WEIXING(SZ:002003) GF SECURITIES·2024-04-22 02:32Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][10]. Core Insights - The company reported a revenue of 3.907 billion yuan for 2023, representing a year-on-year growth of 7.67%, and a net profit attributable to the parent company of 558 million yuan, up 14.21% year-on-year [17][18]. - The company anticipates a revenue target of 4.5 billion yuan for 2024, driven by the expected production release from its Vietnam industrial park [18]. - The company has proposed a cash dividend of 530 million yuan for 2023, which accounts for 94% of the net profit attributable to the parent company, exceeding expectations [18]. Financial Summary - Revenue growth rates are projected at 15.3% for 2024, 14.8% for 2025, and 14.8% for 2026 [9][14]. - The company's net profit margin improved to 14.3% in 2023, driven by better customer structure and an increase in gross margin for the zipper business [18]. - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2024, 0.62 yuan in 2025, and 0.70 yuan in 2026 [18]. Market Performance - The company's stock has shown a relative performance against the market, with a decline of 22% from April 2023 to April 2024, compared to the CSI 300 index [3][8].