塑料软包龙头经营稳健，高股息价值凸显

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 11.57 CNY per share based on a 15x PE valuation for 2024 [11][28]. Core Viewpoints - Yongxin Co., Ltd. is a leading enterprise in the plastic flexible packaging industry, with a stable business model and a strong focus on high dividend payouts, achieving a dividend payout ratio of 82.6% in 2023 and a current dividend yield of 5.4% [5][12][42]. - The company reported a revenue of 3.379 billion CNY in 2023, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 408 million CNY, up 12.5% year-on-year [5][69]. - The company has a strong growth trajectory in its film business, with a CAGR of 25% from 2017 to 2023, and is actively expanding into overseas markets, achieving 380 million CNY in overseas revenue in 2023, a 7.8% increase year-on-year [12][69]. Summary by Sections Company Overview - Yongxin Co., Ltd. has been deeply engaged in the plastic flexible packaging sector for 30 years, producing products such as color-printed composite packaging materials and multifunctional films, which are widely used in food, daily chemicals, and medical protection [5][37]. Financial Performance - The company has demonstrated stable financial performance with a revenue CAGR of 9.1% and a net profit CAGR of 12.1% from 2017 to 2023. The 2023 revenue was 3.379 billion CNY, and the net profit was 408 million CNY [5][69]. - The average cash dividend payout ratio from 2015 to 2023 was 77.2%, indicating a commitment to returning value to shareholders [42]. Industry Analysis - The plastic flexible packaging industry is characterized by steady demand growth and a fragmented competitive landscape. The market size in China is expected to grow at a CAGR of 7.16% from 2024 to 2027 [80][81]. - The company is well-positioned in the industry, benefiting from long-term partnerships with major clients and a focus on expanding its film business, which is expected to drive future growth [12][80]. Competitive Advantages - Yongxin Co., Ltd. has established deep strategic partnerships with leading clients such as Yili and Procter & Gamble, which contribute to its stable growth. The company is also expanding its overseas market presence through various strategies [12][80]. - The company maintains a high level of R&D investment, with a research and development expense ratio of 4.3% in 2023, which supports its innovation and product development efforts [48].