2023 年公司实现营业收入33.79 亿元，同比+2%；2017-2023 年营业收入CAGR 为9.1%。2023 年公司实现归母净利润4.08 亿元，同比+12%，2017-2023 年归母净利润CAGR 达12.1%。近年来公司充分重视股东回报，近年分红比例保持在70%~80%，2023 年分红比例达82.6%，股息率6.6%。Key points of investment:
Leading domestic plastic packaging company, with steady growth in performance over the years
The company was founded in 1992 and mainly produces vacuum coatings, multi-functional films, color printing composite flexible packaging materials, paper-based composite packaging materials, new pharmaceutical packaging materials, plastic products, fine chemical products, etc.
In 2023, the company achieved revenue of 3.379 billion yuan, +2% year-on-year; 2017-2023 revenue CAGR was 9.1%. In 2023, the company achieved net profit of 0.408 billion yuan, +12% year-on-year, and the CAGR of net profit to mother reached 12.1% in 2017-2023. In recent years, the company has paid full attention to shareholder returns. In recent years, the dividend ratio has remained at 70% to 80%. In 2023, the dividend ratio reached 82.6%, and the dividend rate was 6.6%.
Excellent customer structure and steady profitability
The company's five major customers maintained a sales share of less than 25% before the previous year. The five major customers accounted for 21.8% of sales before 2023. The customer structure is scattered, covering various fields such as food and beverages, daily chemicals, and pharmaceuticals. The rich customer and product matrices have stabilized the company's overall product prices over the years. The gross margin of color printing packaging materials has been rising steadily, and the gross margin of color printing packaging has risen to 27.4% in 2023. In 2019-2023, the company's comprehensive gross margin remained in the range of 22.2% to 24.7%, the net interest rate level remained in the range of 10% to 12%, and the profitability was stable.
Industrial chain integration and vertical expansion to promote overseas layout
1) Product development. In 2023, the company's color printing and packaging materials and plastic soft wrap film accounted for 75.5% and 15.5% of revenue respectively, and the film business contribution gradually increased. Since 2020, the subsidiary Yongxin New Materials has been established to lay out environmentally friendly and functional film materials. The main products include innovative products such as light film, matte film, heat sealing, pearlescent film, and metallized film. In 2023, the film business revenue was 0.525 billion yuan, up 14.5% year over year.
In addition, the company is also actively building supporting products for the industrial chain such as aluminized packaging materials and inks to deepen the integrated layout of the industrial chain. In 2023, the company's self-use ratio of aluminized packaging materials, plastic film, and ink reached 76.7%/60.1%/42.5%, respectively. While the integrated and in-depth development of the industrial chain guarantees its own cost advantage, some products sold abroad also continue to contribute revenue. 2) Regional expansion. With product quality and cost performance advantages, the company has accelerated the layout of overseas markets and developed multinational customers in recent years. Overseas revenue accounted for 11.25% in 2023, and the overseas gross profit margin was 29.1%, higher than the domestic gross margin level; 1H24's share of overseas revenue rose further to 13.16%. We believe that in the future, as the overseas market continues to expand, it is expected to add another increase in scale to the company while also driving an increase in overall gross profit.
Profit forecasting and investment advice
We expect the company's revenue growth rates in 2024-2026 to be 6.3%, 6.3%, and 6.1%, respectively, and net profit growth rates to mother of 4%, 13%, and 14%, respectively. Using the comparable company valuation method, the average PE of comparable companies in 2025 was 14 times, which is close to the company's 25-year valuation level. We believe that as a leader in the plastic flexible packaging industry, the company is actively expanding the film business. The downstream consumer industry has rigid demand, a steady long-term business style, high dividends, and the first coverage gives it a “buy” rating.
Risk warning
Industry competition increases risk, raw material price fluctuation risk, and new project investment risk.
