YUTO TECH.(SZ:002831) Xinda Securities·2025-05-07 08:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth outlook. Core Views - The company reported a revenue of 17.157 billion yuan for 2024, reflecting a year-on-year increase of 12.7%, while the net profit attributable to the parent company was 1.409 billion yuan, down 2.1% year-on-year. The first quarter of 2025 showed a revenue of 3.699 billion yuan, up 6.4% year-on-year, and a net profit of 241 million yuan, up 10.3% year-on-year, indicating a stable performance despite some fluctuations in profit due to specific events [1][2][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 17.157 billion yuan, with a net profit of 1.409 billion yuan. The first quarter of 2025 saw revenues of 3.699 billion yuan and a net profit of 241 million yuan, indicating a stable growth trajectory [1][4]. - The company's gross margin for Q1 2025 was 22.1%, and the net profit margin was 6.5%, showing stability in profitability metrics [4]. Business Segments - The company’s main business segments in H2 2024 included paper-based premium packaging (72.36 billion yuan), packaging supporting products (11.09 billion yuan), and eco-friendly paper-plastic products (7.24 billion yuan), with respective year-on-year growth rates of +10.7%, -18.6%, and +13.2% [2]. - The global smartphone market is expanding, with Q1 2025 shipments reaching 300 million units, a 1.5% increase year-on-year. The company is positioned to benefit from this growth as it supplies high-end models to leading brands [2]. Global Expansion and Operational Efficiency - The company has established a global delivery capability with over 100 subsidiaries and 40 production bases across 10 countries, enhancing its competitive edge [3]. - The implementation of smart factories is ongoing, with several facilities already operational and others in the upgrade phase, which is expected to improve overall business margins [3]. Profitability and Cash Flow - The company’s operating cash flow for Q1 2025 was 1.06 billion yuan, reflecting an improvement in cash flow management [4]. - Profit forecasts for 2025 to 2027 predict net profits of 1.804 billion yuan, 2.075 billion yuan, and 2.361 billion yuan, respectively, with corresponding price-to-earnings ratios of 11X, 9X, and 8X [4].