YUTO TECH.(002831) 长江证券·2025-05-05 02:41Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved total revenue of 17.157 billion yuan in 2024, representing a year-on-year growth of 13%. The net profit attributable to shareholders decreased by 2% to 1.409 billion yuan, while the net profit excluding non-recurring items increased by 1% to 1.514 billion yuan [2][4]. - In Q4 2024, the company reported total revenue of 4.898 billion yuan, a year-on-year increase of 11%. However, the net profit attributable to shareholders fell by 35% to 295 million yuan, and the net profit excluding non-recurring items decreased by 16% to 384 million yuan [2][4]. - For Q1 2025, the company generated total revenue of 3.699 billion yuan, reflecting a year-on-year growth of 6%, with net profit attributable to shareholders increasing by 10% to 241 million yuan [2][4]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a 5% increase in domestic revenue and a 37% increase in international revenue. The revenue from paper packaging products grew by 13%, while other product categories showed varied performance [4]. - The gross profit margin for 2024 decreased by 1.4 percentage points to 24.8%, primarily due to strategic disposals and employee stock ownership plan costs [4]. - The company expects net profits for 2025, 2026, and 2027 to be 1.670 billion, 1.841 billion, and 2.059 billion yuan, respectively, corresponding to current price-to-earnings ratios of 12, 10, and 9 times [4]. Global Expansion - The company is enhancing its global capacity layout, with international revenue now accounting for 30% of total revenue. It operates over 50 production bases in more than 40 cities worldwide, including locations in Vietnam, India, and Mexico [4]. Shareholder Returns - The company maintained a high dividend payout ratio, distributing 850 million yuan in dividends for 2024, which represents 67.5% of its net profit. Additionally, it announced a share buyback plan of up to 200 million yuan, reflecting confidence in its financial position [4].