[Table_StockInfo] 买入 2024年 05月 04日 （维持） 证券研究报告•23年年报及 24年一季报点评 当前价： 26.75元 裕同科技（002831） 轻工制造 目标价： ——元（6个月） 包装龙头经营稳健，Q1 业绩增速亮眼 投资要点 西南证券研究发展中心 [T ab业le绩_S摘u要mm：公ar司y]发 布2023年年报及2024年一季报，2023年公司实现营收152.2 [分Ta析bl师e_：Au蔡th欣or ] 亿元，同比-7%；实现归母净利润14.4亿元，同比-3.3%；实现扣非净利润14.9 执业证号：S1250517080002 亿元，同比-1.4%。单季度来看，2023Q4公司实现营收44.2亿元，同比+2.1％； 电话：023-67511807 实现归母净利润4.5亿元，同比-3.4%；实现扣非后归母净利润4.6亿元，同比 邮箱：cxin@swsc.com.cn +4.5%。2024Q1公司实现营收 34.8亿元，同比+19.4％；实现归母净利润 2.2 分析师：赵兰亭 亿元，同比+20.6%；实现扣非后归母净利润2.4亿元，同比+54.3%。盈利逐期 执业证号：S ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1]. Core Views - The company is focusing on strengthening dividends and developing new production capabilities, with a target price not specified [1]. - In Q1 2024, the company reported revenue of 3.5 billion, a year-on-year increase of 19%, and a net profit attributable to the parent company of 220 million, up 21% [2]. - The company plans to enhance its international market presence and improve its production processes through automation and smart manufacturing [3][4]. Financial Performance - For the full year 2023, the company reported revenue of 15.2 billion, a decrease of 7%, and a net profit of 1.4 billion, down 3% [2]. - The company declared a total dividend of 570 million for 2023, with a dividend payout ratio of 60.3% [2]. - The gross margin for Q1 2024 was 22%, a decrease of 1.6 percentage points, while the net margin was 6.5%, an increase of 0.3 percentage points [3]. Strategic Initiatives - The company aims to expand its overseas market investments and enhance its international supply chain through projects in Indonesia, Vietnam, and India [3]. - It plans to explore new markets for environmentally friendly products and strengthen its marketing capabilities in Europe and the United States [4]. - The company is committed to improving its smart manufacturing processes and enhancing its digital capabilities to optimize production and inventory management [4]. Earnings Forecast - The company expects net profits for 2024, 2025, and 2026 to be 1.76 billion, 2.02 billion, and 2.40 billion respectively, with corresponding EPS of 1.89, 2.17, and 2.58 [8].

证券代码： 002831 证券简称：裕同科技 公告编号：2024-022 深圳市裕同包装科技股份有限公司 关于首次回购公司股份暨回购股份进展的公告 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，公司应当在首次回购股份事实发生的次一交易日予 以公告，且上市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。现将公司首次回购股份暨回购股份进展情况公告如下： （一）首次回购公司股份情况 2024 年 4 月 30 日，公司通过回 ...

证券代码： 002831 证券简称：裕同科技 公告编号：2024-021 深圳市裕同包装科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 情况的公告 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。 根据《公司章程》"第二节第二十六条"的相关规定，由于本次回购股份方 案回购的股份将全部用于员工持股计划或股权激励，经公司三分之二以上董事出 席的董事会会议决议通过后即可实施，无需提交公司股东大会审议。 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》（2023 年修订）等相关规定，现将公司董事会公告回购股份决议的前一个交易日（即 2024 年 4 月 24 日）登记在册的前十名股东及前十名无限售条件股东的名称、持 股数量及持股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 吴兰兰 | 446,655,169 | 48.00% | | 2 | 王华君 | 97,603,051 | 10.49% | | 3 | 香港中央结算有限公司 | 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported 2023 earnings that were in line with expectations, with total revenue of 15.22 billion yuan, a year-on-year decrease of 7.0%, and a net profit attributable to shareholders of 1.44 billion yuan, down 3.3% year-on-year. However, Q1 2024 results exceeded expectations, with revenue of 3.48 billion yuan, up 19.4% year-on-year, and a net profit of 219 million yuan, up 20.6% year-on-year [6][7]. - The company is positioned for growth, with its main business recovering alongside terminal demand, and it is expanding into new fields such as artificial intelligence, toys, and food packaging. The global production base enhances service quality [6]. - The company has increased its dividend payout ratio to 60.3% in 2023, with plans to maintain a dividend ratio of no less than 60% for 2024-2025, enhancing its investment appeal [6]. Financial Performance Summary - **2023 Financials**: Total revenue was 15.22 billion yuan, with a net profit of 1.44 billion yuan. The Q4 2023 revenue was 4.42 billion yuan, showing a slight recovery [6][7]. - **2024 Projections**: Expected revenue for 2024 is 17.17 billion yuan, with a net profit forecast of 1.63 billion yuan, reflecting a year-on-year growth of 12.8% and 13.5% respectively [7][9]. - **Earnings Per Share**: Projected EPS for 2024 is 1.75 yuan, increasing to 2.28 yuan by 2026 [7][9]. Business Segments Analysis - **Consumer Electronics**: Revenue growth is expected to recover due to strong demand from major clients like Huawei and Xiaomi, with a focus on expanding into new customer segments [6]. - **Eco-friendly Packaging**: Revenue growth is rebounding, supported by the implementation of "plastic bans" and the development of new eco-friendly materials [6]. - **Tobacco and Alcohol Packaging**: The company is capitalizing on the increasing marketization of the bidding process, which is expected to provide new growth opportunities [6]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 15 for 2024, which is attractive compared to the average PE of 21 for the top 10 comparable companies in the paper packaging industry [6][7].

24Q1 增长靓丽，智能化工厂建设快速推进 裕同科技（002831）/轻工 证券研究报告/公司点评 2024 年 4 月 30 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-----------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

轻工制造/包装印刷 公 司 研 裕同科技（002831.SZ） 2024Q1 利润增速亮眼，需求复苏及龙头地位凸显成 究 2024年04月30日 长再加速 投资评级：买入（维持） ——公司信息更新报告 日期 2024/4/29 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） 当前股价(元) 26.88 lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 公 一年最高最低(元) 29.00/22.31 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 司 信 总市值(亿元) 250.12  2024Q1利润增速亮眼，需求复苏及龙头地位凸显，维持“买入”评级 公司 2023 全年实现营业收入 152.2 亿元（同比-7.0%，下同），归母净利润 14.4 息 流通市值(亿元) 140.04 亿元（-3.3%），扣非归母净利润14.9亿元（-1.4%）。2024Q1实现营业收入34.8 更 总股本(亿股) 9.31 亿元（+19.4%），归母净利润 2.2 亿元（+20.6%），扣非归母净 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has shown a steady improvement in profit margins due to cost reduction and efficiency enhancement measures, with a long-term positive outlook on profitability [6] - The revenue for 2023 was affected by weak demand in high-end consumer products, but a recovery is expected in 2024 through increased market share with existing clients and new customer acquisition [6] - The company has adjusted its profit forecasts, expecting net profits of 1.654 billion, 1.827 billion, and 2.010 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 15%, 10.5%, and 10% [6] Financial Summary - For 2023, the company reported revenues of 15.223 billion yuan, a decrease of 7% year-on-year, with a net profit of 1.438 billion yuan, down 3.3% [6] - The gross margin for 2023 was 26.2%, with a projected decline to 24.2% in 2024, followed by a slight recovery in subsequent years [5][6] - The company plans to maintain a dividend payout ratio of no less than 60% for 2024-2025, with a total dividend of 870 million yuan for 2023 [5]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨裕同科技（ ） 002831.SZ [裕Ta同b科le_技Ti2tl0e2] 3A&2024Q1 点评： 业绩超预期，看好公司稳健成长 2024Q1 报告要点 [公Ta司ble2_0S2u3m年m度ar拟y]分红总额5.7亿元，2023年中期分红3亿元，合计分红8.7亿元，分红比例 60.3%。公司营收/归母净利润/扣非净利润 2023 年实现 152.23/14.38/14.94 亿元，同减 7%/3%/1%；2023Q4 实现 44.16/4.53/4.58 亿元，同比+2%/-3%/+5%；2024Q1 实现 34.76/2.19/2.43亿元，同增19%/21%/54%。 ...

Investment Rating - The report maintains a rating of "Buy" for Yutong Technology (002831) with a target price of 32.90, down from the previous target of 35.50 [1][2]. Core Views - The company demonstrates stable performance with long-term investment value highlighted. The global production capacity layout is nearly complete, focusing on capital efficiency and shareholder returns, with a dividend yield of 3.4% [1][2]. - The report adjusts profit expectations due to the introduction cycle of new clients, projecting earnings per share (EPS) for 2024-2026 at 1.97, 2.17, and 2.56 respectively [1][2]. - Revenue growth is expected to turn positive in 2024, benefiting from overall economic recovery, with significant rebounds in revenue across various business segments [1][2]. Financial Summary - The company’s revenue for 2023 is projected at 15,223 million, with a growth forecast to 18,282 million in 2024 and 21,043 million in 2025 [2]. - Operating profit (EBIT) is expected to increase from 1,902 million in 2023 to 2,442 million in 2024, reflecting a growth rate of 20% [2]. - Net profit attributable to shareholders is forecasted to rise from 1,438 million in 2023 to 1,787 million in 2024, indicating a growth of 28% [2]. Profitability and Valuation Metrics - The report indicates an improvement in operating profit margin from 12.5% in 2023 to 13.4% in 2024, with net profit margin also expected to improve [2]. - The price-to-earnings (PE) ratio is projected to decrease from 17.02 in 2023 to 13.70 in 2024, suggesting a more attractive valuation [2]. - The return on equity (ROE) is expected to stabilize around 14.4% in 2024, reflecting the company's ability to generate profit from shareholders' equity [2].