出口高增+盈利改善，分红率提升彰显价值

Investment Rating - The investment rating for the company is "Buy - B" with a target price of 28.06 CNY, maintaining the rating [14][27]. Core Views - The company has shown strong revenue growth driven by exports and improved profitability, with a 15.70% year-on-year increase in revenue to 3.976 billion CNY and a 21.13% increase in net profit to 566 million CNY for 2023 [1][27]. - The company is positioned as a leader in the decorative paper segment, with robust R&D capabilities and effective cost control, indicating strong earnings resilience [27]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 4.580 billion CNY, 5.497 billion CNY, and 6.295 billion CNY for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 15.20%, 20.03%, and 14.52% [27]. Financial Performance - In 2023, the company achieved a gross margin of 19.05%, an increase of 0.58 percentage points year-on-year, with a net profit margin of 14.21%, up 1.57 percentage points [3][6]. - The company reported a significant increase in net profit for Q1 2024, with a 36.59% year-on-year growth to 147 million CNY [1][3]. - The company’s revenue from domestic and international markets reached 3.161 billion CNY and 780 million CNY, respectively, with year-on-year growth of 8.28% and 66.9% [2]. Business Segmentation - The company’s revenue from decorative paper and wood pulp trading was 3.107 billion CNY and 824 million CNY, reflecting year-on-year growth of 30.35% and a decline of 14.89%, respectively [2]. - The production capacity for decorative paper has increased, with a total capacity of 350,000 tons by the end of 2023, and a production volume of 310,300 tons, up 27.83% year-on-year [2][3]. Dividend Policy - The company plans to distribute a cash dividend of 11.00 CNY per 10 shares and a capital reserve conversion of 4 shares for every 10 shares, resulting in a total cash dividend of 360 million CNY, with a payout ratio of 63.94%, an increase of 15.09 percentage points year-on-year [12][27].