华福证券研报指出，裕同科技收购华研科技51%股权，"包装+"战略深化。经过多年的发展，华研科技 已经具备强大的垂直整合、材料研发和精密模组设计及制造能力，在折叠手机转轴、手表结构件和智能 眼镜转轴模组的设计及制造方面具有技术和客户优势，主要终端客户涵盖谷歌、三星、META、亚马 逊、微软、索尼等全球知名品牌客户。华研科技利润率与研发投入保持较好水平，2024年实现营收6.2 亿元，归母净利润7127.48万元，净利率11.5%。华研科技在折叠屏铰链、智能手表结构件、智能眼镜转 轴模组具技术与客户基础，与公司在3C龙头客户的深度绑定相契合，可形成"包装+精密部件/模组"的一 体化方案，提升客户内部份额与议价能力。公司出海势头强劲，多元业务多点开花，小幅上调盈利预 期。公司"稳增长+高分红"的双重属性，构筑估值安全垫，持续深度受益全球供应链重构进程，维持"买 入"评级。 ...

Core Viewpoint - Yutong Technology is acquiring 51% of Huayan Technology for 449 million yuan, transitioning its growth model from packaging support to a full industry chain support [1] Group 1: Acquisition Details - The acquisition price for Huayan Technology is set at 449 million yuan, with the seller being Guankai Investment, which is 100% controlled by Yutong's actual controller [1] - The profit commitment targets for Huayan Technology are projected to grow by 33% and 55% for the years 2027 and 2028, respectively, indicating a positive outlook for future profits [1] Group 2: Product and Market Position - Huayan Technology's existing precision components and module products are widely used in consumer electronics and smart terminal products, including foldable phones, smartwatches, and smart glasses [1] - The company has established a leading position in AI glasses hinge technology, providing one-stop services from R&D to product delivery [1] Group 3: Global Expansion Strategy - Yutong Technology has completed its layout in Southeast Asia and Mexico, with a leading capability in overseas delivery and service [1] - The company plans to consider establishing new bases in Europe, the Middle East, and the United States within the next 2-3 years, aiming to enhance core customer global supply share through product horizontal expansion and strengthened local delivery capabilities [1]

南方财经2月12日电，南财投研通数据显示，2月11日，券商给予上市公司目标价共7次，按最新收盘价 计算，目标价涨幅排名居前的公司有湖南裕能、新宙邦，目标价涨幅均超40%，均属于电池行业。此 外，协创数据、裕同科技、汇川科技目标价涨幅均超20%。从券商推荐家数来看，2月11日有14家上市 公司得到券商推荐，其中裕同科技、新宙邦均获得2家推荐，维信诺等获得1家推荐。查看原文：14股获 推荐，湖南裕能、新宙邦目标价涨幅超40%丨券商评级观察刚刚 ...

并购实控人旗下资产，裕同科技（002831）(002831.SZ)将加大产业布局，打造新的业绩增长点。 2月10日晚间，裕同科技发布收购计划。公司拟以自有资金或自筹资金4.49亿元，收购东莞市华研新材 料科技股份有限公司(以下简称"华研科技")51%股份。 长江商报记者注意到，本次交易实质上是同一控制下的资产并购。裕同科技实际控制人王华君、吴兰兰 夫妇合计持有交易对手方观点投资100%股权，因此本次交易构成关联交易。 数据显示，2024年和2025年前8个月，华研科技分别实现营业收入6.2亿元、4.56亿元，归母净利润 7127.48万元、4022.02万元。截至2025年8月末，华研科技资产总额7.85亿元，净资产2.19亿元。 长江商报记者注意到，华研科技是裕同科技实际控制人王华君、吴兰兰控制下的资产。通过此笔关联资 产收购，裕同科技将在现有包装业务的基础上，加大精密零组件和模组等产业业务布局，进一步丰富产 品结构和提升客户服务能力，为公司第二增长曲线注入新动能。 数据显示，2024年和2025年前8个月，华研科技分别实现营业收入6.2亿元、4.56亿元，归母净利润 7127.48万元、4022.02万元 ...

证券研究报告 AI 应用迭代加速，核心包装企业有望 受益 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 裕同科技(002831) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 相关研究 [Table_OtherReport] 裕同科技：海外市场加速扩张，发布 股权激励彰显成长信心 裕同科技：增长延续稳健，全球布局 完善 裕同科技：手机以旧换新陆续铺开， 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [Table_Title] 裕同科技：并购华研科技，增长模型逐步从包 装配套向全产业链配套发展 [Table_ReportDate] 2026 年 02 月 11 日 [Table_S 事件：公司拟以 ummary]4.49 ...

证券研究报告 公司研究 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 相关研究 [Table_OtherReport] 裕同科技：海外市场加速扩张，发布 股权激励彰显成长信心 裕同科技：增长延续稳健，全球布局 完善 裕同科技：手机以旧换新陆续铺开， AI 应用迭代加速，核心包装企业有望 受益 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 裕同科技(002831) 投资评级 上次评级 发挥产业协同，优化客户服务。华研现有精密零部件及模组产品已经广泛应用 于折叠手机、智能手表、智能眼镜（AI 眼镜转轴全球领先，从研发到产品可实 现一站式服务）等消费电子和智能终端产品，应用终端涵盖谷歌、三星、META、 亚马逊、微软、索尼等全球知名品牌客户。华研下游客户与公司主营高度重合， 收购后公司产业链成功横向延伸、进一步增强客户粘性，实现协同发展；此外， 公司 ...

公司研究 证 券 研 究 报 告 裕同科技（002831）重大事项点评 推荐（维持） 收购华研科技 51%股份，多元化布局加速 事项： | 目标价：39.12 | 元 | | --- | --- | | 当前价：31.92 | 元 | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com 公司基本数据 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 17,157 | 18,818 | 21,851 | 24,102 | | 同比增速(%) | 12.7% | 9.7% | 16.1% | 10.3% | | 归母净利润(百万) | 1,409 | 1,643 | 2,001 | 2,294 | | 同比增速(%) | -2.1% | 16.6% | 21.8% | 14.7% | | 每股盈利(元) | 1. ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][7]. Core Insights - The company is acquiring a 51% stake in Huayan Technology for 449 million yuan, which is expected to accelerate its diversification strategy [2][7]. - Huayan Technology is a provider of precision components with applications in AI glasses, foldable smartphones, and surgical robots, which will enhance the company's growth potential [7]. - The company has established a strong overseas production network, benefiting from lower production costs and higher profit margins in international markets compared to domestic ones [7]. - The report projects steady revenue growth, with total revenue expected to reach 24.1 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.3% [3][8]. - Net profit is forecasted to increase to 2.29 billion yuan by 2027, with a notable growth rate of 14.7% in that year [3][8]. - The target price for the company's stock is set at 39.12 yuan, based on a price-to-earnings (P/E) ratio of 18 times for 2026 [3][7]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 17.16 billion yuan, 18.82 billion yuan, 21.85 billion yuan, and 24.10 billion yuan, respectively, with year-on-year growth rates of 12.7%, 9.7%, 16.1%, and 10.3% [3][8]. - The company's net profit is expected to be 1.41 billion yuan in 2024, increasing to 2.29 billion yuan by 2027, with growth rates of -2.1%, 16.6%, 21.8%, and 14.7% for the respective years [3][8]. - Earnings per share (EPS) are projected to rise from 1.53 yuan in 2024 to 2.49 yuan in 2027 [3][8]. - The company maintains a healthy balance sheet with a debt-to-equity ratio of 52.2% in 2024, decreasing to 41.7% by 2027 [8].

Investment Rating - The investment rating for the company is "Buy" [6][21]. Core Insights - The company is acquiring a 51% stake in Huayan Technology for 448.8 million RMB, which will make Huayan a subsidiary and included in the consolidated financial statements. The performance commitment for Huayan is a non-net profit of at least 75 million RMB, 100 million RMB, and 155 million RMB for the years 2026 to 2028 respectively [3][4]. - The acquisition price reflects a valuation of approximately 8.0X PE and 4.0X PB based on the average performance commitment, which is at a discount compared to comparable transactions [4]. - The expected net profit contribution from Huayan to the company's consolidated financials is estimated to be between 38 million RMB and 79 million RMB, which corresponds to an increase of approximately 2.7% to 5.6% to the company's net profit for 2024 [4]. Financial Performance and Forecast - The company expects to achieve a net profit of 1.637 billion RMB, 1.916 billion RMB, and 2.210 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 16%, 17%, and 15% respectively [6][7]. - Revenue projections for the company are 17.157 billion RMB, 19.129 billion RMB, 21.315 billion RMB, and 23.262 billion RMB for the years 2024 to 2027, with growth rates of 13%, 11%, 11%, and 9% respectively [7][14].

裕同科技 20260210 摘要 宇通科技正寻求从传统红利型资产向 AI 加消费成长股转型，核心策略是 通过收购华微电子 51%股权，切入 AI 眼镜等新兴消费电子产品领域， 预计将显著提升公司估值。 预计 2026 年宇通科技主业收入接近 200 亿元，增速约 10%，经营性 利润保底 18 亿元以上，表观利润预计超过 17 亿元。公司历史业绩稳健， 分红率提升至 70%，未来股息率预计在 4%以上。 公司业绩受上游原材料价格波动和中游议价能力影响，但客户结构优化 （苹果占比 30%，消费电子占比 60%）以及新兴业务（Meta AI 眼镜、 环保包装、新能源车包装）的发展，将推动毛利率和净利率提升。 新兴业务展现良好前景，环保包装产能搬迁后有望重回增长轨道，Meta AI 眼镜市场份额提升，新能源车包装具备优势，这些业务普遍具有高于 传统消费电子业务的毛利率和净利率。 公司海外市场收入占比 30%-40%，未来 3-4 年内预计将达到 50%。海 外市场毛利率显著高于国内，主要得益于竞争格局较好和税收优惠。 Q&A 宇通科技在 2025 年 9 月发布股权激励后，公司的估值和收益情况如何？ 在 2025 ...