点评报告：业绩持续增长，但净利润增速有所放缓

Investment Rating - The investment rating for the company is "Maintain Buy" [29] Core Views - The company has maintained revenue growth, achieving a revenue of 4.438 billion yuan in 2023, a year-on-year increase of 12.37%, although the growth rate has slightly decreased compared to the previous year's 14.64% [2][20] - The net profit for 2023 was 404 million yuan, reflecting a year-on-year growth of 3.70%, significantly lower than the previous year's growth of 30.66% [2][20] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares to all shareholders [20] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.438 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 389 million yuan [2][20] - The fourth quarter of 2023 saw a revenue of 928 million yuan, a year-on-year increase of 12.46%, with net profits of 53 million yuan [2][20] - The gross profit margin for 2023 was 18.63%, a slight decrease of 0.18 percentage points from the previous year [2] Product Performance - Major products saw revenue growth, with fine wool yarn, cashmere, and wool tops achieving revenues of 2.497 billion, 1.222 billion, and 661 million yuan respectively, all showing over 10% growth [2] - The revenue growth rate for fine wool yarn improved from 8.93% last year to 11.30%, while cashmere revenue growth significantly declined from 29.03% to 14.11% [2] Market Conditions - Domestic consumption of woolen products showed a good recovery in 2023, with retail sales of clothing, shoes, hats, and textiles reaching 1.4095 trillion yuan, a year-on-year increase of 8.39% [16] - However, woolen exports slightly decreased, with total exports of woolen raw materials and products amounting to 12.1 billion USD, down 1.40% year-on-year [16] Profit Forecast and Investment Suggestion - The company is expected to maintain its position as a global leader in the fine wool industry, with projected net profits of 461 million, 492 million, and 542 million yuan for 2024-2026 [16][21] - The earnings per share are forecasted to be 0.63, 0.67, and 0.74 yuan for the same period, with corresponding price-to-earnings ratios of 10.81, 10.12, and 9.19 [21]