YUTO TECH.(002831) 华安证券·2025-03-07 15:10Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The ongoing government subsidy activities and the AI trend are expected to benefit the ICT packaging business, particularly with the promotion of the 3C consumer electronics trade-in program, which aims to stimulate consumer demand and drive sales growth [4][5] - The upgrade of smart products, driven by major industry players like Apple, is anticipated to create new demand for packaging solutions as traditional consumer electronics evolve with integrated AI capabilities [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability and shareholder returns through high dividend payouts [6][7] Summary by Relevant Sections Government Subsidy and Consumer Demand - The government has allocated 300 billion yuan in special bonds to support the trade-in program for consumer electronics, with subsidies of up to 500 yuan per product for eligible purchases [4] - Over 34 million consumers have applied for subsidies for new purchases, indicating a significant potential for increased sales in the 3C sector [4] AI Product Upgrades - The global shipment of AI-driven PCs and smartphones is projected to reach 295 million units in 2024, a tenfold increase from 29 million units in 2023, indicating a robust market for new technology [5] - The market share for AI PCs and smartphones is expected to rise to 43% and 32% respectively by 2025, suggesting a strong demand for innovative packaging solutions [5] Internationalization and Shareholder Returns - The company has established over 50 production bases in more than 40 cities across 10 countries, with new factories in the Philippines and Mexico enhancing its global footprint [6] - The company has implemented cash dividends totaling 2.85 billion yuan and plans to continue high dividend payouts, targeting at least 60% of annual net profit for the years 2023-2025 [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 171.97 billion yuan, 191.16 billion yuan, and 209.98 billion yuan respectively, with year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit forecasts for the same years are 16.29 billion yuan, 18.24 billion yuan, and 20.36 billion yuan, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10]