业绩简评 8 月 26 日公司发布 2025 年中报，25H1 营业收入/归母净利润/扣 非归母净利润分别为+7.10%/+11.42%/+7.11%到 78.76/5.54/5.60 亿元。25Q2，公司实现营业收入/归母净利润/扣非归母净利润分别 +7.71%/+12.34%/+12.09%到 41.77/3.13/3.13 亿元。25H1，公司拟 每股派发现金股利 0.43 元，对应的股利支付率为 70.18%。 经营分析 25H1,公司纸制精品包装/包装配套产品/环保纸塑产品实现营收 54.61/12.97/5.84 亿元，同比分别+5.39%/-6.70%/+6.77%。截止 25 年 7 月，国内家用电器和烟酒类社零累计同比增速分别为 +30.40%/+5.20%。下游需求的逐步恢复为公司实现业绩稳健增长 奠定基础。纸浆模塑等环保包装业务增速平缓，主因公司在向海外 转移产能过程中生产效率有所下降，后续产能搬迁完成后，叠加东 南亚地区工包餐包等需求旺盛，环保包装业务有望持续放量。 25H1 营收稳健增长，环保包装因外部因素致短期增长有所放缓。 25H1，公司毛利率/净利率分别为 22.77%/6.8 ...

Investment 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 Viewpoints - The company reported a revenue of 17.157 billion yuan in 2024, reflecting a year-on-year increase of 12.7%, while the net profit attributable to the parent company was 1.409 billion yuan, a slight decrease of 2.1% year-on-year [1] - The company is expected to benefit from the global expansion of the smartphone market, with a projected shipment of 300 million units in Q1 2025, representing a 1.5% year-on-year growth [2] - The company has established a robust global presence with over 100 subsidiaries and 40 production bases across 10 countries, enhancing its competitive edge [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 36.99 billion yuan, up 6.4% year-on-year, and a net profit of 2.41 billion yuan, an increase of 10.3% year-on-year [1] - The gross profit 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 showed varied performance in H2 2024, with paper-based premium packaging generating 7.236 billion yuan (up 10.7% year-on-year) and eco-friendly paper-plastic products growing significantly by 421.1% [2] - The company is positioned to benefit from the launch of new smartphone models and the ongoing demand for high-quality packaging solutions in the liquor and tobacco sectors [2] Operational Efficiency - The company has been improving its operational efficiency, with a net operating cash flow of 1.06 billion yuan in Q1 2025, indicating a positive cash flow trend [4] - The company’s inventory turnover days increased slightly to 54 days, while accounts receivable turnover days were at 143 days, reflecting stable operational management [4] Future Outlook - The company forecasts net profits of 1.804 billion yuan, 2.075 billion yuan, and 2.361 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.81, 9.39, and 8.26 [5] - The company is expected to maintain a healthy growth trajectory, driven by its strategic investments in smart factories and global production capabilities [3]

公司报告 | 年报点评报告 裕同科技（002831） 证券研究报告 全球产能布局优势凸显 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 36.99 亿元，同比+6.42%，归母净利润 2.41 亿元，同比 +10.26%，扣非归母净利润 2.46 亿元，同比+1.37%； 24Q4 公司收入 48.98 亿元，同比+10.92%，归母净利润 2.95 亿元，同比 -34.93%，扣非归母净利润 3.84 亿元，同比-16.01%； 24 年公司收入 171.57 亿元，同比+12.71%，归母净利润 14.09 亿元，同比 -2.05%，扣非归母净利润 15.14 亿元，同比+1.34%。 24 年公司毛利率 24.80%，同比-1.43pct；归母净利率 8.21%，同比-1.24pct。 2024 年面对国际地缘政治和经济碎片化风险抬升、贸易保护主义上升等多 重因素叠加影响，公司充分发挥一体化产品线、全球化布局和智能制造等 多方面优势，强化客户开拓，稳步提升国际化发展水平，深化区域战略与 专案战略，为公司持续发展注入了新动能。24 年公司收入再创新高，龙头 地位持续巩固；归母净利润同 ...