裕同科技：单季营收利润创新高

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% compared to the CSI 300 Index within 6 months [4][13] Core Views - The company achieved record-high revenue and profits in Q3 2024, with revenue of 4.91 billion yuan (+10.5% YoY) and net profit of 620 million yuan (+11.4% YoY) [1] - The company's global expansion strategy is progressing steadily, with new factories opened in the Philippines and Mexico, enhancing its global manufacturing and delivery capabilities [1] - The company is accelerating its intelligent manufacturing process, with multiple smart factories in operation or under construction, which is expected to further improve production efficiency and optimize cost structure [2] - The company has a strong commitment to shareholder returns, with a cumulative dividend and share repurchase of 3.5 billion yuan since its IPO, and plans to distribute at least 60% of its annual net profit in cash from 2023 to 2025 [3] Financial Performance - For Q3 2024, the company achieved a gross margin of 27.6% (-0.5 pct YoY) and a net profit margin of 13% (+0.1 pct YoY) [1] - For the first three quarters of 2024, the company's revenue reached 12.26 billion yuan (+13.4% YoY), with net profit of 1.11 billion yuan (+13.1% YoY) [1] - The report adjusted the company's net profit forecast for 2024-2026 to 1.63/1.88/2.16 billion yuan, with corresponding P/E ratios of 15/13/11X [4] Industry and Valuation - The company operates in the light manufacturing/packaging and printing industry [5] - As of the report date, the company's A-share market capitalization was 23.9 billion yuan, with a P/B ratio of 2.16 and a P/S ratio of 1.57 [5] - The company's EV/EBITDA ratio is expected to improve from 8.27 in 2023 to 6.60 in 2026 [4] Strategic Development - The company has established a global presence with over 50 production bases and 5 service centers across 10 countries, which helps reduce production and transportation time and ensures stable customer service [1] - The company's intelligent manufacturing capabilities are expected to further enhance its production efficiency and cost optimization, with multiple smart factories in operation or under construction [2]