WEIXING(SZ:002003) Minsheng Securities·2024-04-18 14:00Investment Rating - The report maintains a "Recommended" rating for the company [1][17]. Core Insights - The company achieved a revenue of 39.07 billion yuan in 2023, representing a year-on-year growth of 7.67%. The net profit attributable to shareholders was 5.58 billion yuan, up 14.21% year-on-year [17]. - The company is positioned as a leading player in the apparel accessories industry, maintaining a competitive edge despite challenges such as global economic slowdown and fluctuating consumer demand [17]. - The company plans to distribute a cash dividend of 4.50 yuan per 10 shares, totaling 5.26 billion yuan, with a payout ratio of 94.28% for 2023 [17]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 45.31 billion yuan, 52.29 billion yuan, and 58.83 billion yuan, respectively, with year-on-year growth rates of 16.0%, 15.4%, and 12.5% [17]. - The net profit forecasts for the same years are 6.61 billion yuan, 7.69 billion yuan, and 8.78 billion yuan, with growth rates of 18.5%, 16.3%, and 14.2% [17]. - The company’s PE ratios are projected to be 21, 18, and 16 for the years 2024, 2025, and 2026, respectively [17]. Operational Performance - The company reported a gross margin of 40.92% in 2023, an increase of 1.91 percentage points year-on-year [17]. - The company has established eight industrial bases, achieving a production capacity of 11.6 billion buttons and 850 million meters of zippers, with a capacity utilization rate of 66.81% [17]. - The company’s domestic revenue was 26.96 billion yuan, growing 7.23% year-on-year, while international revenue reached 12.10 billion yuan, up 8.67% year-on-year [17].