YUTO TECH.(002831) 华安证券·2025-03-08 00:25Investment 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 [4][5] - The integration of AI capabilities in traditional consumer electronics is anticipated to drive a new wave of demand, with significant growth in global shipments of AI-driven PCs and smartphones projected for 2024 [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability [6] - The company has a strong commitment to shareholder returns, with plans for substantial cash dividends and share buybacks [6] Summary by Sections Company Overview - The company is positioned as a leading integrated packaging provider in the consumer electronics sector, with a diversified business model [7] Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 171.97 billion, 191.16 billion, and 209.98 billion yuan, respectively, reflecting year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit attributable to the parent company is expected to reach 16.29 billion, 18.24 billion, and 20.36 billion yuan for the same years, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10] - The report highlights an EPS forecast of 1.75, 1.96, and 2.19 yuan for 2024, 2025, and 2026, with P/E ratios of 14.79, 13.21, and 11.83, respectively [8][10]