研报掘金丨华福证券：维持裕同科技“买入”评级，“稳增长+高分红”的双重属性

Group 1 - The core viewpoint of the article highlights that Yutong Technology's acquisition of a 51% stake in Huayan Technology deepens its "packaging+" strategy [1] - Huayan Technology has developed strong vertical integration, material research and development, and precision module design and manufacturing capabilities, particularly in the design and manufacturing of folding phone hinges, smartwatch structural components, and smart glasses hinge modules [1] - Major end customers of Huayan Technology include globally recognized brands such as Google, Samsung, META, Amazon, Microsoft, and Sony [1] Group 2 - Huayan Technology maintains a good level of profit margin and R&D investment, projecting a revenue of 620 million yuan and a net profit of 71.27 million yuan with a net profit margin of 11.5% for 2024 [1] - The technical and customer foundation of Huayan Technology in folding screen hinges, smartwatch structural components, and smart glasses hinge modules aligns well with the company's deep binding with leading 3C customers, enabling an integrated solution of "packaging + precision components/modules" [1] - The company shows strong momentum in international expansion and diverse business growth, slightly raising profit expectations while maintaining a "buy" rating due to its dual attributes of "stable growth + high dividends" [1]