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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in Q3 2024, with a total revenue of 12.26 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 13.4%. The net profit attributable to the parent company was 1.11 billion yuan, up 13.1% year-on-year [4] - The company is expected to maintain its profit forecast, with projected net profits of 1.63 billion yuan, 1.91 billion yuan, and 2.20 billion yuan for 2024-2026, corresponding to EPS of 1.76 yuan, 2.05 yuan, and 2.36 yuan respectively [4] Financial Performance - For Q3 2024, the company reported a revenue of 4.91 billion yuan, a 10.4% increase year-on-year, and a net profit of 620 million yuan, which is an increase of 11.4% year-on-year [4] - The gross margin for Q1-Q3 2024 was 25.2%, with a net profit margin of 9.3% [5] - The company maintained a consistent dividend policy, with a total dividend payout of 567 million yuan in 2023 and a proposed payout of 302 million yuan for the first half of 2024 [6] International Expansion - The company is accelerating its overseas capacity layout, with new factories opening in the Philippines and Mexico in Q3 2024. It now operates 13 overseas factories in 9 countries, including Vietnam, the Philippines, Australia, and the United States [6] Valuation Metrics - The current stock price is 24.75 yuan, with a market capitalization of 23.03 billion yuan. The P/E ratios for 2024, 2025, and 2026 are projected to be 14.1, 12.0, and 10.5 respectively [1][4]

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 | | --- | --- | --- | |---------- ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][3] Core Views - The company benefits from the recovery in terminal smartphone demand, with Q3 revenue increasing by 10.45% year-on-year. Global smartphone shipments are expected to grow by 5% in Q4 2024, marking the fourth consecutive quarter of growth [2] - The launch of Apple Intelligence is anticipated to stimulate replacement demand, positively impacting the 3C packaging segment. The company's intelligent transformation ensures the highest efficiency in the industry, and its global layout supports efficient delivery, suggesting growth performance may exceed peers [2] - The company's profitability remains stable, with a gross margin of 27.6% and a net margin of 13.0% in Q3 2024. Cost control is commendable, with sales, management, and R&D expense ratios showing favorable trends [2] - The company is positioned as a leading player in high-end packaging, with a focus on the recovery of downstream demand and an accelerated global layout. New growth drivers are expected from its cigarette and environmental packaging businesses [2] - The company plans to distribute at least 60% of its annual net profit in cash from 2023 to 2025 [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 12.259 billion RMB, a net profit of 1.114 billion RMB, and a non-deducted net profit of 1.130 billion RMB, all showing a year-on-year increase of 13% [1] - In Q3 2024, the company reported revenue of 4.905 billion RMB, net profit of 617 million RMB, and non-deducted net profit of 607 million RMB, reflecting year-on-year growth of 10.45%, 11.4%, and 13.7% respectively [1] Profitability and Cost Management - The gross margin and net margin for the first three quarters of 2024 were 25.2% and 9.3%, respectively, with Q3 figures at 27.6% and 13.0%. The company has effectively controlled costs, with sales, management, and R&D expense ratios showing improvements [2] Future Projections - The company is projected to achieve net profits of 1.68 billion RMB, 1.89 billion RMB, and 2.24 billion RMB for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 12.6%, and 18.4% [3] - The current price-to-earnings (P/E) ratios are estimated at 14, 12, and 10 for the years 2024, 2025, and 2026, respectively [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 12.26 billion yuan for the first nine months of 2024, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 1.11 billion yuan, also up by 13.0% [1]. - In Q3 2024, the company achieved a revenue of 4.91 billion yuan, reflecting a year-on-year growth of 10.5%, with a net profit of 620 million yuan, up 11.4% year-on-year [1]. - The company is actively advancing its smart factory transformation domestically and expanding its overseas market presence, with new factories in the Philippines and Mexico expected to commence production by the end of the year [1]. - The company's gross margin for the first nine months of 2024 was 25.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin remained stable at 9.1% [1]. Financial Forecast Summary - The company is projected to achieve revenues of 17.56 billion yuan, 19.89 billion yuan, and 22.26 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.38%, 13.25%, and 11.89% [3]. - The net profit attributable to shareholders is expected to be 1.64 billion yuan, 1.91 billion yuan, and 2.18 billion yuan for the same years, with profit growth rates of 13.92%, 16.85%, and 13.79% [3]. - The diluted EPS is forecasted to be 1.76 yuan, 2.06 yuan, and 2.34 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14X, 12X, and 11X [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 4.905 billion yuan in Q3 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 617 million yuan, up 11.4% year-on-year [1] - The growth in revenue and profit is attributed to the stable performance in the 3C and tobacco & alcohol packaging sectors, along with rapid growth in environmental and daily chemical packaging [1] - The company is expanding its international operations with seven production bases established in countries such as Vietnam, India, and Indonesia, enhancing its global delivery capabilities [1] - The company is also accelerating the smart upgrade of its factories, which is expected to optimize operational efficiency and enhance long-term competitive advantages [1] Financial Performance Summary - For 2024-2026, the forecasted net profits attributable to shareholders are 1.64 billion yuan, 1.83 billion yuan, and 2.02 billion yuan, respectively, with corresponding P/E ratios of 14.0X, 12.6X, and 11.4X [1][2] - The company's gross margin for Q3 2024 was 27.6%, with a net profit margin of 12.6% [1] - The operating cash flow for Q3 2024 was 321 million yuan, showing a year-on-year increase [1] - Inventory turnover days decreased by 7 days to 52 days, and accounts receivable turnover days decreased by 17 days to 126 days, indicating improved operational efficiency [1]