2023年报及2024年一季报点评：业绩符合预期，增长表现稳健，2023年分红超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][9]. Core Insights - The company reported a revenue of 3.976 billion yuan in 2023, a year-on-year increase of 15.7%, and a net profit of 566 million yuan, up 21.1% year-on-year [7][9]. - The company has effectively released production capacity and is expanding its global presence, with significant growth in decorative paper revenue, which reached 3.107 billion yuan, a 30.3% increase year-on-year [7][9]. - The report highlights a strong dividend proposal, with a cash dividend of 11 yuan per 10 shares and a dividend payout ratio of 64%, resulting in a dividend yield of 4.9% based on the closing price on April 30, 2024 [7][9]. Financial Summary - For 2024, the company is projected to achieve a revenue of 4.588 billion yuan, with a year-on-year growth rate of 15.4%, and a net profit of 689 million yuan, reflecting a growth rate of 21.7% [8][9]. - The gross margin for 2023 was 19.0%, improving to 20.2% in Q1 2024, driven by higher-margin decorative paper sales [7][9]. - The company’s net profit margin for 2023 was 14.2%, with a notable increase to 15.4% in Q1 2024 [7][9]. Market Data - As of April 30, 2024, the closing price of the company's stock was 22.62 yuan, with a market capitalization of 7.499 billion yuan [5][9]. - The company’s price-to-earnings ratio is projected to be 11 for 2024, decreasing to 8 for 2025 and 2026 [8][9].