YUTO TECH.(SZ:002831) Xin Lang Cai Jing·2025-08-31 08:53Core Viewpoint - The company reported a solid performance in H1 2025, with revenue and net profit growth driven by recovery in downstream demand and expansion in overseas markets [1][2][3] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 7.876 billion yuan, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 554 million yuan, up 11.4% year-on-year [1] - Q2 2025 revenue reached 4.177 billion yuan, reflecting a year-on-year growth of 7.7%, with net profit of 313 million yuan, up 12.3% year-on-year [1] - The company's gross profit margin for H1 2025 decreased by 0.8 percentage points to 22.8%, while the expense ratio also fell by 0.8 percentage points to 13.7% [4] Group 2: Business Segments - Revenue from paper-based premium packaging in H1 2025 was 5.461 billion yuan, a year-on-year increase of 5.4%, benefiting from the recovery in demand from the consumer electronics sector [2] - Revenue from packaging supporting products was 1.297 billion yuan, up 3.5% year-on-year, while revenue from eco-friendly paper-plastic products was 584 million yuan, increasing by 6.8% year-on-year [2] - Other products, including those from subsidiaries, generated revenue of 379 million yuan, a significant increase of 57.8% year-on-year [2] Group 3: Global Expansion - Domestic revenue in H1 2025 was 5.053 billion yuan, a decrease of 1.6% year-on-year, while overseas revenue surged to 2.823 billion yuan, up 27.2% year-on-year, accounting for 35.8% of total revenue [3] - The company has established over 40 production bases and 4 service centers across 10 countries, enhancing supply chain stability and responsiveness to global market demands [3] Group 4: Investor Relations and Future Outlook - The company announced a cash dividend of 4.30 yuan per 10 shares (tax included), with a payout ratio of 70.18%, and introduced an employee stock ownership plan to align with long-term growth targets [4] - Profit forecasts for 2025-2027 have been slightly adjusted downwards, with expected net profits of 1.579 billion yuan, 1.736 billion yuan, and 1.898 billion yuan respectively [5] - The target price for the company's stock is set at 36.12 yuan, based on a 21 times PE ratio for 2025, maintaining a "buy" rating [5]