YUTO TECH.(002831) Guohai Securities·2024-08-31 03:07Investment Rating - The report maintains a "Buy" rating for the company as of August 29, 2024 [1][4][6] Core Insights - The company has demonstrated strong revenue growth, with a 15.52% year-on-year increase in revenue for the first half of 2024, reaching 7.353 billion yuan, and a net profit increase of 15.15% to 497 million yuan [1][2] - The company continues to expand its international business, achieving a 32.20% year-on-year revenue growth in foreign markets, indicating a successful internationalization strategy [2][3] - The dividend payout ratio remains high at approximately 60%, reflecting the company's confidence in its ongoing development [3][4] Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 73.53 billion yuan, with a net profit of 4.97 billion yuan, and a non-recurring net profit of 5.22 billion yuan [1][2] - The revenue breakdown for key product categories shows continued growth, with paper packaging products increasing by 15.22% year-on-year [2] Business Segments - Domestic revenue grew by 9.55% to 5.134 billion yuan, while international revenue surged by 32.20% to 2.219 billion yuan, with respective gross margins of 21.11% and 29.37% [2][3] - The company has a strong presence in various sectors, including consumer electronics, tobacco, and luxury goods, which supports its sales growth [2] Future Projections - Revenue forecasts for 2024-2026 are projected at 172.94 billion yuan, 193.77 billion yuan, and 212.75 billion yuan, respectively, with corresponding net profits of 16.30 billion yuan, 18.36 billion yuan, and 20.46 billion yuan [4][5] - The company is expected to maintain a stable gross margin around 26% and improve its return on equity (ROE) to 15% by 2026 [5][6]