优势产品持续增长，多元布局拓展成长空间。2024H1，公司纸质精品包装/包装配套产品/环保纸塑产品/其他产品实现营业收入分别为51.81/13.90/5.47/1.04 亿元，优势产品营业收入持续增长，同比分别增长15.22%/11.10%/28.84%/24.20%，盈利能力相对稳定，各产品毛利率分别为24.20%/21.83%/21.58%/13.61% ， 同比+0.85/-2.06/+1.17/-18.46pct。公司在全球消费电子、国内烟草及白酒等领域已有较高客户覆盖度，在化妆品、奢侈品、食品、医疗保健等领域持续提升市场份额，进而扩大销售规模，支撑公司业绩。Incidents:
On August 26, Yutong Technology released its 2024 semi-annual performance report: 2024H1. The company achieved revenue of 7.353 billion yuan/YoY +15.52%, achieved net profit of 0.497 billion yuan/YoY +15.15% during the same period, and achieved net profit of 0.522 billion yuan/YoY +3.96%. Among them, the 2024Q2 company achieved revenue of 3.878 billion yuan/YoY +12.28%, net profit attributable to mother 0.278 billion yuan/YoY +11.23%, and realized net profit of 0.279 billion yuan/year over year.
Investment highlights:
The superior products continue to grow, and the diversified layout expands the room for growth. 2024H1, the company achieved revenue of 51.81/1.39/0.547/0.104 billion yuan respectively. The revenue of superior products continued to grow, up 15.22%/11.10%/28.84%/24.20%, respectively. Profitability was relatively stable. The gross margin of each product was 24.20%/21.83%/21.58%/13.61%, respectively, and +0.85/-2.06/+1.17/ -18.46pct The company already has high customer coverage in the fields of global consumer electronics, domestic tobacco and liquor, and continues to increase its market share in the fields of cosmetics, luxury goods, food, healthcare, etc., thereby expanding the sales scale and supporting the company's performance.
Overseas business continues to grow at a high rate, and the internationalization strategy continues to be promoted. The company's domestic/foreign business achieved revenue of 5.134/2.219 billion yuan respectively, +9.55%/+32.20% year over year, gross margin of 21.11%/29.37%, respectively, and +0.36pct/-2.22pct year on year. The company continues to step up the development of the domestic market, firmly promote the international development strategy, and explore the needs of existing customers in depth. With the gradual establishment of bases in Mexico and the Philippines, foreign business growth is expected to continue.
The gross profit margin and period expense ratio are relatively stable. 2024H1, the company's gross sales margin was 23.60% /year over year -0.01pct, the period expense ratio was 14.48% /year over year +1.41pct, and the sales/management/finance/R&D expenses ratio was 3.07%/6.88%/-0.22%/4.75%, +0.23/+0.24/+0.91/+0.03pct, respectively.
The dividend ratio remains high, demonstrating the company's confidence in development. The company announced a profit distribution plan for the semi-year 2024. It plans to distribute RMB 3.30 (tax included) in cash to all shareholders for every 10 shares based on the number of shares, for a total dividend of 0.302 billion yuan, and maintain a high dividend ratio of about 60%.
Profit forecast and investment rating: The company is a paper packaging leader with a diversified business layout. By digging deeper into customer share and extending the service chain, one-stop solution capabilities and customer stickiness are constantly increasing, and its competitive advantage is expected to continue to stand out. We expect the company's revenue for 2024-2026 to be 17.294/19.377/21.275 billion yuan, and net profit to mother is 1.63/1.836/2.046 billion yuan, respectively, and the corresponding PE valuation is 13/12/10 x. Maintain the company's “buy” rating.
Risk warning: macro-environmental risk, market competition risk, core talent loss risk, raw material price fluctuation risk, exchange rate fluctuation risk.
