华旺科技：点评报告：24年中报预告符合预期，分红比例有望提升

Investment Rating - The report maintains a "Buy" rating for the company [9][19]. Core Views - The company is expected to achieve revenues of 4.6 billion, 5.455 billion, and 6.243 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of +15.70%, +18.59%, and +14.44% [1][8]. - The net profit attributable to the parent company is projected to be 607 million, 728 million, and 841 million yuan for the same years, reflecting year-on-year growth of +7.27%, +19.82%, and +15.53% [1][8]. - The company plans to distribute a cash dividend of 11 yuan per 10 shares, with a total cash dividend amounting to 364 million yuan, resulting in a dividend payout ratio of 64% for 2023 [7][15]. Summary by Relevant Sections Revenue and Profit Forecast - The company is forecasted to have a revenue of 3.976 billion yuan in 2023, with a growth of 15.70% expected in 2024 [8]. - The net profit for 2023 is estimated at 566 million yuan, with a growth of 21.13% [8]. Production and Market Position - The company has a production capacity of 350,000 tons of decorative paper in 2023, with an expansion project for 180,000 tons of specialty paper ongoing [7]. - The company is positioned as a leader in the mid-to-high-end decorative paper market, with expected growth in both domestic and international market shares [16]. Dividend Policy - The company aims to enhance shareholder returns by increasing the dividend payout ratio, with plans for two dividend distributions in mid and year-end 2024 [7][15].