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 investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved operating revenue of 12.259 billion yuan, net profit attributable to shareholders of 1.114 billion yuan, and net profit excluding non-recurring items of 1.130 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13% for both revenue and net profit, and 9% for net profit excluding non-recurring items [4][5]. - In Q3 2024, the company reported operating revenue of 4.905 billion yuan, net profit attributable to shareholders of 617 million yuan, and net profit excluding non-recurring items of 607 million yuan, with year-on-year growth of 10%, 11%, and 14% respectively [4][5]. - The revenue growth in Q3 was driven by an increase in the share of consumer electronics and rapid growth in environmentally friendly and daily chemical packaging [4][5]. - The gross margin in Q3 2024 decreased by 0.5 percentage points year-on-year, primarily due to exchange rate impacts, while the net profit margin improved by 0.1 percentage points [5][6]. - The company is expected to enhance its return on equity (ROE) from 15% to 20% and has committed to a dividend payout ratio of no less than 60% from 2023 to 2025 [6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved operating revenue of 12.259 billion yuan, net profit of 1.114 billion yuan, and net profit excluding non-recurring items of 1.130 billion yuan, all showing a 13% year-on-year increase [4]. - In Q3 2024, the company reported operating revenue of 4.905 billion yuan, net profit of 617 million yuan, and net profit excluding non-recurring items of 607 million yuan, with year-on-year growth of 10%, 11%, and 14% respectively [4][5]. Business Growth - The company experienced steady revenue growth in Q3, with significant contributions from consumer electronics and rapid growth in environmentally friendly and daily chemical packaging [4][5]. - The company is expanding its customer base into cosmetics, luxury goods, and fresh produce, with notable growth in the daily chemical sector [4][5]. Profitability and Efficiency - The gross margin in Q3 2024 decreased by 0.5 percentage points year-on-year, mainly due to exchange rate effects, while the net profit margin improved by 0.1 percentage points [5]. - The company has implemented cost reduction and efficiency improvement measures, leading to a steady increase in profitability [5][6]. Future Outlook - The company is positioned as a leading player in high-end packaging and is expected to increase its ROE from 15% to 20% [6]. - The company has committed to a dividend payout ratio of no less than 60% for the years 2023-2025 and plans to repurchase shares worth 100-200 million yuan this year [6].

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 ...

轻工制造/包装印刷 公 司 研 究 裕同科技（002831.SZ） 2024 年 10 月 30 日 2024Q3 收入业绩稳健增长，海外产能布局加速 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 24.75 | | 一年最高最低 ( 元 ) | 29.00/20.16 | | 总市值 ( 亿元 ) | 230.30 | | 流通市值 ( 亿元 ) | 128.95 | | 总股本 ( 亿股 ) | 9.31 | | 流通股本 ( 亿股 ) | 5.21 | | 近 3 个月换手率 (%) | 39.39 | 股价走势图 -24% -12% 0% 12% 24% 2023-10 2024-02 2024-06 裕同科技 沪深300 数据来源：聚源 相关研究报告 《2024H1 收入业绩平稳增长，高分红 比例回馈股东—公司信息更新报告》 -2024.8.28 《2024Q1 利润增速亮眼，需求复苏及 龙头地位凸显成长再加速—公司信息 ...

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 证 券 研 究 报 告 —裕同科技 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.30 业绩表现稳健，产能出海正当时 裕同科技(002831) 林纸产品 [Table_Industry] /原材料 | --- | --- | --- | |----------|-------------------------------------|----------------------------| | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 毛宇翔 ( 分析师 ) | | | 021-38038184 | 021-38038672 | | | liujiakun029641@gtjas.com | maoyuxiang029547@gtjas.com | | 登记编号 | S0880524040004 | S0880524080013 | | --- | --- | --- | |---------- ...

来源：公司年报、国金证券研究所 裕同科技 (002831.SZ) 买入(上调评级) 证券研究报告 业绩简评 10 月 28 日公司发布三季度报告，公司 24Q1-3 实现营收/归母净 利 润 / 扣非净利润 122.59/11.14/11.30 亿元， 同 比 +13%/+13%/+9%；其中 24Q3 实现营收/归母净利润/扣非净利润 49.05/6.17/6.07 亿元，同比+10.45%/+11.4%/+13.7%。 经营分析 受益于终端手机需求复苏，营收稳健修复。Q3 收入同比+10.45%， 根据 Canalys，2024Q3 全球智能手机出货量同比增长 5%，连续四 个季度实现增长。展望后续，1）近期苹果正式发布 Apple Intelligence，预计后续功能迭代带动换机需求刺激，带动 3C 包 装板块收入增速持续回暖，且公司智能化改造保证行业最高效率， 全球化布局保证高效交付，增长表现有望优于同业。2）伴随下游 消费需求回暖，公司烟包/酒包业务有望回暖，前期已切入多家省 中烟公司合作，看好格局改善背景下份额持续提升。 盈利能力保持稳定，智能工厂布局强化降本增效。公司 24Q1-3 毛 利率/ ...