YUTO TECH.(SZ:002831) ZHESHANG SECURITIES·2026-02-14 00:25Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The company announced plans to acquire 51% of Huayan Technology for 449 million yuan, enhancing supply chain integration and collaboration [2] - Huayan Technology specializes in precision components for 3C products, with notable clients including Google, Samsung, and Amazon, and is expected to generate revenues of 620 million yuan in 2024 [2] - The acquisition is expected to enrich the company's product structure and provide new growth momentum, particularly in smart products like smart glasses [3] - Revenue projections for the company from 2025 to 2027 are 17.946 billion yuan, 20.901 billion yuan, and 23.666 billion yuan, respectively, with corresponding net profits of 1.608 billion yuan, 1.831 billion yuan, and 2.142 billion yuan [4] Summary by Sections Acquisition Announcement - The company plans to invest 449 million yuan to acquire a 51% stake in Huayan Technology, which is under the same control and will be consolidated in financial statements [2] - Huayan Technology is recognized for its technical and customer advantages in the design and manufacturing of components for foldable phones and smart glasses [2] Significance of the Acquisition - Huayan Technology has a strong R&D expense ratio of 9% and a net profit margin of 11.5%, with significant ownership by its founder and employee stock ownership [3] - The acquisition will enhance the company's overall solution capabilities and market share, particularly in the smart glasses segment [3] Financial Forecast and Valuation - The company is projected to achieve revenues of 17.157 billion yuan in 2024, with a growth rate of 12.71%, and net profits of 1.409 billion yuan [4] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 18.42X, 16.18X, and 13.83X, respectively, indicating a positive outlook for the company's financial performance [4]