裕同科技（002831）：回购彰显信心，高股息、稳健增长优势延续

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company plans to repurchase approximately 10-20 million yuan of its shares at a price not exceeding 37.36 yuan per share, which corresponds to a repurchase quantity of 2.6767-5.3533 million shares, accounting for 0.29%-0.58% of the total share capital. This repurchase reflects the company's confidence in its development [2][4]. - The company is characterized as a high dividend and stable growth stock, having committed to a dividend payout ratio of no less than 60% for the years 2023-2025, which is expected to continue. Considering the repurchase, the dividend payout ratio is likely to increase [2][10]. - The company has cumulatively implemented cash dividends of 2.85 billion yuan and repurchased 650 million yuan worth of shares since its listing, totaling 3.5 billion yuan [10]. Summary by Sections Company Overview - The current stock price is 21.78 yuan, with a total share capital of 93,051 million shares. The net asset value per share is 12.08 yuan, and the highest/lowest price in the last 12 months is 28.29/19.74 yuan [8]. Financial Performance - The company’s total revenue for 2023 is projected at 15.223 billion yuan, with a net profit of 1.494 billion yuan. Forecasts for 2024-2026 indicate revenues of 17.091 billion, 18.443 billion, and 20.064 billion yuan, respectively, with net profits of 1.540 billion, 1.795 billion, and 1.999 billion yuan [15]. Growth Potential - The company is expected to maintain stable growth, with quarterly revenue growth outpacing the consumer electronics industry. It has strong relationships with leading clients and is expanding its customer base in high-growth sectors such as tobacco, alcohol, cosmetics, and environmental packaging [10]. - The company’s overseas revenue currently accounts for about 20%, with plans for further increases as it supports international clients. The company has over 50 production bases globally, enhancing its competitive edge [10]. Market Position - The company is positioned to benefit from global supply chain shifts, as it does not directly export to the U.S. and has a global production layout that mitigates tariff impacts. This strategic positioning is expected to enhance its market share and profitability [10].