NOVEL(002014) 申万宏源·2024-03-04 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [11][22]. Core Insights - The company announced its 2023 annual report, which met market expectations, and reinforced its high dividend policy, returning value to shareholders. In 2023, the company achieved operating revenue of 3.379 billion yuan, a year-on-year increase of 2.3%, and a net profit attributable to the parent company of 408 million yuan, a year-on-year increase of 12.5% [11]. - The film business showed significant growth, with revenue reaching 525 million yuan, up 14.5% year-on-year, driven by the release of new production capacities [11]. - The company is actively investing in research and development, focusing on recyclable materials, and expanding its market presence, particularly in overseas markets [11]. Financial Summary - Total operating revenue for 2023 is projected at 3.379 billion yuan, with a net profit of 408 million yuan, and earnings per share of 0.67 yuan [6][21]. - The company’s gross margin improved to 24.7%, an increase of 2.5 percentage points year-on-year, attributed to lower raw material costs [11]. - The company plans to distribute a cash dividend of 5.50 yuan per 10 shares, with a dividend payout ratio of 83% and a dividend yield of 6.6% [11]. Market Position and Strategy - The company is positioned as a leader in the flexible packaging industry, benefiting from trends in food safety and environmental policies, which are driving industry consolidation [11]. - The report highlights the company's focus on cost reduction and efficiency improvements, which have positively impacted profit margins [11]. - The company is expected to continue expanding its production capacity and enhancing its product offerings, particularly in the film business and overseas markets [11].