YUTO TECH.(SZ:002831) SINOLINK SECURITIES·2026-02-26 11:19Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has made strategic acquisitions to enhance its market presence in Europe and diversify its operations beyond packaging [2][3] - The acquisition of Gelbert, a Hungarian packaging company, allows the company to leverage Gelbert's established customer network and market reputation in Central and Eastern Europe, improving local production and delivery capabilities [2] - The acquisition of a 51% stake in Dongguan Huayan Technology for 449 million yuan is expected to directly enhance the company's overall performance and integrate into the core supply chain of its clients [3] - The company is transitioning from a growth-oriented model to a more integrated service capability, aiming to expand into new consumer sectors such as AI and trendy products [3] Summary by Sections Event Summary - On February 25, the company announced the acquisition of 60% of Gelbert for 6.54 million euros (approximately 53.48 million yuan), marking its entry into the European core market [1] Operational Analysis - The acquisition price corresponds to a low valuation of 6.4 times the target company's 2024 EBITDA, indicating a favorable entry point [2] - The company aims to enhance its local service capabilities and order acquisition through this strategic move [2] - The acquisition of Huayan Technology is valued at 880 million yuan, representing 8 times the average target net profit for 2026-2028, reflecting strong support from major shareholders [3] Financial Forecasts and Valuation - The company is projected to have EPS of 1.78, 1.93, and 2.30 yuan for 2025-2027, with current PE ratios of 18, 16, and 14 times respectively [4] - Revenue is expected to grow from 15,223 million yuan in 2023 to 22,468 million yuan by 2027, with a compound annual growth rate of approximately 12.47% [9]