裕同科技：Q3逆势稳健成长，海外业务扩张加速

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 4.905 billion yuan in Q3 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 617 million yuan, up 11.4% year-on-year [1] - The growth in revenue and profit is attributed to the stable performance in the 3C and tobacco & alcohol packaging sectors, along with rapid growth in environmental and daily chemical packaging [1] - The company is expanding its international operations with seven production bases established in countries such as Vietnam, India, and Indonesia, enhancing its global delivery capabilities [1] - The company is also accelerating the smart upgrade of its factories, which is expected to optimize operational efficiency and enhance long-term competitive advantages [1] Financial Performance Summary - For 2024-2026, the forecasted net profits attributable to shareholders are 1.64 billion yuan, 1.83 billion yuan, and 2.02 billion yuan, respectively, with corresponding P/E ratios of 14.0X, 12.6X, and 11.4X [1][2] - The company's gross margin for Q3 2024 was 27.6%, with a net profit margin of 12.6% [1] - The operating cash flow for Q3 2024 was 321 million yuan, showing a year-on-year increase [1] - Inventory turnover days decreased by 7 days to 52 days, and accounts receivable turnover days decreased by 17 days to 126 days, indicating improved operational efficiency [1]