YUTO TECH.(002831) 长江证券·2024-11-04 02:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved operating revenue of 12.259 billion yuan, net profit attributable to shareholders of 1.114 billion yuan, and net profit excluding non-recurring items of 1.130 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13% for both revenue and net profit, and 9% for net profit excluding non-recurring items [4][5]. - In Q3 2024, the company reported operating revenue of 4.905 billion yuan, net profit attributable to shareholders of 617 million yuan, and net profit excluding non-recurring items of 607 million yuan, with year-on-year growth of 10%, 11%, and 14% respectively [4][5]. - The revenue growth in Q3 was driven by an increase in the share of consumer electronics and rapid growth in environmentally friendly and daily chemical packaging [4][5]. - The gross margin in Q3 2024 decreased by 0.5 percentage points year-on-year, primarily due to exchange rate impacts, while the net profit margin improved by 0.1 percentage points [5][6]. - The company is expected to enhance its return on equity (ROE) from 15% to 20% and has committed to a dividend payout ratio of no less than 60% from 2023 to 2025 [6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved operating revenue of 12.259 billion yuan, net profit of 1.114 billion yuan, and net profit excluding non-recurring items of 1.130 billion yuan, all showing a 13% year-on-year increase [4]. - In Q3 2024, the company reported operating revenue of 4.905 billion yuan, net profit of 617 million yuan, and net profit excluding non-recurring items of 607 million yuan, with year-on-year growth of 10%, 11%, and 14% respectively [4][5]. Business Growth - The company experienced steady revenue growth in Q3, with significant contributions from consumer electronics and rapid growth in environmentally friendly and daily chemical packaging [4][5]. - The company is expanding its customer base into cosmetics, luxury goods, and fresh produce, with notable growth in the daily chemical sector [4][5]. Profitability and Efficiency - The gross margin in Q3 2024 decreased by 0.5 percentage points year-on-year, mainly due to exchange rate effects, while the net profit margin improved by 0.1 percentage points [5]. - The company has implemented cost reduction and efficiency improvement measures, leading to a steady increase in profitability [5][6]. Future Outlook - The company is positioned as a leading player in high-end packaging and is expected to increase its ROE from 15% to 20% [6]. - The company has committed to a dividend payout ratio of no less than 60% for the years 2023-2025 and plans to repurchase shares worth 100-200 million yuan this year [6].