裕同科技：Q3稳健成长，国际化布局加快推进

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][3] Core Views - The company benefits from the recovery in terminal smartphone demand, with Q3 revenue increasing by 10.45% year-on-year. Global smartphone shipments are expected to grow by 5% in Q4 2024, marking the fourth consecutive quarter of growth [2] - The launch of Apple Intelligence is anticipated to stimulate replacement demand, positively impacting the 3C packaging segment. The company's intelligent transformation ensures the highest efficiency in the industry, and its global layout supports efficient delivery, suggesting growth performance may exceed peers [2] - The company's profitability remains stable, with a gross margin of 27.6% and a net margin of 13.0% in Q3 2024. Cost control is commendable, with sales, management, and R&D expense ratios showing favorable trends [2] - The company is positioned as a leading player in high-end packaging, with a focus on the recovery of downstream demand and an accelerated global layout. New growth drivers are expected from its cigarette and environmental packaging businesses [2] - The company plans to distribute at least 60% of its annual net profit in cash from 2023 to 2025 [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 12.259 billion RMB, a net profit of 1.114 billion RMB, and a non-deducted net profit of 1.130 billion RMB, all showing a year-on-year increase of 13% [1] - In Q3 2024, the company reported revenue of 4.905 billion RMB, net profit of 617 million RMB, and non-deducted net profit of 607 million RMB, reflecting year-on-year growth of 10.45%, 11.4%, and 13.7% respectively [1] Profitability and Cost Management - The gross margin and net margin for the first three quarters of 2024 were 25.2% and 9.3%, respectively, with Q3 figures at 27.6% and 13.0%. The company has effectively controlled costs, with sales, management, and R&D expense ratios showing improvements [2] Future Projections - The company is projected to achieve net profits of 1.68 billion RMB, 1.89 billion RMB, and 2.24 billion RMB for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 12.6%, and 18.4% [3] - The current price-to-earnings (P/E) ratios are estimated at 14, 12, and 10 for the years 2024, 2025, and 2026, respectively [3]