此次交易的估值参考了标的公司2024年经审计的EBITDA（税息折旧及摊销前利润），对应倍数约为6.4倍。 裕同科技在公告中直言，此次收购是公司"全球化产能布局的关键一步"。Gelbert在当地拥有的成熟运营团队、生产基地及优质客户资源，具备稳定的本地化 交付能力。通过此次收购，裕同科技旨在在欧洲核心区域建立战略支点，将自身领先的智能制造能力与Gelbert的属地化资源进行深度结合。 2月25日晚间，国内包装行业龙头裕同科技（SZ002831，股价31.00元，市值285.36亿元）发布的公告显示，公司全资子公司香港裕同印刷有限公司（以下简 称香港裕同）拟出资654.37万欧元（约合人民币5348.20万元），收购匈牙利印刷包装企业Gelbert Eco Print（以下简称Gelbert或标的公司）60%的股权。 《每日经济新闻》记者注意到，这并非一次简单的"一手交钱，一手交货"的买断式交易。公告披露，交易设置了与2026年、2027年财务指标挂钩的"保留购 买价款"支付机制。这意味着，如果标的公司未来两年无法完成既定的业绩承诺，原本应支付给卖方的部分收购款将可能作废。 6.4倍估值拿下匈牙利老牌包装企业6 ...

格隆汇2月25日丨裕同科技(002831.SZ)公布，作为行业领先的包装整体解决方案服务商，为进一步深化 全球化战略布局、把握欧洲关键市场增长机遇，公司全资子公司香港裕同拟收购欧洲地区成熟的印刷包 装企业Gelbert公司60%的股权。Gelbert在当地拥有成熟的运营团队、生产基地及优质客户资源，具备稳 定的本地化交付能力。本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， 通过将裕同的智能制造能力与Gelbert的属地化资源深度结合，更高效地响应国际客户的区域化需求。本 次交易以标的公司经审计的财务数据及双方商业谈判为定价参考，协商确定标的公司60%份额的交易对 价为654.37万欧元（按2月24日人民币兑欧元汇率中间价折算约合人民币5348万元）。本次交易完成 后，Gelbert将成为公司的控股子公司，并纳入公司合并报表范围。 ...

格隆汇2月25日丨裕同科技(002831.SZ)公布，作为行业领先的包装整体解决方案服务商，为进一步深化 全球化战略布局、把握欧洲关键市场增长机遇，公司全资子公司香港裕同拟收购欧洲地区成熟的印刷包 装企业Gelbert公司60%的股权。Gelbert在当地拥有成熟的运营团队、生产基地及优质客户资源，具备稳 定的本地化交付能力。本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， 通过将裕同的智能制造能力与Gelbert的属地化资源深度结合，更高效地响应国际客户的区域化需求。本 次交易以标的公司经审计的财务数据及双方商业谈判为定价参考，协商确定标的公司60%份额的交易对 价为654.37万欧元（按2月24日人民币兑欧元汇率中间价折算约合人民币5348万元）。本次交易完成 后，Gelbert将成为公司的控股子公司，并纳入公司合并报表范围。 ...

DRAFT GELBERT ECO PRINT KFT. (Incorporated in Hungary with limited liability) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025 截至2024年12月31日止年度及2025年5月31日止五个月期间 ZHONGHUI ANDA CPA Limited GELBERT ECO PRINT KFT. REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AND FOR THE FIVE MONTHS ENDED 31 MAY 2025 | GELBERT ECO PRINT KFT. | DRAFT | | --- | --- | | REPORTS AND FINANCIAL STATEMENTS | | | FOR THE YEAR ENDED 31 DECEMBER 2024 AND ...

证券代码： 002831 证券简称：裕同科技 公告编号：2026-010 深圳市裕同包装科技股份有限公司 关于子公司香港裕同收购 Gelbert Eco Print Szolgáltató és Kereskedelmi Korlátolt Felelèsségü Társaság 60%股权的公告 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、深圳市裕同包装科技股份有限公司（以下简称"公司"）之全资子公司香港 裕同印刷有限公司（以下简称"香港裕同"或"买方"）拟与 Gellér Management Korlátolt Felelősségű Társaság（以下简称"卖方 1"或"Gellér Kft"）、J & N CONSULTING Pénzügyi, Számviteli Szolgáltató és Tanácsadó Korlátolt Felelősségű Társaság（以下简称 "卖方 2"）以及自然人 Róbert Gellér（以下简称"创始人"）签署《关于出售和购买 占 Gelbert Eco Print Szo ...

申万宏源研究指出，裕同基于包装主业大客户资源核心优势，深度挖掘客户需求，扩张业务布局，打造 可持续增长极；收并购方式快速落地，双方强协同，抢占高潜力赛道先机，助力业绩估值向上！主业资 本开支回落、高分红高股息，全球化布局优势驱动稳定增长。考虑公司员工持股计划推出后费用摊销影 响，下修2025-2027年盈利预测至16.01、16.96、19.97亿元（前值：16.31、19.03 、22.51亿元； 盈利预 测暂未考虑收购标的并表） ， 2025-2027年归母同比+13.6%/5.9%/17.7%，对应PE 19X/17X/15X，维 持"买入"评级。 ...

研 行 行业周报 业 美国关税政策再生变，对华关税迎边际下降 ——轻工制造&纺织服饰行业周报 | 究 | 分析师： | 袁艺博 | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）美国最高法院裁定特朗普政府大规模关税政策违法。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com 022-23839135 | | （2）特朗普新加征关税税率加码至 | | 15%。 | | | | | | | 研子究行助业理评级 | | 重要公司公告  | | | | | | | | 证 | 家居用品 造纸 | 中性 中性 | （1）探路者：公司拟对 万股股权激励。 72 | | 名员工进行 672.68 | | ...

包装1业务提供增长型红利提供15+5收益率： 【裕同科技】从300亿看到500亿+，包装1业务提供15+4基本盘收益率，外延N业务提供成长股进攻属性； 【国金 轻工赵中平团队等人】 公司1年维度看到500+亿市值，背后本质是2026-2027年不考虑股权激励费用叠加外延利润并表情况下，表观利润 为19，22亿左右，估值在2026年不考核估值切换向20倍进发，9月半年报披露后有望提前向2027年23-25XPE切换。 背后是增长性红利提供收益率基本盘，N+ 【裕同科技】从300亿看到500亿+，包装1业务提供15+4基本盘收益率，外延N业务提供成长股进攻属性； 【国金 轻工赵中平团队等人】 公司1年维度看到500+亿市值，背后本质是2026-2027年不考虑股权激励费用叠加外延利润并表情况下，表观利润 为19，22亿左右，估值在2026年不考核估值切换向20倍进发，9月半年报披露后有望提前向2027年23-25XPE切换。 背后是增长性红利提供收益率基本盘，N+T提供收益率进攻弹性； （5:)叠加公司2026-2028年分红不低于70%，当下股息率为4.5%+。 15+5逐步被市场认知有望将公司估值托举至18- ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The company announced plans to acquire 51% of Huayan Technology for 449 million yuan, enhancing supply chain integration and collaboration [2] - Huayan Technology specializes in precision components for 3C products, with notable clients including Google, Samsung, and Amazon, and is expected to generate revenues of 620 million yuan in 2024 [2] - The acquisition is expected to enrich the company's product structure and provide new growth momentum, particularly in smart products like smart glasses [3] - Revenue projections for the company from 2025 to 2027 are 17.946 billion yuan, 20.901 billion yuan, and 23.666 billion yuan, respectively, with corresponding net profits of 1.608 billion yuan, 1.831 billion yuan, and 2.142 billion yuan [4] Summary by Sections Acquisition Announcement - The company plans to invest 449 million yuan to acquire a 51% stake in Huayan Technology, which is under the same control and will be consolidated in financial statements [2] - Huayan Technology is recognized for its technical and customer advantages in the design and manufacturing of components for foldable phones and smart glasses [2] Significance of the Acquisition - Huayan Technology has a strong R&D expense ratio of 9% and a net profit margin of 11.5%, with significant ownership by its founder and employee stock ownership [3] - The acquisition will enhance the company's overall solution capabilities and market share, particularly in the smart glasses segment [3] Financial Forecast and Valuation - The company is projected to achieve revenues of 17.157 billion yuan in 2024, with a growth rate of 12.71%, and net profits of 1.409 billion yuan [4] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 18.42X, 16.18X, and 13.83X, respectively, indicating a positive outlook for the company's financial performance [4]