Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.23 CNY per share, compared to the current price of 4.67 CNY [4]. Core Insights - The company reported a revenue of 369 million CNY for the first half of 2024, reflecting an 11.3% year-on-year increase. The net profit attributable to shareholders was 59 million CNY, showing a 2.92% decrease year-on-year, while the net profit excluding non-recurring items was 58 million CNY, indicating a 5.87% increase year-on-year. In Q2 2024, the company achieved a revenue of 233 million CNY, a 33.25% increase year-on-year, and a net profit of 47 million CNY, a 42.99% increase year-on-year [2][3]. Financial Performance Summary - Revenue for 2022 was 464 million CNY, which is projected to grow to 968 million CNY in 2024, representing a growth rate of 34.0%. By 2026, revenue is expected to reach 1.476 billion CNY [3][8]. - The net profit attributable to shareholders was 20 million CNY in 2022, expected to rise to 199 million CNY in 2024, with a growth rate of 31.7%. By 2026, net profit is projected to be 310 million CNY [3][8]. - The company’s EBITDA for 2024 is estimated at 345 million CNY, with a steady increase projected through 2026 [3][8]. Cost and Margin Analysis - The gross margin for Q2 2024 was 47.66%, a decrease of 2.56 percentage points year-on-year. The period expense ratio for Q2 2024 was 19.34%, an increase of 5.15 percentage points year-on-year, primarily due to higher sales and financial expense ratios [2][3]. - The net profit margin for Q2 2024 was 20.36%, down 1.29 percentage points year-on-year [2]. Strategic Positioning - The company employs a unique business model combining "Cultural IP + Tourism + Technology," enhancing competitiveness through multi-regional synergies. It has established a presence in key areas such as "Daxiangxi," "Dahuangshan," and "Chengyu," which enriches visitor experiences and improves operational efficiency [2][3].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 12.93 CNY per share based on a 2024 PE valuation of 22 times [2]. Core Insights - The company is a leading one-stop supplier of garment accessories, primarily producing zippers and buttons, with an annual production capacity of 11.6 billion buttons and 850 million meters of zippers in 2023 [1][7]. - The global market for garment accessories is vast, and the company has significant room for market share expansion, currently holding approximately 6% of the global mid-to-high-end zipper market and less than 10% of the mid-to-high-end button market [1][14]. - The company's strategic expansion into Vietnam is expected to enhance overseas production capacity and strengthen collaboration with brand manufacturers [1][25]. - The company emphasizes corporate culture as a foundation for its competitive advantage, focusing on internationalization, smart manufacturing, and R&D investment to improve product quality and stability [1][31]. Summary by Sections Company Overview - The company was established in 1988 and became the first listed company in the domestic button and zipper industry in 2004. It operates eight industrial bases globally and has developed a strong reputation in the industry [7][8]. - The company has experienced steady growth, with a revenue CAGR of 9.3% from 2019 to 2023 and a net profit CAGR of 17.7% during the same period [10]. International Expansion - The company has been implementing an internationalization strategy since 2015, focusing on brand cultivation, marketing networks, and production bases [18]. - The establishment of a production base in Bangladesh and the ongoing development of a Vietnam industrial park are key components of this strategy, aimed at enhancing global competitiveness [20][22]. Financial Forecast - The company is projected to achieve EPS of 0.59, 0.67, and 0.78 CNY per share for the years 2024, 2025, and 2026, respectively, with expected revenues of 3.63 billion, 3.91 billion, and 4.62 billion CNY for the same years [1][2]. - The report anticipates a steady increase in revenue and profitability, with a target price reflecting a reasonable valuation based on comparable companies and historical performance [2][3].

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[Table_Page] 行业专题研究|电子 2024 年 9 月 16 日 证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------------------------------|----------|------------------------------|----------|------------------------------| | [Table_Title] | 电子行业 | | 景气复苏趋势显著， | AI+ | 国产替代驱动成长 | | [Tabl 分析师： | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号： S0260519060001 | | SAC 执证号： S0260520090002 | | SAC 执证号： S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | ...

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[Table_Page] 投资策略周报|建筑材料 | --- | --- | --- | |--------------------------------------------------------|----------|------------------------------------| | [Table_Title] 建筑材料行业 | 行业评级 | 证券研究报告 \n[Table_Gr ade] 持有 | | | 前次评级 | 持有 | | 8 月地产竣工降幅走扩，基建投资放缓，水泥拟纳入碳市场 | 报告日期 | 2024-09-17 | [Table_Summary] 核心观点： ⚫ 目前建材基本面受地产景气影响仍在左侧、基建需求也一般，需等待地 产企稳，但部分优质龙头企业仍表现出较强的经营韧性，如二手房和存 量房翻新需求支撑下零售建材韧性强、周期建材龙头在底部仍有显著 的超额利润。建议积极关注水泥和玻纤龙头底部配置机会，同时继续关 注基本面韧性强的零售建材，和部分结构性景气赛道（出海、药玻等）。 ⚫ 地产仍在寻底，龙头公司经营韧性强；关注地产政策效果。消费建材长 期需求稳定性好、行业集中度 ...