出海靓丽产销两旺，高分红价值显现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on adjusted profit forecasts for the upcoming years [14][25][29]. Core Insights - The company is a leading player in the domestic decorative paper industry, with stable product quality and a strong reputation. It is actively expanding its overseas market share, particularly in high-margin products, which is expected to drive growth [14][19][22]. - The company reported a revenue of 3.98 billion in 2023, a year-on-year increase of 16%, and a net profit of 570 million, reflecting a 21% increase compared to the previous year [21][22]. - The company has implemented an employee stock ownership plan to enhance employee engagement and align their interests with the company's performance [8][11][24]. Financial Performance Summary - The company's revenue is projected to grow from 3.44 billion in 2022 to 6.19 billion by 2026, with a compound annual growth rate (CAGR) of approximately 14.57% [15][34]. - The net profit is expected to increase from 467 million in 2022 to 858 million by 2026, with a growth rate of 12.33% in the final year of the forecast [15][34]. - The EBITDA is forecasted to rise from 655.91 million in 2022 to 1,040.56 million in 2026, indicating a strong operational performance [15][34]. Market Position and Strategy - The company is focusing on high-end decorative paper products, which are increasingly favored in the market due to rising quality demands from downstream customers [19][23]. - The company has successfully expanded its production capacity, with a new production line for specialty paper expected to enhance its market share further [23]. - The company’s domestic and international sales have shown significant growth, with domestic sales increasing by 8.3% and international sales soaring by 66.9% in 2023 [22][23].