23年拉链纽扣量价齐升，净利率优化

Investment Rating - The investment rating for the company is "Buy" and maintained [6] Core Views - The company reported a revenue of 3.91 billion yuan for 2023, an increase of 7.67% year-on-year, and a net profit attributable to shareholders of 560 million yuan, up 14.21% year-on-year [8][9] - The growth was driven by an increase in both volume and price of zipper and button products, with domestic and international markets contributing to the growth [9] - The gross profit margin improved to 40.92%, up 1.91 percentage points year-on-year, leading to a net profit margin of 14.29%, an increase of 0.8 percentage points year-on-year [9] Financial Summary - Total shares outstanding: 1.169 billion shares, with a circulating share count of 871 million shares [1] - Market capitalization: 13 billion yuan, with a circulating market value of 9.7 billion yuan [4] - Earnings per share (EPS) for 2023 was 0.48 yuan, with projected EPS for 2024, 2025, and 2026 at 0.56 yuan, 0.64 yuan, and 0.75 yuan respectively [11] - The company expects net profits of 650 million yuan, 754 million yuan, and 872 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20x, 17x, and 15x [9][11]