YUTO TECH.(SZ:002831) Changjiang Securities·2024-08-29 04:13Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance met expectations, with steady growth and a continued high dividend payout anticipated. The proposed cash dividend for H1 2024 is 300 million yuan, with a dividend payout ratio of 60.7%, slightly up from 60.3% in 2023 [6][7]. - In H1 2024, the company achieved revenue of 7.353 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 497 million yuan, up 15% year-on-year. The non-recurring net profit was 522 million yuan, reflecting a 4% increase [6][7]. - The company expects continued growth across its business segments in Q2 2024, particularly in the consumer electronics packaging and eco-friendly paper-plastic products, with anticipated double-digit growth in Q2 [7]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 7.353 billion yuan, a 16% increase year-on-year, and a net profit of 497 million yuan, a 15% increase year-on-year. The Q2 revenue was 3.878 billion yuan, a 12% increase year-on-year, while the net profit for Q2 was 278 million yuan, an 11% increase year-on-year [6][7]. - The gross profit margin and net profit margin remained stable year-on-year, with slight improvements in Q2 2024 [7]. Business Segments - The revenue from premium paper packaging and eco-friendly paper-plastic products grew by 15% and 29% year-on-year, respectively, accounting for 70% and 7% of total revenue [7]. - The company anticipates continued demand recovery in the consumer electronics packaging sector, with expectations for double-digit growth in Q2 2024 [7]. Future Outlook - The company is positioned to benefit from a recovery in downstream demand, with a focus on improving quality and efficiency while expanding its global footprint. The projected net profits for 2024-2026 are 1.67 billion, 1.95 billion, and 2.24 billion yuan, respectively, with corresponding P/E ratios of 12, 11, and 9 [7].