入 73.53 亿元（同比+15.5%）， 归母净利润 4.97 亿元（同比+15.2%）；单 Q2 实现营业收入 38.78 亿元（同比 +12.3%），归母净利润 2.78 亿元（同比+11.2%）。消费电子板块温和复苏，烟酒 包低基数下增长稳健，环保纸塑延续较快增长；公司供应链优势明显、海外布局前 瞻，平台型龙头地位凸显。 3C 业务稳健复苏，多元布局韧性凸显。公司 2024H1 纸制精品包装/包装配套产 品/环保纸塑产品/其他产品分别实现收入 51.81/13.90/5.47/1.04 亿元（同比 +15.2%/+11.1%/+28.8%/+24.2%），毛利率分别为 24.2%/21.8%/21.6%/13.6%（同比+0.9pct/-2.1pct/+1.2pct/-18.5pct），收入稳 健增长、毛利率保持稳定。分板块来看，3C 需求延续修复，我们预计 Q2 收入实 现双位数左 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -22% -13% -4% 5% 14% 24% 2023-08 2023-12 2024-04 —裕同科技 2024 年中报点评 本报告导读： [Table_Market] 交易数据 公司业绩符合预期，中长期战略路径及成长路径清晰，短期高管增持彰显发展信心。 投资要点： [Table_PicQuote] 52周股价走势图 裕同科技 深证成指 业绩稳健增长，高分红价值回报凸显 裕同科技(002831) 林纸产品 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 33.11 | | | 上次预测: | 32.12 | | [当前价格： Tab ...

[Table_Main] 证券研究报告 | 公司点评 裕同科技(002831.SZ) 2024 年 08 月 27 日 买入（维持） 所属行业：轻工制造/包装印刷 当前价格(元)：22.07 证券分析师 毕先磊 资格编号：S0120524030001 邮箱：bixl3＠tebon.com.cn 宋姝旺 资格编号：S0120524060004 邮箱：songsw＠tebon.com.cn 研究助理 市场表现 裕同科技 沪深300 -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.03 | -13.52 | -13.12 | | 相对涨幅(%) | -2.54 | -9.04 | -5.42 | 资料来源：德邦研究所，聚源数据 相关研究 1.《裕同科技（002831.SZ）：经营总体 稳健，Q2 盈利环比修复》，2023.8.29 裕同科技(0 ...

深圳市裕同包装科技股份有限公司 关于募集资金半年度存放与使用情况的专项报告 深圳证券交易所： 现根据贵所印发的《深圳证券交易所上市公司规范运作指引》及相关格式指引的规定， 将本公司募集资金 2024 年半年度存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 2019 年 12 月，经中国证券监督管理委员会《关于核准深圳市裕同包装科技股份有限公 司公开发行可转换公司债券的批复》（证监许可〔2019〕2964 号文）核准，公司公开发行了 1,400.00 万张可转换公司债券，每张面值 100 元，发行总额 140,000.00 万元，共计募集资金 140,000.00 万元，扣除发行费用后，募集资金净额为 1,388,330,188.69 元。上述募集资金到 位情况业经天健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（天健验（2020） 7-28 号）。 第 1 页 共 9 页 二、募集资金存放和管理情况 (一) 募集资金管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权益，本公 司按照《中华人民共和国公司法》、《中华人民共和国证券法 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 7,353,414,173.77, representing a 15.52% increase compared to CNY 6,365,355,506.40 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 497,053,705.34, up 15.15% from CNY 431,666,002.47 year-on-year[13]. - Basic earnings per share increased by 14.89% to CNY 0.54, compared to CNY 0.47 in the same period last year[13]. - The total comprehensive income for the first half of 2024 was CNY 477,900,620.69, slightly down from CNY 483,973,997.90 in the previous year[165]. - The company's operating costs rose to CNY 6,733,271,669.19, an increase of 17.4% from CNY 5,737,703,273.15 in the first half of 2023[163]. - The company's total equity decreased to CNY 7,021,803,594.65 from CNY 7,389,150,043.33, reflecting a decline of 5%[162]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 44.22% to CNY 1,291,570,527.24, down from CNY 2,315,489,952.42 in the previous year[13]. - The company's cash and cash equivalents increased by 163.09% to ¥503,001,426.83 from ¥191,188,043.67 in the previous year[34]. - The total cash and cash equivalents at the end of the period reached approximately ¥2.20 billion, an increase from ¥1.72 billion at the end of the first half of 2023[169]. - The net cash outflow from financing activities was ¥2,334,328,795.26, up from ¥1,826,013,503.37 in the previous period, reflecting increased financing efforts[171]. - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was ¥33,292,333.62, down from ¥40,946,850.07 in the previous period, indicating reduced capital expenditures[171]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,624,985,955.29, a decrease of 2.53% from CNY 22,186,293,395.40 at the end of the previous year[13]. - The company's total liabilities decreased from CNY 10.59 billion to CNY 10.18 billion, a decline of approximately 3.87%[158]. - Long-term loans increased to CNY 862,815,414.65, accounting for 3.99% of total liabilities, up from 3.33% in the previous period[40]. - The total amount of raised funds was ¥138,833.02 million, with a net amount of ¥138,833.02 million after deductions[48]. Research and Development - The company's research and development investment increased by 16.16% to ¥349,406,383.27 from ¥300,791,038.16 in the previous year[33]. - The company has obtained a total of 1,417 patents, including 177 invention patents, 1,162 utility model patents, and 79 design patents, demonstrating its strong focus on innovation and technology[27]. - The company emphasizes the importance of R&D innovation and has gathered a large number of talented R&D and engineering personnel to provide leading new products and technologies[60]. Market Position and Strategy - The company is the largest premium paper packaging manufacturer globally, holding a leading position in the consumer electronics and smart hardware sectors, as well as a strong market position in China's high-end liquor and tobacco industries[20]. - The company aims to strengthen its leading position in the consumer electronics packaging market and expand into new business and emerging market segments[59]. - The company is focused on improving automation, information technology, and intelligent manufacturing to significantly enhance production efficiency and product quality[60]. - The company has established strategic partnerships with numerous brand clients, enhancing customer loyalty and market share across multiple sectors[23]. Environmental and Social Responsibility - The company is committed to sustainable development, aligning with global trends towards green and low-carbon packaging solutions[18]. - The company has maintained compliance with environmental regulations, with no exceedances in emissions and no penalties for violations during the reporting period[74]. - The company has actively engaged in social responsibility initiatives, focusing on environmental protection and community support[89]. - The company has donated over 49 million yuan to various charitable causes, including education and disaster relief, demonstrating its commitment to social responsibility[96]. Risk Management - The company has outlined risks including macroeconomic environment risks, market competition risks, and core talent loss risks in the management discussion section[2]. - The macroeconomic environment, government policies, and changing consumer preferences are key drivers of the company’s performance[22]. - The company acknowledges the risks of raw material price fluctuations and is taking steps to mitigate this risk[61]. - The company has implemented multiple measures to effectively respond to fluctuations in raw material prices, including strengthening strategic partnerships with upstream paper mills and optimizing inventory management strategies[62]. Corporate Governance - The company’s governance structure remains stable, with no changes in the board of directors, supervisors, or senior management during the reporting period[66]. - The company emphasizes the protection of minority shareholders' rights, ensuring they have access to information and decision-making processes[91]. - The company has not reported any significant litigation or arbitration matters during the reporting period, indicating a stable legal standing[98]. Related Party Transactions - The company reported a related party transaction amounting to 1,434.12 million yuan, accounting for 43.88% of similar transaction amounts[100]. - Another related party transaction involved 653.38 million yuan, which represents 68.12% of similar transaction amounts[100]. - The approved transaction amount for related party transactions is set at 5,000 million yuan, with no exceedance reported[100].