YUTO TECH.(SZ:002831) Huaan Securities·2025-08-27 11:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 7.876 billion yuan for H1 2025, representing a year-on-year growth of 7.1%, and a net profit attributable to shareholders of 554 million yuan, up 11.42% year-on-year [5] - The company's global layout advantages are significant, with overseas revenue showing impressive growth. In H1 2025, domestic and foreign revenues were 5.053 billion yuan and 2.823 billion yuan, respectively, with year-on-year changes of -1.59% and +27.21% [6] - The company has launched an employee stock ownership plan for 2025, reflecting confidence in its development [8] - The company is expected to achieve revenues of 18.805 billion yuan, 20.490 billion yuan, and 22.094 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.686 billion yuan, 1.897 billion yuan, and 2.091 billion yuan [9] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 22.77%, with a net profit margin of 7.03%, reflecting a year-on-year increase of 0.27 percentage points [7] - The company’s revenue for Q2 2025 was 4.177 billion yuan, with a year-on-year growth of 7.71% [5] Product and Regional Performance - Revenue from various product lines in H1 2025 included 5.461 billion yuan from paper-based premium packaging, 1.297 billion yuan from packaging supporting products, 584 million yuan from eco-friendly paper-plastic products, and 379 million yuan from other products, with respective year-on-year growth rates of 5.39%, 3.48%, 6.77%, and 57.84% [6] Future Outlook - The company anticipates a revenue growth of 9.6%, 9%, and 7.8% for the years 2025, 2026, and 2027, respectively, with net profit growth rates of 19.7%, 12.5%, and 10.2% [9]