2023年度及2024年内现金分红提议方案超预期，业务经营稳健，优质高股息资产

Investment Rating - The report maintains a "Buy" rating for the company [8][27]. Core Views - The company is a leading player in the mid-to-high-end decorative paper industry, with strong technological research and development capabilities, efficient supply chain management, and superior cost control [8][17]. - The company has been expanding its production capacity for decorative paper, with a projected capacity of 350,000 tons by the end of 2023, more than doubling since 2020 [4][5]. - The company plans to enhance shareholder returns, with a proposed cash dividend of no less than 8.50 yuan per 10 shares for 2023, corresponding to a dividend yield of 4.3% based on the closing price of 19.78 yuan per share on March 1, 2024 [4][27]. Financial Summary - The company forecasts a total revenue of 4,082 million yuan for 2023, with a year-on-year growth rate of 18.8% [18]. - The net profit attributable to the parent company is expected to be 576 million yuan in 2023, representing a year-on-year increase of 23.3% [18]. - The company aims for a net profit of 689 million yuan in 2024 and 902 million yuan in 2025, with corresponding growth rates of 19.6% and 30.9% respectively [18][22]. Production and Market Expansion - The company is actively expanding its production capacity for decorative paper and is also venturing into the specialty paper market, targeting a production capacity of 300,000 tons for various specialty papers [5][8]. - The company has successfully ramped up production of its new capacity, with Q3 revenue increasing by 18.5% quarter-on-quarter, driven by the new production of decorative paper [17]. - The company is focusing on enhancing its global competitiveness through product quality and production efficiency, with a strong emphasis on expanding its overseas market presence [5][17].