证券代码：002831 证券简称：裕同科技 公告编号：2025-004 深圳市裕同包装科技股份有限公司 关于公司控股股东部分股份质押延期购回的公告 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。 深圳市裕同包装科技股份有限公司（以下简称"公司"）近日接到公司控股股 东吴兰兰女士通知，获悉股东吴兰兰女士所持有公司的部分股票已办理质押延期购 回手续，具体质押延期购回情况如下： 一、股东股份质押变动基本情况 | 吴兰兰 | 455,640,191 | 48.97% | 181,600,000 | 181,600,000 | 39.86% | 19.52% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 王华君 | 106,954,809 | 11.49% | 44,550,000 | 44,550,000 | 41.65% | 4.79% | 0 | 0 | 0 | 0 | | 合计 | 562,595,000 | 60.46% | 226,1 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The ongoing government subsidy activities and the AI trend are expected to benefit the ICT packaging business, particularly with the promotion of the 3C consumer electronics trade-in program [4][5] - The integration of AI capabilities in traditional consumer electronics is anticipated to drive a new wave of demand, with significant growth in global shipments of AI-driven PCs and smartphones projected for 2024 [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability [6] - The company has a strong commitment to shareholder returns, with plans for substantial cash dividends and share buybacks [6] Summary by Sections Company Overview - The company is positioned as a leading integrated packaging provider in the consumer electronics sector, with a diversified business model [7] Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 171.97 billion, 191.16 billion, and 209.98 billion yuan, respectively, reflecting year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit attributable to the parent company is expected to reach 16.29 billion, 18.24 billion, and 20.36 billion yuan for the same years, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10] - The report highlights an EPS forecast of 1.75, 1.96, and 2.19 yuan for 2024, 2025, and 2026, with P/E ratios of 14.79, 13.21, and 11.83, respectively [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The ongoing government subsidy activities and the AI trend are expected to benefit the ICT packaging business, particularly with the promotion of the 3C consumer electronics trade-in program, which aims to stimulate consumer demand and drive sales growth [4][5] - The upgrade of smart products, driven by major industry players like Apple, is anticipated to create new demand for packaging solutions as traditional consumer electronics evolve with integrated AI capabilities [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability and shareholder returns through high dividend payouts [6][7] Summary by Relevant Sections Government Subsidy and Consumer Demand - The government has allocated 300 billion yuan in special bonds to support the trade-in program for consumer electronics, with subsidies of up to 500 yuan per product for eligible purchases [4] - Over 34 million consumers have applied for subsidies for new purchases, indicating a significant potential for increased sales in the 3C sector [4] AI Product Upgrades - The global shipment of AI-driven PCs and smartphones is projected to reach 295 million units in 2024, a tenfold increase from 29 million units in 2023, indicating a robust market for new technology [5] - The market share for AI PCs and smartphones is expected to rise to 43% and 32% respectively by 2025, suggesting a strong demand for innovative packaging solutions [5] Internationalization and Shareholder Returns - The company has established over 50 production bases in more than 40 cities across 10 countries, with new factories in the Philippines and Mexico enhancing its global footprint [6] - The company has implemented cash dividends totaling 2.85 billion yuan and plans to continue high dividend payouts, targeting at least 60% of annual net profit for the years 2023-2025 [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 171.97 billion yuan, 191.16 billion yuan, and 209.98 billion yuan respectively, with year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit forecasts for the same years are 16.29 billion yuan, 18.24 billion yuan, and 20.36 billion yuan, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10]

深圳市裕同包装科技股份有限公司投资决策管理制度 深圳市裕同包装科技股份有限公司 投资决策管理制度 （2025 年 2 月，经公司第五届董事会第十次会议审批通过） 第一章 总则 第一条 为规范深圳市裕同包装科技股份有限公司（以下简称"公司"）的投 资决策程序，建立系统完善的投资决策机制，确保决策的科学、规范、透明，有 效防范各种风险，保障公司和股东的利益，根据有关法律、法规、《深圳证券交 易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》、《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 联交易》及《深圳市裕同包装科技股份有限公司章程》（下称"《公司章程》"）的 规定，特制定本制度。 第二条 本制度所称对外投资是指公司在境内外进行的以盈利或保值增值为 目的的投资行为。 投资决策管理的原则：决策科学民主化、行为规范程序化、投入产业效益化。 公司对外投资原则上由公司总部集中进行，控股子公司确有必要进行对外投 资的，需事先经总公司批准后方可进行。公司对控股子公司及参股公司的投资活 动参照本制度实施指导、监督及管理。 第三条 依据本管理制度进行的投资（交易）事项包括 ...

深圳市裕同包装科技股份有限公司市值管理制度 深圳市裕同包装科技股份有限公司 市值管理制度 （2025 年 2 月，经公司第五届董事会第十次会议审批通过） 第一章 总则 第一条 为推动提升深圳市裕同包装科技股份有限公司（以下简称"公司"）的投资价 值，增强投资者回报，规范公司的市值管理活动，确保公司市值管理活动的合规性、科学 性、有效性，实现公司价值和股东利益最大化，积极响应《国务院关于加强监管防范风险 推动资本市场高质量发展的若干意见》中关于鼓励上市公司建立市值管理制度的号召，根 据《中华人民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规 则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、《上 市公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《深圳市裕同包装科 技股份有限公司章程》（以下简称"《公司章程》"）等规定，制订本制度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升公司投资价值和股东 回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三条 公司在开展市值管理过程中，应当牢固树立回报股东意识，采取措施保护投 ...

股票代码：002831 股票简称：裕同科技 公告编号：2025-003 深圳市裕同包装科技股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 根据相关法律法规及《公司章程》的规定，深圳市裕同包装科技股份有限公 司（以下简称"公司"）第五届董事会第十次会议审议的有关议案，需提交公司 2025 年第一次临时股东大会进行审议，董事会拟定于 2025 年 3 月 13 日召开公 司 2025 年第一次临时股东大会，具体情况如下： 4、会议召开时间 （1）现场会议召开时间：2025 年 3 月 13 日（星期四）下午 14:30 一、会议召开的基本情况 1、股东大会届次：深圳市裕同包装科技股份有限公司 2025 年第一次临时股 东大会 2、会议召集人：公司董事会 （2）网络投票时间： 3、会议召开的合法合规性说明：公司第五届董事会第十次会议审议通过了 《关于召开公司 2025 年第一次临时股东大会的议案》。本次股东大会会议召开符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 （a）通过深圳证券交易所交 ...

证券代码： 002831 证券简称：裕同科技 公告编号：2025-002 深圳市裕同包装科技股份有限公司 第五届董事会第十次会议决议公告 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。 深圳市裕同包装科技股份有限公司（以下简称"公司"）第五届董事会第十 次会议通知于 2025 年 2 月 21 日（星期五）以书面或邮件方式发出，会议于 2025 年 2 月 24 日（星期一）以通讯表决的方式召开，本次会议应参与表决的董事 7 人，实际参与表决的董事 7 人，分别为：王华君先生、吴兰兰女士、刘宗柳先生、 刘中庆先生、王利婕女士、吴宇恩先生、邓赟先生。本次会议由公司董事长王华 君先生主持，会议的召集和召开符合有关法律、法规及《公司章程》的规定，会 议形成的决议合法有效。经与会董事认真审议，本次会议讨论并通过如下决议： 一、议案及表决情况 1、审议通过《关于制定<市值管理制度>的议案》。 本议案尚需提交公司 2025 年第一次临时股东大会审议。 具体内容请见公司同日在巨潮资讯网上披露的《投资决策管理制度（2025 年 2 月）》。 3、审议通过了《关于召开 2025 年 ...

证券代码：002831 证券简称：裕同科技 公告编号：2025-001 深圳市裕同包装科技股份有限公司 关于公司控股股东及其一致行动人股份质押变动的公告 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。 深圳市裕同包装科技股份有限公司（以下简称"公司"）近日接到公司控股股 东吴兰兰女士及其一致行动人王华君先生通知，获悉股东吴兰兰女士及王华君先生 所持有公司的部分股票已办理质押和解质押手续，具体质押变动情况如下： 一、股东股份质押变动基本情况 | 1、本次股份质押基本情况 | | --- | | 股东名 | 是否为控股 股东或第一 | 本次质押数量 | 占其所 | 占公司 | 是否为 | 是否 为补 | 质押起 | | 质押到 | | | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | | | | | 质权人 | | | 称 | 大股东及其 | （股） | 比例 | 比例 | 限售股 | 充质 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price [4] - The current stock price is 27.14 yuan, and the A-share total market capitalization is 25,254.14 million yuan [4] - The company's ROE is expected to be 15.60% in 2026, up from 14.53% in 2022 [6] Core Views - The company is a global leader in premium paper packaging, particularly in the consumer electronics and smart hardware sectors [16] - The 3C product trade-in policy is expected to boost packaging demand, benefiting the company due to its strong market position and global production capabilities [18][23] - The company's EPS is forecasted to grow from 1.75 yuan/share in 2024 to 2.33 yuan/share in 2026, with a P/E ratio decreasing from 16x to 12x [17][26] Financial Performance - Revenue is projected to grow from 16,362.10 million yuan in 2022 to 22,064.10 million yuan in 2026, with a CAGR of 7.8% [26] - Net profit attributable to the parent company is expected to increase from 1,487.87 million yuan in 2022 to 2,164.42 million yuan in 2026 [26] - The company's gross margin is forecasted to remain stable around 25% from 2024 to 2026 [20] Global Expansion - The company has established a global presence with 50+ production bases and 5 service centers across 10 countries [3] - Its overseas factory in Vietnam, established in 2010, is part of its strategy to shorten production and delivery times, ensuring stable customer service [3] Industry Trends - The 3C trade-in policy is being expanded in multiple regions, including Jiangsu, Hubei, and Guizhou, which is expected to drive demand for packaging [23][25] - The company's strong client base, global production layout, and advanced smart factories position it well to capitalize on this trend [18] Valuation Metrics - The company's EV/EBITDA is expected to decline from 10.59x in 2022 to 6.98x in 2026, indicating improving valuation attractiveness [26] - The P/B ratio is projected to decrease from 2.47x in 2022 to 1.82x in 2026, reflecting potential undervaluation [26][35]

Investment Rating - The report maintains a **Buy** rating for Yuto Technology (002831.SZ) [3] Core Views - **3C demand elasticity**: The report highlights that the inclusion of consumer electronics in consumption subsidy policies across multiple regions is expected to boost 3C (computer, communication, and consumer electronics) demand. For example, the central government has allocated approximately 150 billion yuan in ultra-long-term special treasury bonds to support policies such as appliance trade-ins, with specific subsidies for TVs and laptops. Some regions, including Guangdong and Sichuan, have extended subsidies to cover smartphones and tablets [3][35] - **Stable growth in revenue and profitability**: Approximately 70% of Yuto's revenue comes from consumer electronics, with major domestic and international clients showing growth potential. New clients like Dyson and NVIDIA are expected to contribute to higher growth rates in Yuto's 3C paper packaging business compared to the broader market. The remaining 30% of revenue comes from sectors like tobacco, alcohol, cosmetics, and eco-friendly packaging (paper replacing plastic), which are expected to grow steadily, especially eco-friendly packaging. Yuto's net profit margin has been recovering since 2021, driven by reduced capital expenditures, lower new capacity drag, cost efficiencies from smart factories, and higher-margin new businesses. The proportion of overseas production, which has higher margins, is also increasing [4][36] - **High dividend yield**: Yuto has committed to a dividend payout ratio of no less than 60% from 2023 to 2025. The company plans to repurchase 100-200 million yuan in shares this year, potentially pushing the dividend yield above 5%. Since its IPO, Yuto has distributed 2.85 billion yuan in cash dividends and repurchased 650 million yuan in shares, totaling 3.5 billion yuan [23] - **Long-term growth potential**: Yuto benefits from cost advantages and higher product quality, which support its high profit margins and market share growth. The company is one of the few domestic paper packaging firms capable of supporting international clients' overseas expansion, with 8 overseas bases (including new factories in the Philippines and Mexico). Overseas production currently accounts for 20% of total output, with potential for further growth. The paper packaging industry is large but fragmented, with Yuto holding only a single-digit market share nationally, indicating significant growth potential. The company is also investing in smart factories, with 5 already operational and over 10 in the pipeline. These factors, combined with improving downstream demand and new client acquisitions, are expected to drive steady profit margin growth. Yuto's annualized ROE is around 15%, with potential to approach 20%. The report forecasts net profits of 1.61 billion, 1.82 billion, and 2.08 billion yuan for 2024-2026, with corresponding P/E ratios of 16x, 14x, and 12x [36] Financial Data and Forecasts - **Current stock price**: 27.51 yuan [6] - **Total shares outstanding**: 930.51 million [6] - **Earnings per share (EPS)**: Forecasted at 1.72, 1.96, and 2.23 yuan for 2024-2026 [45] - **Revenue**: Forecasted at 17.09 billion, 19.14 billion, and 21.48 billion yuan for 2024-2026 [45] - **Net profit**: Forecasted at 1.61 billion, 1.82 billion, and 2.08 billion yuan for 2024-2026 [45] - **P/E ratio**: Forecasted at 16x, 14x, and 12x for 2024-2026 [45] - **Dividend yield**: Expected to exceed 5% considering share repurchases [23]