[Table_Page] 投资策略月报|纺织服饰 证券研究报告 [Table_Title] 纺织服饰行业 纺织服装与轻工行业数据月报 2.1-2.27 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-03-02 [Table_Author] 分析师： 糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 SFC CE No. BWW545 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn 分析师： 董建芳 SAC 执证号：S0260525060002 dongjian ...

行 30986 轻工制造 2026 年 03 月 01 日 业 研 究 关轻注 工制造 纸企发布 3 月涨价函，上海购房政策优化 投资要点： 行 业 定 期 报 告 【周观点】①文化纸企发布 3 月涨价函、涨幅 200 元/吨，玖龙多基地宣布 箱板瓦楞纸提价 50 元/吨，浆价回升叠加招标旺季背景下，预计木浆系纸 价有支撑，看好纸企 Q1 盈利环比改善，持续推荐太阳纸业，关注玖龙纸 业、博汇纸业。②上海进一步优化购房政策，带动家居估值修复，关注后 续楼市小阳春销售情况。③家得宝、劳氏 26 年展望同店持平至+2%低于市 场预期，反映对当前美国疲软的住房市场和高利率环境的谨慎态度。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关 ...

北京市中伦（广州）律师事务所 关于深圳市裕同包装科技股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月 北京市中伦（广州）律师事务所 关于深圳市裕同包装科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：深圳市裕同包装科技股份有限公司 根据深圳市裕同包装科技股份有限公司（"裕同科技"或"公司"）的委托， 北京市中伦（广州）律师事务所（"本所"）就公司 2026 年第一次临时股东会（"本 次股东会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、本 次股东会的提案、表决程序及表决结果等相关问题发表法律意见。 本法律意见书系根据《中华人民共和国公司法》（"《公司法》"）、《中华人民 共和国证券法》、《上市公司股东会规则》（"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》（"《证券法律业务管理办法》"）及《深圳市裕同包装科 技股份有限公司章程》（"《公司章程》"）的有关规定出具。 为出具本法律意见书之目的，本所经办律师（"本所律师"）列席了本次股东 会，并依照现行有效的中国法律、法规以及中国证券监督管理委员会（"中国证 监会"）相关规章、规范性文件的要求和 ...

深圳市裕同包装科技股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更前次股东会决议。 一、会议召开和出席情况 证券代码：002831 证券简称：裕同科技 公告编号：2026-011 （一）会议召开情况 （1）现场会议召开时间：2026 年 2 月 27 日（星期五）下午 14:30 （2）网络投票时间： （a）通过深圳证券交易所交易系统进行网络投票的具体时间为：2026 年 2 月 27 日上午 9:15—9:25，9:30—11:30；下午 13:00—15:00； （b）通过深圳证券交易所互联网投票系统投票的具体时间为：2026 年 2 月 27 日上午 9:15—下午 15:00。 3、股权登记日：2026年2月24日 4、召开地点：深圳市宝安区石岩街道水田社区石环路1号公司三楼会议室 5、召开方式：现场投票与网络投票表决相结合 6、召集人：公司董事会 7、主持人：董事长王华君先生 8、本次会议的召开符合《公司法》、《股票上市规则》及《 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨裕同科技（002831.SZ） [Table_Title] 裕同科技：拟收购匈牙利纸包企业 Gelbert 60% 股权，开启全球化布局新阶段 报告要点 [Table_Summary] 裕同科技拟收购匈牙利纸包企业 Gelbert 60%股权，1）收购主体：全资子公司香港裕同；2） 收购价和估值：60%股权对价 654 万欧元，对应标的公司 2024 年经审计 EBITDA 的倍数为 6.4 倍。3）保障机制：本次交易设置与标的公司 2026-2027 年度财务指标挂钩的保留购买价款支 付机制，若标的公司未来两年经审计的年收入及 EBITDA 未能达到协议约定的考核标准（2026 年、2027 年分别或者两年算术平均值：不低于 2024 年收入，不低于 2024 年 EBITDA 的 85%）， 上市公司有权不予支付相应年度的保留购买价款，保留价款为 82 万欧元，分 2 期。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 ...

裕同科技：收购匈牙利包装公司Gelbert60%股权，全球化布局深化、助力业务横向拓展 公司公告收购匈牙利包装公司Gelbert60%股权，收购对价654万欧元（约人民币5348万元）；收购标的24年 EBITDA170.5万欧元（EBITDA/收入=22%），收购对应倍数6X。 本次收购公司设定严格业绩考核要求、分期支付安排，收购对价的15%根据业绩考核分别于27和28年6月底支付； 业绩考核Gelbert原本业务，26、27财年收入相较于24年不下滑、EBITDA不低于24年的85%。 公司此次收购标的"小而美"，在欧洲当地已有基地和客户，自身可实现盈利。 公司收购估值性价比高，虽对存量业务业绩考核不高，但借助收购企业已有的欧洲本土化资源（熟悉监管政策要 求、本地产能等），裕同客户资源优势可快速导入；叠加裕同管理和智能化改造，盈利能力提升空间大。 此次收购为公司在欧洲第一个基地布局，助力公司供应链全球化，提升对国际客户的属地化服务能力，加速横向 拓展日化、奢侈品等新赛道包装业务。 剩余40%股权仍由标的创始人持有，并承诺业绩考核期内服务公司以保障业务平稳发展。 本次收购公司设定严格 裕同科技：收购匈牙利包 ...

裕同科技在公告中表示，此次收购是公司全球化产能布局的关键一步，旨在欧洲核心区域建立战略支 点，提升对全球大客户的属地化服务能力，并以此为切入点开拓欧洲本土客户资源。公司同时提示，本 次投资资金来源为自有或自筹资金，将导致现金流减少，且受市场变化和政策影响，仍存在一定的经营 风险。 2月25日晚间，裕同科技发布公告，旗下全资子公司香港裕同印刷有限公司拟以654.37万欧元(折合人民 币约5348.2万元)的对价，收购匈牙利印刷包装企业Gelbert Eco Print合计60%的股权。交易完成后， Gelbert将成为裕同科技的控股子公司，并纳入合并报表范围。 公告显示，Gelbert成立于2003年，注册地位于匈牙利Dunakeszi，主营印刷和包装服务，在欧洲市场深 耕多年，拥有成熟的运营团队、完善的生产基地及优质的客户资源。从财务数据看，Gelbert 2024年实 现营业收入6313.14万元人民币，EBITDA为1393.87万元人民币。本次交易估值参考其2024年经审计的 EBITDA，对应倍数约为6.4倍。 在交易结构上，裕同科技设置了"保留购买价款"机制。根据协议，总对价中约572.58万欧元将 ...

Investment Rating - The report maintains a "Positive" outlook on the paper and light industry sectors, highlighting potential improvements in domestic demand and the impact of tariff policy changes [1][2]. Core Insights - The report emphasizes the expected marginal improvement in domestic demand, driven by real estate policy stabilization and consumer confidence recovery [2][10]. - The AI glasses market is anticipated to see significant growth, with Meta's sales surging and Apple's upcoming product launch expected to enhance market penetration [2][12]. - The paper industry is experiencing price stability and potential profitability improvements due to strong overseas production control and rising prices [2][14]. Summary by Sections Export Sector - Changes in tariff policies are expected to boost export performance, with recommendations for companies like 嘉益股份, 匠心家居, and 永艺股份 due to their strong performance certainty [2][4]. - The U.S. Supreme Court's ruling against additional tariffs and the introduction of a 10% global tariff are pivotal developments [4][10]. Home Furnishing Sector - The home furnishing industry is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [2][10]. - The sector is witnessing accelerated consolidation, with mid-tier companies exiting and capital entering leading firms, enhancing industry concentration [2][11]. - Companies like 顾家家居, 索菲亚, and 欧派家居 are highlighted for their potential valuation recovery [2][11]. AI Glasses Sector - Meta's smart glasses sales have seen explosive growth, with a reported increase of nearly threefold, while Apple's anticipated entry is expected to further drive market penetration [2][11]. - The report suggests focusing on companies like 康耐特光学 and 明月镜片, which are well-positioned in this emerging market [2][12]. Paper Industry - The report notes that overseas pulp mills are showing strong production control intentions, leading to price increases [2][14]. - Companies like 太阳纸业 and 玖龙纸业 are recommended due to their integrated operations and cost advantages [2][14]. Domestic Demand - There is an expectation of marginal improvement in domestic demand, with companies like 百亚股份 and 公牛集团 identified as potential beneficiaries [2][17]. - The report highlights the importance of consumer confidence and spending power recovery in driving demand [2][17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company has made strategic acquisitions, including a 60% stake in the Hungarian packaging company Gelbert for €6.54 million (approximately 53.48 million RMB), which positions it to establish a foothold in the European market [1]. - The acquisition of Gelbert is valued at 6.4 times the target company's 2024 EBITDA, suggesting a low valuation and potential for growth through local production and service capabilities [2]. - The company also plans to acquire a 51% stake in Dongguan Huayan Technology for 449 million RMB, with performance-based valuation adjustments tied to future profit targets [2][3]. - The overall valuation for Huayan Technology is set at 880 million RMB, reflecting an 8x multiple on the average target net profit for 2026-2028, indicating strong support from major shareholders [3]. - The company's strategy focuses on expanding beyond packaging into non-packaging sectors, enhancing supply chain integration, and targeting new consumer markets, which is expected to drive future revenue growth [3]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 1.78, 1.93, and 2.30 RMB for the years 2025 to 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 [4]. - Revenue forecasts indicate a decline of 6.96% in 2023, followed by growth rates of 12.71% in 2024 and 4.29% in 2025, with further increases expected in subsequent years [9]. - The net profit attributable to the parent company is expected to decrease slightly in 2023 but is projected to grow significantly by 16.21% in 2025 and 18.94% in 2027 [9].

Investment 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]