证券代码： 002831 证券简称：裕同科技 公告编号：2025-002 深圳市裕同包装科技股份有限公司 第五届董事会第十次会议决议公告 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"）第五届董事会第十 次会议通知于 2025 年 2 月 21 日（星期五）以书面或邮件方式发出，会议于 2025 年 2 月 24 日（星期一）以通讯表决的方式召开，本次会议应参与表决的董事 7 人，实际参与表决的董事 7 人，分别为：王华君先生、吴兰兰女士、刘宗柳先生、 刘中庆先生、王利婕女士、吴宇恩先生、邓赟先生。本次会议由公司董事长王华 君先生主持，会议的召集和召开符合有关法律、法规及《公司章程》的规定，会 议形成的决议合法有效。经与会董事认真审议，本次会议讨论并通过如下决议： 一、议案及表决情况 1、审议通过《关于制定<市值管理制度>的议案》。 本议案尚需提交公司 2025 年第一次临时股东大会审议。 具体内容请见公司同日在巨潮资讯网上披露的《投资决策管理制度（2025 年 2 月）》。 3、审议通过了《关于召开 2025 年 ...

证券代码：002831 证券简称：裕同科技 公告编号：2025-001 深圳市裕同包装科技股份有限公司 关于公司控股股东及其一致行动人股份质押变动的公告 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"）近日接到公司控股股 东吴兰兰女士及其一致行动人王华君先生通知，获悉股东吴兰兰女士及王华君先生 所持有公司的部分股票已办理质押和解质押手续，具体质押变动情况如下： 一、股东股份质押变动基本情况 | 1、本次股份质押基本情况 | | --- | | 股东名 | 是否为控股 股东或第一 | 本次质押数量 | 占其所 | 占公司 | 是否为 | 是否 为补 | 质押起 | | 质押到 | | | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | | | | | 质权人 | | | 称 | 大股东及其 | （股） | 比例 | 比例 | 限售股 | 充质 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price [4] - The current stock price is 27.14 yuan, and the A-share total market capitalization is 25,254.14 million yuan [4] - The company's ROE is expected to be 15.60% in 2026, up from 14.53% in 2022 [6] Core Views - The company is a global leader in premium paper packaging, particularly in the consumer electronics and smart hardware sectors [16] - The 3C product trade-in policy is expected to boost packaging demand, benefiting the company due to its strong market position and global production capabilities [18][23] - The company's EPS is forecasted to grow from 1.75 yuan/share in 2024 to 2.33 yuan/share in 2026, with a P/E ratio decreasing from 16x to 12x [17][26] Financial Performance - Revenue is projected to grow from 16,362.10 million yuan in 2022 to 22,064.10 million yuan in 2026, with a CAGR of 7.8% [26] - Net profit attributable to the parent company is expected to increase from 1,487.87 million yuan in 2022 to 2,164.42 million yuan in 2026 [26] - The company's gross margin is forecasted to remain stable around 25% from 2024 to 2026 [20] Global Expansion - The company has established a global presence with 50+ production bases and 5 service centers across 10 countries [3] - Its overseas factory in Vietnam, established in 2010, is part of its strategy to shorten production and delivery times, ensuring stable customer service [3] Industry Trends - The 3C trade-in policy is being expanded in multiple regions, including Jiangsu, Hubei, and Guizhou, which is expected to drive demand for packaging [23][25] - The company's strong client base, global production layout, and advanced smart factories position it well to capitalize on this trend [18] Valuation Metrics - The company's EV/EBITDA is expected to decline from 10.59x in 2022 to 6.98x in 2026, indicating improving valuation attractiveness [26] - The P/B ratio is projected to decrease from 2.47x in 2022 to 1.82x in 2026, reflecting potential undervaluation [26][35]

Investment Rating - The report maintains a **Buy** rating for Yuto Technology (002831.SZ) [3] Core Views - **3C demand elasticity**: The report highlights that the inclusion of consumer electronics in consumption subsidy policies across multiple regions is expected to boost 3C (computer, communication, and consumer electronics) demand. For example, the central government has allocated approximately 150 billion yuan in ultra-long-term special treasury bonds to support policies such as appliance trade-ins, with specific subsidies for TVs and laptops. Some regions, including Guangdong and Sichuan, have extended subsidies to cover smartphones and tablets [3][35] - **Stable growth in revenue and profitability**: Approximately 70% of Yuto's revenue comes from consumer electronics, with major domestic and international clients showing growth potential. New clients like Dyson and NVIDIA are expected to contribute to higher growth rates in Yuto's 3C paper packaging business compared to the broader market. The remaining 30% of revenue comes from sectors like tobacco, alcohol, cosmetics, and eco-friendly packaging (paper replacing plastic), which are expected to grow steadily, especially eco-friendly packaging. Yuto's net profit margin has been recovering since 2021, driven by reduced capital expenditures, lower new capacity drag, cost efficiencies from smart factories, and higher-margin new businesses. The proportion of overseas production, which has higher margins, is also increasing [4][36] - **High dividend yield**: Yuto has committed to a dividend payout ratio of no less than 60% from 2023 to 2025. The company plans to repurchase 100-200 million yuan in shares this year, potentially pushing the dividend yield above 5%. Since its IPO, Yuto has distributed 2.85 billion yuan in cash dividends and repurchased 650 million yuan in shares, totaling 3.5 billion yuan [23] - **Long-term growth potential**: Yuto benefits from cost advantages and higher product quality, which support its high profit margins and market share growth. The company is one of the few domestic paper packaging firms capable of supporting international clients' overseas expansion, with 8 overseas bases (including new factories in the Philippines and Mexico). Overseas production currently accounts for 20% of total output, with potential for further growth. The paper packaging industry is large but fragmented, with Yuto holding only a single-digit market share nationally, indicating significant growth potential. The company is also investing in smart factories, with 5 already operational and over 10 in the pipeline. These factors, combined with improving downstream demand and new client acquisitions, are expected to drive steady profit margin growth. Yuto's annualized ROE is around 15%, with potential to approach 20%. The report forecasts net profits of 1.61 billion, 1.82 billion, and 2.08 billion yuan for 2024-2026, with corresponding P/E ratios of 16x, 14x, and 12x [36] Financial Data and Forecasts - **Current stock price**: 27.51 yuan [6] - **Total shares outstanding**: 930.51 million [6] - **Earnings per share (EPS)**: Forecasted at 1.72, 1.96, and 2.23 yuan for 2024-2026 [45] - **Revenue**: Forecasted at 17.09 billion, 19.14 billion, and 21.48 billion yuan for 2024-2026 [45] - **Net profit**: Forecasted at 1.61 billion, 1.82 billion, and 2.08 billion yuan for 2024-2026 [45] - **P/E ratio**: Forecasted at 16x, 14x, and 12x for 2024-2026 [45] - **Dividend yield**: Expected to exceed 5% considering share repurchases [23]

证券代码： 002831 证券简称：裕同科技 公告编号：2024-051 深圳市裕同包装科技股份有限公司 关于第二期员工持股计划出售完毕暨计划终止的公告 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。 二、 公司第二期员工持股计划减持情况 一、公司第二期员工持股计划基本情况 公司于 2020 年 12 月 4 日召开第四届董事会第六次会议、第四届监事会第六 次会议，于 2020 年 12 月 21 日召开了 2020 年第二次临时股东大会，审议通过了 《关于公司<第二期员工持股计划（草案）>及其摘要的议案》等与本次员工持股 计划相关的议案，同意公司实施第二期员工持股计划。 2021 年 3 月 16 日，公司披露了《关于第二期员工持股计划完成股票购买的公 告》，公司第二期员工持股通过二级市场以大宗交易以及集中竞价的方式累计买入 本公司股票 20,850,177 股，占当时公司总股本的 2.22%，成交总金额 655,095,217.26 元（不含交易费用），成交均价 31.42 元/股。至此，公司第二期员 工持股计划已完成股票购买。本次持股计划购买的股票按照规定予 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is expected to benefit from the nationwide rollout of subsidies for old-for-new exchanges in the 3C product sector, with a projected revenue growth rate exceeding 10% due to increased coverage of these subsidies [1] - The company maintains a high supply share for major clients such as Xiaomi, Huawei, Oppo, and Vivo, particularly for high-end models [1] - The company has established seven overseas production bases and is accelerating the smart upgrade of its factories, enhancing its long-term competitive advantage [1] Financial Summary - Total revenue for 2022 was 16,362 million, with a projected increase to 17,064 million in 2024, reflecting a year-on-year growth rate of 12.1% [3] - The net profit attributable to the parent company for 2022 was 1,488 million, expected to rise to 1,645 million by 2024, with a year-on-year growth rate of 14.4% [3] - The gross profit margin is projected to improve from 26.2% in 2023 to 27.1% by 2026 [3] - The company’s earnings per share (EPS) is expected to increase from 1.55 in 2023 to 2.26 by 2026 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 16.74 in 2023 to 11.44 by 2026, indicating potential valuation improvement [3]

证券代码： 002831 证券简称：裕同科技 公告编号：2024-050 深圳市裕同包装科技股份有限公司 关于公司提供担保进展情况的公告 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。 一、担保情况概述 深圳市裕同包装科技股份有限公司（以下简称"本公司"或"公司"）于 2024 年 4 月 25 日召开的第五届董事会第七次会议，于 2024 年 5 月 17 日召开 2023 年度股东大会，审议通过了《关于 2024 年度银行授信及调整对子公司担 保额度及期限的议案》，同意公司提供担保的总额度为 566,172.00 万元（折合人 民币,含资产池业务产生的担保，以及子公司之间的担保）。 根据经营发展需要，2024 年 11 月 25 日，公司与交通银行股份有限公司深 圳分行签署《保证合同》[合同编号：2024 侨保证华宝利 01]，为公司子公司深圳 华宝利电子有限公司（以下简称"华宝利"）融资授信提供担保。现将具体进展 情况公告如下： （一）本次新增担保情况： | | 担保方 | 被担保方 | 币种 | 担保 方持 | 被担保方资 产负债率 （2024 年 | 2 ...

Investment Rating - The report maintains a "Buy" rating for Yuto Packaging Technology (002831 SZ) with a target price of 27 90 yuan per share [3][6] Core Views - Yuto Packaging Technology is a leading enterprise in the paper packaging industry with a diversified product portfolio covering consumer electronics liquor tobacco luxury goods cosmetics and more The company has demonstrated strong resilience and growth with revenue increasing from 8 58 billion yuan in 2018 to 15 22 billion yuan in 2023 and net profit growing from 950 million yuan to 1 44 billion yuan during the same period [3] - The packaging industry is highly fragmented with paper packaging accounting for 23 25% of the total packaging market in China The industry faces challenges such as weak bargaining power limited transportation radius and difficulty in controlling upstream raw material prices [3] - The recovery of the consumer electronics sector in the second half of 2024 is expected to drive order growth for Yuto Packaging Technology The company holds a 20 6% market share in the consumer electronics packaging sector and is well positioned to benefit from the industry rebound [3] - Yuto Packaging Technology is advancing its globalization and intelligent manufacturing strategies The company has established a presence in 10 countries and over 40 cities globally with 50+ production bases and 5 service centers The company s early adoption of intelligent factory upgrades is expected to drive cost reductions and efficiency improvements [3] Financial Performance and Forecast - Revenue is projected to grow from 16 36 billion yuan in 2023 to 21 81 billion yuan in 2026 with a CAGR of 12 6% Net profit is expected to increase from 1 44 billion yuan in 2023 to 2 10 billion yuan in 2026 with a CAGR of 13 2% [5] - EPS is forecasted to rise from 1 75 yuan in 2024 to 2 26 yuan in 2026 The company s PE ratio is expected to decline from 14 71x in 2024 to 11 43x in 2026 reflecting strong earnings growth [5] Industry Overview - The Chinese packaging industry is highly fragmented with paper packaging being a significant segment accounting for 23 25% of the total market in 2023 The industry is expected to grow steadily with the market size projected to reach 1 195 trillion yuan in 2024 [58] - The consumer electronics packaging market is relatively concentrated with Yuto Packaging Technology holding a leading 20 6% market share in 2022 The recovery of the consumer electronics sector is expected to drive demand for packaging [67] - The tobacco packaging market is under pressure due to anti corruption measures in the tobacco industry but this could lead to a reshuffling of the competitive landscape Yuto Packaging Technology has a 2% market share in the tobacco packaging sector and is well positioned to capture new opportunities [73] Company Strategy and Competitive Advantages - Yuto Packaging Technology has a diversified product portfolio including paper packaging soft packaging plant fiber molded products and biodegradable materials The company s products are widely used in consumer electronics smart hardware healthcare cosmetics tobacco liquor and environmental packaging [28] - The company has a strong focus on globalization and intelligent manufacturing with a presence in 10 countries and over 40 cities globally The company s intelligent factory upgrades are expected to drive cost reductions and efficiency improvements [3] - Yuto Packaging Technology has a strong customer base including leading global brands in consumer electronics liquor and tobacco The company s ability to provide integrated packaging solutions has enhanced its competitiveness and customer loyalty [92]

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]