YUTO TECH.(002831) KAIYUAN SECURITIES·2024-10-30 06:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in Q3 2024, with a total revenue of 12.26 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 13.4%. The net profit attributable to the parent company was 1.11 billion yuan, up 13.1% year-on-year [4] - The company is expected to maintain its profit forecast, with projected net profits of 1.63 billion yuan, 1.91 billion yuan, and 2.20 billion yuan for 2024-2026, corresponding to EPS of 1.76 yuan, 2.05 yuan, and 2.36 yuan respectively [4] Financial Performance - For Q3 2024, the company reported a revenue of 4.91 billion yuan, a 10.4% increase year-on-year, and a net profit of 620 million yuan, which is an increase of 11.4% year-on-year [4] - The gross margin for Q1-Q3 2024 was 25.2%, with a net profit margin of 9.3% [5] - The company maintained a consistent dividend policy, with a total dividend payout of 567 million yuan in 2023 and a proposed payout of 302 million yuan for the first half of 2024 [6] International Expansion - The company is accelerating its overseas capacity layout, with new factories opening in the Philippines and Mexico in Q3 2024. It now operates 13 overseas factories in 9 countries, including Vietnam, the Philippines, Australia, and the United States [6] Valuation Metrics - The current stock price is 24.75 yuan, with a market capitalization of 23.03 billion yuan. The P/E ratios for 2024, 2025, and 2026 are projected to be 14.1, 12.0, and 10.5 respectively [1][4]