YUTO TECH.(002831) 国信证券·2024-11-06 10:21Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][11]. Core Views - The company achieved record high revenue and profit in Q3 2024, with revenue of 12.26 billion (+13.4%) and net profit attributable to shareholders of 1.11 billion (+13.1%) for the first three quarters of 2024. In Q3 alone, revenue reached 4.91 billion (+10.4%) and net profit was 620 million (+11.4%) [2]. - The company continues to expand its market share in consumer electronics, tobacco, and environmentally friendly packaging, with a stable growth in profits alongside revenue increases. The profitability remains stable [2]. - The company is expected to benefit from the ongoing recovery in the consumer electronics sector, with double-digit growth anticipated in its main 3C packaging business. The introduction of AI products is expected to accelerate innovation cycles in consumer electronics [2]. - The company has announced a cash dividend policy of no less than 60% of net profit attributable to shareholders from 2023 to 2025, and plans to repurchase shares worth 100 to 200 million, indicating a commitment to high returns for shareholders [2]. - The company is enhancing its global footprint with the opening of factories in the Philippines and Mexico, and the construction of smart factories in various locations, which is expected to optimize costs and improve efficiency [2]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 12.26 billion (+13.4%) and net profit of 1.11 billion (+13.1%). The Q3 results showed revenue of 4.91 billion (+10.4%) and net profit of 620 million (+11.4%) [2][3]. - The company’s gross margin for Q3 2024 was 27.6%, with a slight decline attributed to currency fluctuations. The net profit margin was 13.0%, reflecting a 0.1 percentage point increase [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.75 yuan, with net profits expected to grow by 13% to 16.3 billion in 2024, 18.7 billion in 2025, and 21.0 billion in 2026 [2][3][9].