Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The company has announced a three-year share buyback and special dividend plan, with the stock expected to be included in the Hong Kong Stock Connect in September [3] - The company achieved a net profit increase of 66% due to product mix optimization and improved production capacity utilization, with a revenue growth of 7.5% year-on-year to 180 million in cash to shareholders over the next three years, with a total return rate of 13.7% [3] Financial Performance Summary - Revenue for 2024 is projected to be 166 million in 2024, reflecting a year-on-year increase of 17% [4] - The gross margin is forecasted to improve to 25.3% in 2024, up from 24.6% in 2023 [4] Production and Capacity Expansion - The company is expanding its production capacity in Bangladesh and Indonesia, aiming for 25% of its total capacity to be outside China and Vietnam by 2024 [3] - The manufacturing revenue contribution from China, Vietnam, and other Asian regions is expected to be 28%, 51%, and 21% respectively in H1 2024 [3] Dividend and Shareholder Returns - The company declared an interim dividend of 0.65 HKD per share, with a payout ratio of 71.5% [3] - The total expected cash return to shareholders over three years includes a maximum of $60 million annually through special dividends or buybacks [3] Market Performance - The company's stock has shown a 15% absolute increase over the past month, outperforming the Hang Seng Index [2]
九兴控股：发布3年回购和特别股息方案，9月入港股通在即