公司研究 证 券 研 究 报 告 裕同科技（002831）重大事项点评 推荐（维持） 收购华研科技 51%股份，多元化布局加速 事项： | 目标价：39.12 | 元 | | --- | --- | | 当前价：31.92 | 元 | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com 公司基本数据 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 17,157 | 18,818 | 21,851 | 24,102 | | 同比增速(%) | 12.7% | 9.7% | 16.1% | 10.3% | | 归母净利润(百万) | 1,409 | 1,643 | 2,001 | 2,294 | | 同比增速(%) | -2.1% | 16.6% | 21.8% | 14.7% | | 每股盈利(元) | 1. ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][7]. Core Insights - The company is acquiring a 51% stake in Huayan Technology for 449 million yuan, which is expected to accelerate its diversification strategy [2][7]. - Huayan Technology is a provider of precision components with applications in AI glasses, foldable smartphones, and surgical robots, which will enhance the company's growth potential [7]. - The company has established a strong overseas production network, benefiting from lower production costs and higher profit margins in international markets compared to domestic ones [7]. - The report projects steady revenue growth, with total revenue expected to reach 24.1 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.3% [3][8]. - Net profit is forecasted to increase to 2.29 billion yuan by 2027, with a notable growth rate of 14.7% in that year [3][8]. - The target price for the company's stock is set at 39.12 yuan, based on a price-to-earnings (P/E) ratio of 18 times for 2026 [3][7]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 17.16 billion yuan, 18.82 billion yuan, 21.85 billion yuan, and 24.10 billion yuan, respectively, with year-on-year growth rates of 12.7%, 9.7%, 16.1%, and 10.3% [3][8]. - The company's net profit is expected to be 1.41 billion yuan in 2024, increasing to 2.29 billion yuan by 2027, with growth rates of -2.1%, 16.6%, 21.8%, and 14.7% for the respective years [3][8]. - Earnings per share (EPS) are projected to rise from 1.53 yuan in 2024 to 2.49 yuan in 2027 [3][8]. - The company maintains a healthy balance sheet with a debt-to-equity ratio of 52.2% in 2024, decreasing to 41.7% by 2027 [8].

Investment Rating - The investment rating for the company is "Buy" [6][21]. Core Insights - The company is acquiring a 51% stake in Huayan Technology for 448.8 million RMB, which will make Huayan a subsidiary and included in the consolidated financial statements. The performance commitment for Huayan is a non-net profit of at least 75 million RMB, 100 million RMB, and 155 million RMB for the years 2026 to 2028 respectively [3][4]. - The acquisition price reflects a valuation of approximately 8.0X PE and 4.0X PB based on the average performance commitment, which is at a discount compared to comparable transactions [4]. - The expected net profit contribution from Huayan to the company's consolidated financials is estimated to be between 38 million RMB and 79 million RMB, which corresponds to an increase of approximately 2.7% to 5.6% to the company's net profit for 2024 [4]. Financial Performance and Forecast - The company expects to achieve a net profit of 1.637 billion RMB, 1.916 billion RMB, and 2.210 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 16%, 17%, and 15% respectively [6][7]. - Revenue projections for the company are 17.157 billion RMB, 19.129 billion RMB, 21.315 billion RMB, and 23.262 billion RMB for the years 2024 to 2027, with growth rates of 13%, 11%, 11%, and 9% respectively [7][14].

裕同科技 20260210 摘要 宇通科技正寻求从传统红利型资产向 AI 加消费成长股转型，核心策略是 通过收购华微电子 51%股权，切入 AI 眼镜等新兴消费电子产品领域， 预计将显著提升公司估值。 预计 2026 年宇通科技主业收入接近 200 亿元，增速约 10%，经营性 利润保底 18 亿元以上，表观利润预计超过 17 亿元。公司历史业绩稳健， 分红率提升至 70%，未来股息率预计在 4%以上。 公司业绩受上游原材料价格波动和中游议价能力影响，但客户结构优化 （苹果占比 30%，消费电子占比 60%）以及新兴业务（Meta AI 眼镜、 环保包装、新能源车包装）的发展，将推动毛利率和净利率提升。 新兴业务展现良好前景，环保包装产能搬迁后有望重回增长轨道，Meta AI 眼镜市场份额提升，新能源车包装具备优势，这些业务普遍具有高于 传统消费电子业务的毛利率和净利率。 公司海外市场收入占比 30%-40%，未来 3-4 年内预计将达到 50%。海 外市场毛利率显著高于国内，主要得益于竞争格局较好和税收优惠。 Q&A 宇通科技在 2025 年 9 月发布股权激励后，公司的估值和收益情况如何？ 在 2025 ...

Group 1 - The core point of the article is that Shenzhen Yutong Packaging Technology Co., Ltd. plans to acquire 51% of Dongguan Huayan New Materials Technology Co., Ltd. for 449 million yuan, making Huayan Technology a subsidiary of Yutong Technology [1] - Huayan Technology, established in 2016, specializes in providing integrated solutions for precision metal and ceramic components, with applications in smartphones, smartwatches, laptops, new energy vehicles, VR, 5G, and medical parts manufacturing [1] - The acquisition is expected to enhance Huayan Technology's core competitiveness and expand its growth potential by leveraging Yutong's customer platform and financial support [2] Group 2 - The performance commitment agreement stipulates that Huayan Technology must achieve a net profit attributable to its shareholders of no less than 75 million yuan, 100 million yuan, and 155 million yuan for the years 2026 to 2028, respectively, totaling at least 330 million yuan over three years [1] - The acquisition will allow Yutong Technology to diversify its product structure and enhance customer service capabilities, injecting new momentum into its second growth curve [2]

Core Viewpoint - The DT New Leaf Award is a global, professional, and comprehensive award focused on innovation in the bio-based sector, often referred to as the "Oscar of the bio-based industry" [2]. Group 1: Award Overview - The DT New Leaf Award features four main categories: Innovation Materials Award, Innovation Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [2]. - Free registration for the award is open until March 13 [2]. Group 2: Participating Companies - Over 40 listed and representative companies have registered for the 2026 DT New Leaf Award, including notable firms such as Wanhua Chemical, Shuangqiang Technology, and Yutong Technology [3]. - Wanhua Chemical is recognized as a leading global chemical new materials company and has established a bio-based polyurethane industry chain [5]. - Shuangqiang Technology, known as the first stock of chopsticks in China, has partnered with Ningbo Materials to develop bamboo-based composite logistics pallets, showcasing significant market potential [7]. Group 3: Selected Products and Innovations - Wanhua Chemical's PCDL product utilizes dimethyl carbonate as a raw material, produced through carbon capture technology, and exhibits excellent mechanical properties [11]. - Shuangqiang Technology's bamboo-based composite pallets are noted for their high rigidity and toughness, with costs only 60%-70% of traditional plastic pallets [12]. - Huazhong University of Science and Technology's team has developed a unique liquid gel foaming technology aimed at producing 100% biodegradable gel foam materials [78]. Group 4: Industry Trends and Developments - The bio-based materials sector is seeing significant innovations, such as the development of bio-based 1,4-butanediamine by Huazhong University, which has been recognized in the Ministry of Industry and Information Technology's list of landmark bio-manufacturing products [9][10]. - Companies like Lifebio and Zhongke Guosheng are advancing in the production of bio-based chemicals and materials, with Lifebio's FDCA production line expected to yield 15,000 tons annually after reaching full capacity [16][17]. Group 5: Award Process and Evaluation - The award process includes registration, online voting for preliminary selection, and expert reviews for final selection, culminating in an award ceremony on May 21 [110]. - Evaluation criteria for the awards include innovation, application, functionality, commercial value, and sustainability, with different weightings for each category [111].

Core Viewpoint - Yutong Technology (002831.SZ) announced the acquisition of 51% of Dongguan Huayan New Materials Technology Co., Ltd. for a total consideration of 44.88 million RMB, valuing the entire company at 88 million RMB, which will enhance Yutong's competitive edge and expand its business scope in precision components and modules [1][4]. Group 1: Acquisition Details - The acquisition involves purchasing 51% of Huayan Technology from Shenzhen Guankai Investment Co., Ltd. [1] - The total valuation of Huayan Technology is set at 88 million RMB, with the acquisition price for 51% of the shares being 44.88 million RMB [1][2]. - The transaction is classified as a related party transaction due to the ownership structure of Guankai Investment [3]. Group 2: Company Performance and Projections - Huayan Technology reported revenues of 61.96 million RMB for 2024 and 45.59 million RMB for the first eight months of 2025, with net profits of 7.13 million RMB and 4.02 million RMB respectively [4]. - The company has a total asset value of 78.49 million RMB and a net asset value of 21.88 million RMB as of August 31, 2025 [5]. - Performance commitments for Huayan Technology include net profits of no less than 7.5 million RMB, 10 million RMB, and 15.5 million RMB for the years 2026 to 2028 [5]. Group 3: Strategic Implications - The acquisition is expected to leverage Yutong's customer platform and financial resources to enhance Huayan's core competitiveness and explore new growth areas [4]. - Yutong aims to diversify its product structure and improve customer service capabilities by expanding into the precision components and modules sector [4].

# 收购详情 拟出资4.49亿元收购华研科技51%股权，股权出让方为观点投资（为董事长夫妇全资公司），为同一控制下并表。 1）华研科技是3C精密件专精特新企业，在# 折叠手机转轴、手表结构件和智能眼镜 转轴模组的设计及制造方面具 有技术和客户优势，主要终端客户涵盖# 谷歌、三星、META、亚马逊、微软、索尼 等全球知名品牌客户。 【浙商轻工 史凡可】裕同科技：收购华研科技51%股权，供应链延伸至精密件 # 收购详情 拟出资4.49亿元收购华研科技51%股权，股权出让方为观点投资（为董事长夫妇全资公司），为同一控制下并表。 1）华研科技是3C精密件专精特新企业，在# 折叠手机转轴、手表结构件和智能眼镜 转轴模组的设计及制造方面具 有技术和客户优势，主要终端客户涵盖# 谷歌、三星、META、亚马逊、微软、索尼 等全球知名品 【浙商轻工 史凡可】裕同科技：收购华研科技51%股权，供应链延伸至精密件 1）华研是一家优秀的新材料公司，24年研发费用率9%、净利率11%，公司创始人徐旭辉持股10%、员工持股平台 持有5%，利益绑定激励充分。 2）对裕同：丰富产品结构，提供除包装以外的产品，增强整体解决方案能力、提高份额； ...

Core Insights - The news highlights significant corporate announcements and performance reports from various companies, indicating potential investment opportunities and market movements. Group 1: Corporate Announcements - Ge Weidong invested 1 billion yuan to subscribe for shares in Jianghuai Automobile's private placement, acquiring approximately 20.05 million shares at a price of 49.88 yuan per share, contributing to a total fundraising of about 3.5 billion yuan from eight investors [3][4] - *ST Cube completed its suspension review and will resume trading on February 11, 2026, after confirming no undisclosed significant matters related to the company [2] - Yunnan Baiyao plans to invest 137 million yuan in a second phase project for oral liquid production to meet growing market demand [11] Group 2: Performance Reports - Semiconductor manufacturer SMIC reported a 23.2% year-on-year increase in net profit for Q4 2025, reaching 1.223 billion yuan, driven by increased wafer sales and improved capacity utilization [5] - Special Biological Company reported a net profit of 1.038 billion yuan for 2025, reflecting a 25.39% increase year-on-year, attributed to stable sales of key products and new product approvals [6] - New Zobang achieved a net profit of 1.098 billion yuan in 2025, marking a 16.56% increase compared to the previous year [6] Group 3: Fundraising and Restructuring - New Han New Materials plans to raise up to 1 billion yuan through a private placement to fund projects related to high-performance resins and composite materials [8] - Chutian Long intends to raise up to 760 million yuan for the development of innovative safety products and digital operations [8] - Yi Yi Co. decided to terminate its plan to acquire 100% equity of a pet food company due to changes in the target company's operational conditions [8] Group 4: Major Contracts and Investments - Yunjiji Group signed an EPC contract worth 1.331 billion yuan for a cement production line and power station in Zimbabwe, representing 86.66% of the company's audited revenue for 2024 [9] - Solar Energy's subsidiary plans to acquire 100% of Jinhua Windling for 527 million yuan, enhancing its position in the solar power industry [9] - Yutong Technology intends to acquire 51% of Huayan Technology for 448.8 million yuan, which will become a subsidiary post-transaction [9]

Core Points - The DT New Leaf Award is a global, professional, and comprehensive award focused on innovation in the bio-based sector, often referred to as the "Oscar of the bio-based industry" [2] - The award features four categories: Innovation Material Award, Innovation Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [2] - The deadline for free registration is March 13 [2] Group 1: Participating Companies and Products - Over 40 listed and representative companies have registered for the 2026 DT New Leaf Award, including major players in bio-based materials and applications such as Wanhua Chemical, Shuangqiang Technology, and Yutong Technology [3] - Wanhua Chemical (600309) is a leading global chemical new materials company and has established a bio-based polyurethane industry chain [5] - Shuangqiang Technology (001211) is recognized as the first stock of chopsticks in China and has signed a contract to jointly develop bamboo-based composite materials with Ningbo Materials [7] - China Resources Double Crane (600062) has its 1,4-butanediamine included in the "Ministry of Industry and Information Technology's list of landmark bio-manufacturing products" [9] Group 2: Selected Products and Innovations - Wanhua Chemical's PCDL product, made from dimethyl carbonate, can be produced through carbon capture processes and has excellent mechanical properties [11] - Shuangqiang Technology's bamboo-based composite logistics pallets are cost-effective, priced at only 60%-70% of traditional plastic pallets with similar performance [12] - Yutong Technology is advancing the development of non-wood fibers and biodegradable materials, including eco-friendly cellulose films and plant-based cat litter [13] - Lifebio is a global leader in PEF & FDCA and has a production line for FDCA with an investment of 1 billion yuan, expected to yield an annual output of 15,000 tons [16] Group 3: Innovations and Technologies - Zhongke Guosheng is a representative enterprise in the HMF-FDCA-PEF full industry chain and has completed a 200 million yuan A+ round financing [17] - Fengyuan Bio is recognized as a "chain leader" in the bio-based materials industry, utilizing non-grain technology to convert straw into mixed sugars at a cost significantly lower than corn glucose [19] - Guwei Yuan Chuang is the first global company to focus on non-grain bio-based succinic acid production and has received the first ISCC PLUS certification for its products [21] - The innovative use of plant fiber materials in products like Ecocoon and PEF-based fibers demonstrates advancements in sustainable materials with multiple natural functions [23][24] Group 4: Award Evaluation and Process - The evaluation criteria for the awards include technical innovation, application innovation, functionality, commercial value, and sustainability [111] - The total score for the awards is 100 points, with online voting accounting for 20 points and expert reviews for 80 points [110] - The award process includes registration, online voting, and expert evaluations, culminating in a ceremony on May 21 [110]