YUTO TECH.(SZ:002831) KAIYUAN SECURITIES·2024-08-28 08:31Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved stable revenue growth in H1 2024, with a significant dividend payout to shareholders [5] - The company is expected to benefit from accelerated smart factory initiatives and a strong competitive position in the market [5] Financial Performance - In H1 2024, the company reported revenue of 7.35 billion yuan (up 15.5% year-on-year) and a net profit attributable to shareholders of 500 million yuan (up 15.1%) [5] - For Q2 2024, the company achieved revenue of 3.88 billion yuan (up 12.3%) and a net profit of 280 million yuan (up 11.2%) [5] - The company's gross margin for H1 2024 was 23.6%, remaining stable, while the net profit margin was 6.9% [6] Revenue Breakdown - In H1 2024, revenue from paper-based premium packaging was 5.18 billion yuan (up 15.2%), with a gross margin of 24.2% [7] - Domestic revenue was 5.13 billion yuan (up 9.5%), while international revenue reached 2.22 billion yuan (up 32.2%) [7] Company Highlights - The company is accelerating its global smart factory initiatives, with operations in over 10 countries and 50 production bases [8] - A high dividend payout ratio of 60.7% of net profit for H1 2024 reflects the company's commitment to returning value to shareholders [8]