YUTO TECH.(002831) 天风证券·2024-12-31 00:36Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price [4] - The current stock price is 27.14 yuan, and the A-share total market capitalization is 25,254.14 million yuan [4] - The company's ROE is expected to be 15.60% in 2026, up from 14.53% in 2022 [6] Core Views - The company is a global leader in premium paper packaging, particularly in the consumer electronics and smart hardware sectors [16] - The 3C product trade-in policy is expected to boost packaging demand, benefiting the company due to its strong market position and global production capabilities [18][23] - The company's EPS is forecasted to grow from 1.75 yuan/share in 2024 to 2.33 yuan/share in 2026, with a P/E ratio decreasing from 16x to 12x [17][26] Financial Performance - Revenue is projected to grow from 16,362.10 million yuan in 2022 to 22,064.10 million yuan in 2026, with a CAGR of 7.8% [26] - Net profit attributable to the parent company is expected to increase from 1,487.87 million yuan in 2022 to 2,164.42 million yuan in 2026 [26] - The company's gross margin is forecasted to remain stable around 25% from 2024 to 2026 [20] Global Expansion - The company has established a global presence with 50+ production bases and 5 service centers across 10 countries [3] - Its overseas factory in Vietnam, established in 2010, is part of its strategy to shorten production and delivery times, ensuring stable customer service [3] Industry Trends - The 3C trade-in policy is being expanded in multiple regions, including Jiangsu, Hubei, and Guizhou, which is expected to drive demand for packaging [23][25] - The company's strong client base, global production layout, and advanced smart factories position it well to capitalize on this trend [18] Valuation Metrics - The company's EV/EBITDA is expected to decline from 10.59x in 2022 to 6.98x in 2026, indicating improving valuation attractiveness [26] - The P/B ratio is projected to decrease from 2.47x in 2022 to 1.82x in 2026, reflecting potential undervaluation [26][35]