Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][4]. Core Views - The company has demonstrated solid and steady growth, with a revenue increase of 8% year-on-year in Q2 2025, reaching 4.2 billion yuan, and a net profit increase of 12%, totaling 310 million yuan. For the first half of 2025, revenue was 7.9 billion yuan, up 7%, and net profit was 550 million yuan, up 11% [1]. - The company is actively pursuing globalization, having established over 40 production bases and 4 service centers across 10 countries and 40 cities, which enhances its supply chain optimization and risk diversification [2]. - The company's strong brand influence, market expansion capabilities, and productivity levels are key factors impacting its performance. The company is enhancing its operational capabilities to adapt to market changes and customer needs [3]. Financial Performance Summary - For the first half of 2025, the company's revenue from premium paper packaging was 5.5 billion yuan, up 5%, while revenue from packaging supporting products was 1.3 billion yuan, up 3%, and revenue from environmentally friendly paper-plastic products was 580 million yuan, up 7% [1]. - Domestic revenue decreased by 2% to 5.1 billion yuan, while overseas revenue increased by 27% to 2.8 billion yuan [1]. - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares to all shareholders [1]. Financial Forecast Adjustments - The revenue forecast for 2025-2027 has been adjusted to 18.9 billion yuan, 21.1 billion yuan, and 23.8 billion yuan, respectively. The expected net profit for the same period is projected to be 1.6 billion yuan, 1.9 billion yuan, and 2.3 billion yuan, respectively [4]. - The earnings per share (EPS) are expected to be 1.7 yuan, 2.1 yuan, and 2.5 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 11 times [4].

Investment Rating - The investment rating for the company is "Buy" [17] Core Views - The company achieved record high performance in Q2 2025, with revenue of 4.177 billion yuan, up 7.71% year-on-year, and a net profit of 313 million yuan, up 12.34% year-on-year [2][3] - The company is actively expanding its global presence, with overseas revenue growing by 27.21% year-on-year, contributing to 35.84% of total revenue [3] - The company has implemented an employee stock ownership plan to ensure stable growth, with performance targets set for net profit growth from 2025 to 2027 [4] Financial Performance - In H1 2025, the company reported revenue of 7.876 billion yuan, a year-on-year increase of 7.1%, and a net profit of 554 million yuan, up 11.42% year-on-year [2][3] - The gross profit margin for H1 2025 was 22.77%, with a net profit margin of 6.8% [4] - The company plans to distribute a cash dividend of 390 million yuan, representing 70.2% of its net profit for the period [4] Revenue Breakdown - Revenue from various product segments in H1 2025 included 5.461 billion yuan from paper packaging, 1.297 billion yuan from packaging accessories, 584 million yuan from eco-friendly paper-plastic products, and 379 million yuan from other products [3] - Domestic revenue decreased by 1.59% to 5.053 billion yuan, while overseas revenue increased by 27.21% to 2.823 billion yuan [3] Future Projections - Revenue projections for 2025 to 2027 are 19.129 billion yuan, 21.410 billion yuan, and 23.547 billion yuan, respectively, with year-on-year growth rates of 11%, 12%, and 10% [4] - Net profit projections for the same period are 1.637 billion yuan, 1.814 billion yuan, and 2.077 billion yuan, with year-on-year growth rates of 16%, 11%, and 14% [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has demonstrated resilience in the face of geopolitical and economic fragmentation, leveraging its integrated product lines, global layout, and smart manufacturing to enhance customer acquisition and international development [2][4]. - Despite a decline in net profit due to strategic equity disposals and employee stock plan expenses, the company achieved record revenue in 2024, reinforcing its leading position in the industry [2][3]. - The company has a high cash dividend payout ratio of 60%, reflecting strong operational confidence [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 3.699 billion yuan, a year-on-year increase of 6.42%, and a net profit of 241 million yuan, up 10.26% year-on-year [1]. - For the full year 2024, the company achieved revenue of 17.157 billion yuan, a 12.71% increase year-on-year, while net profit slightly decreased by 2.05% to 1.409 billion yuan [1][10]. - The gross profit margin for 2024 was 24.80%, down 1.43 percentage points year-on-year, and the net profit margin was 8.21%, down 1.24 percentage points year-on-year [1][10]. Product Segment Performance - Revenue from premium paper packaging reached 12.418 billion yuan, a 12.52% increase year-on-year, while the gross margin was 25.82% [3]. - The environmental paper-plastic products segment saw revenue growth of 19.45% year-on-year, totaling 1.271 billion yuan, with a gross margin of 20.98% [3]. - The company is recognized as one of the largest premium paper packaging manufacturers globally, maintaining a leading position in the consumer electronics and smart hardware sectors [3]. Geographic Revenue Breakdown - Domestic revenue for 2024 was 12.059 billion yuan, a 4.90% increase year-on-year, while international revenue surged by 36.81% to 5.097 billion yuan [4]. - The company has expanded its overseas operations, with production facilities in over 10 countries and more than 100 subsidiaries [4]. Future Earnings Forecast - The company has adjusted its profit forecast, expecting net profits of 1.690 billion yuan, 1.949 billion yuan, and 2.213 billion yuan for 2025, 2026, and 2027 respectively [10].

证券研究报告 裕同科技 (002831 CH) 收入延续稳健增长，高分红优势突出 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 包装印刷 | 裕同科技发布年报及一季报：24 年公司实现营收 171.57 亿元/yoy+12.7%， 归母净利 14.09 亿元/yoy-2.1%，低于此前预期（16.44 亿元），主要系公司 策略性处置武汉艾特、广东鸿铭股权以及确认员工持股计划股份支付费用所 致。此外，1Q25 营收 36.99 亿元/同比+6.4%，归母净利 2.41 亿元/同比 +10.3%，24 年及 1Q25 公司收入稳健增长，我们判断系下游电子消费等需 求恢复，带动纸质精品包装主业营收增长。展望后续，我们认为公司作为精 品纸包装行业龙头，海外产能布局搭配市场开拓不断完善，智能制造护城河 持续构筑，看好公司竞争优势及长期成长潜力，维持"买入"评级。 纸包装主业稳健成长，海外收入表现亮眼 1）分业务看，24 年纸质精品包装营收 124.2 亿元/yoy+12.5%，我们判断 主要系下游消费电子等行业需求回 ...