增强现金分红，强化价值成长

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [14]. Core Views - The company is expected to enhance cash dividends, with a proposed cash dividend of 8.5 yuan per 10 shares for 2023, leading to a total distribution of approximately 280 million yuan and a dividend rate of about 50% [1][16]. For 2024, a dividend rate increase to 60% is anticipated, corresponding to 400 million yuan, resulting in a projected dividend yield of around 6% [1]. - The company has demonstrated resilience in a complex operating environment, benefiting from refined management practices, customer resource advantages, and product quality, which have ensured stable shipment growth and performance stability [3]. - The company has been expanding its market share in the mid-to-high-end decorative paper sector, leveraging its technological and cost control advantages to enhance production capacity and solidify its leading position in the industry [7]. - The company has actively pursued international market opportunities, particularly in the mid-to-high-end segment, resulting in a rapid increase in export scale due to stable product quality and strong partnerships with renowned foreign manufacturers [8]. Financial Summary - The company's revenue is projected to grow from 3.99 billion yuan in 2023 to 5.27 billion yuan in 2025, with growth rates of 16.19% and 15.33% respectively [10][20]. - The net profit attributable to the parent company is expected to increase from 571.71 million yuan in 2023 to 781.07 million yuan in 2025, with corresponding growth rates of 22.33% and 19.80% [10][20]. - Earnings per share (EPS) are forecasted to rise from 1.72 yuan in 2023 to 2.35 yuan in 2025, with price-to-earnings (P/E) ratios decreasing from 11.49 to 8.41 over the same period [10][18].