Investment Rating - The report assigns an "Outperform" rating for the company [1][26]. Core Views - The company focuses on the production and sales of home textiles, primarily blankets, and has a stable profitability record with a production capacity of 49,700 tons per year, ranking first in the industry for three consecutive years [3][14]. - The company is advancing the construction of a smart new factory, which is expected to enhance its production capacity and core competitiveness through digitalization and process optimization [14][26]. - The revenue from blanket sales accounted for 97% of total revenue in the first half of 2023, with 90% of sales coming from international markets [14][27]. Financial Performance - The company has maintained stable revenue between 900 million to 1 billion yuan from 2019 to 2022, with net profits ranging from 100 million to 160 million yuan [3][15]. - For 2023, the company is projected to achieve a revenue of 977 million yuan and a net profit of 136 million yuan, with expected growth in subsequent years [15][26]. - The earnings per share (EPS) are forecasted to be 0.94 yuan in 2023, increasing to 1.39 yuan by 2025 [15][26]. Market Comparison - The report includes a valuation comparison with peer companies, suggesting a reasonable value range of 13.80 to 16.10 yuan based on a price-to-earnings (PE) ratio of 12-14 times for 2024 [26].
专注毛毯出口，智能新工厂稳步推进