YUTO TECH.(002831) 信达证券·2024-12-17 00:13Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is expected to benefit from the nationwide rollout of subsidies for old-for-new exchanges in the 3C product sector, with a projected revenue growth rate exceeding 10% due to increased coverage of these subsidies [1] - The company maintains a high supply share for major clients such as Xiaomi, Huawei, Oppo, and Vivo, particularly for high-end models [1] - The company has established seven overseas production bases and is accelerating the smart upgrade of its factories, enhancing its long-term competitive advantage [1] Financial Summary - Total revenue for 2022 was 16,362 million, with a projected increase to 17,064 million in 2024, reflecting a year-on-year growth rate of 12.1% [3] - The net profit attributable to the parent company for 2022 was 1,488 million, expected to rise to 1,645 million by 2024, with a year-on-year growth rate of 14.4% [3] - The gross profit margin is projected to improve from 26.2% in 2023 to 27.1% by 2026 [3] - The company’s earnings per share (EPS) is expected to increase from 1.55 in 2023 to 2.26 by 2026 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 16.74 in 2023 to 11.44 by 2026, indicating potential valuation improvement [3]