强化分红，发展新质生产力

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1]. Core Views - The company is focusing on strengthening dividends and developing new production capabilities, with a target price not specified [1]. - In Q1 2024, the company reported revenue of 3.5 billion, a year-on-year increase of 19%, and a net profit attributable to the parent company of 220 million, up 21% [2]. - The company plans to enhance its international market presence and improve its production processes through automation and smart manufacturing [3][4]. Financial Performance - For the full year 2023, the company reported revenue of 15.2 billion, a decrease of 7%, and a net profit of 1.4 billion, down 3% [2]. - The company declared a total dividend of 570 million for 2023, with a dividend payout ratio of 60.3% [2]. - The gross margin for Q1 2024 was 22%, a decrease of 1.6 percentage points, while the net margin was 6.5%, an increase of 0.3 percentage points [3]. Strategic Initiatives - The company aims to expand its overseas market investments and enhance its international supply chain through projects in Indonesia, Vietnam, and India [3]. - It plans to explore new markets for environmentally friendly products and strengthen its marketing capabilities in Europe and the United States [4]. - The company is committed to improving its smart manufacturing processes and enhancing its digital capabilities to optimize production and inventory management [4]. Earnings Forecast - The company expects net profits for 2024, 2025, and 2026 to be 1.76 billion, 2.02 billion, and 2.40 billion respectively, with corresponding EPS of 1.89, 2.17, and 2.58 [8].