2023年报点评：业绩稳健增长，维持高分红

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [12][17]. Core Insights - The company reported strong financial performance for 2023, achieving revenue of 3,907 million yuan and a net profit of 558 million yuan, representing year-on-year growth of 7.67% and 14.21% respectively [12]. - In Q4 2023, the company saw significant growth with revenue of 1,002 million yuan and a net profit of 26 million yuan, reflecting year-on-year increases of 23.77% and 181.50% respectively [12]. - The company declared a dividend of 4.5 yuan per 10 shares, with a payout ratio of 94.3%, resulting in a dividend yield of 4.0% based on the closing price on April 17, 2024 [12]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to achieve revenues of 4,524 million yuan, 5,224 million yuan, and 6,032 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 673 million yuan, 782 million yuan, and 900 million yuan [12][11]. - Profitability Metrics: The gross margin for 2023 was reported at 40.92%, an increase of 1.91 percentage points year-on-year, with net profit margins also improving [12]. - Cash Flow Quality: The company maintained a net cash ratio of 1.23, indicating good operational cash flow quality [12]. Business Segment Performance - Revenue by Segment: In 2023, the company generated revenue of 1,600 million yuan from buttons, 2,143 million yuan from zippers, and 116 million yuan from other apparel accessories, with respective year-on-year growth rates of 8.95%, 6.82%, and 8.79% [12]. - Sales Volume: The company sold 5.01 billion meters of zippers and 8.91 billion pieces of buttons, with year-on-year increases of 5.67% and 4.63% respectively [12]. Market Position and Strategy - Competitive Advantage: The company is expected to enhance its competitive position through improved product and customer structures, with the webbing business anticipated to become a second growth driver [12]. - Capacity Expansion: The company is strategically expanding its production capacity both domestically and internationally, with new facilities in Vietnam expected to enhance service levels and customer trust [12].