众望布艺：24Q1业绩高增，加快全球产业化布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17 CNY per share [4][6]. Core Insights - The company is expected to benefit from global capacity and market expansion, although short-term profitability forecasts have been adjusted due to increased competition in domestic and international markets. The projected net profits for 2024-2026 are 91 million, 103 million, and 118 million CNY respectively, with corresponding EPS of 0.83, 0.94, and 1.07 CNY per share [3][6]. - The company reported a revenue of 115 million CNY in Q1 2024, a year-on-year increase of 9.7%, and a net profit of 23 million CNY, up 35.5% year-on-year [4][6]. Financial Performance - The company’s revenue for 2023 was 462.06 million CNY, reflecting a 10.93% growth compared to 2022. The net profit for 2023 was 313.90 million CNY, a significant increase of 245.67% from the previous year [15][16]. - The gross margin for 2023 was reported at 35.1%, with a net margin of 67.9%, indicating strong profitability [4][16]. - The company plans to distribute a cash dividend of 45 million CNY for 2023, representing a payout ratio of 14.37% [4]. Market Strategy - The company focuses on the U.S. market, aiming to deepen its presence while expanding into Europe, Mexico, the Middle East, and domestic markets. It plans to enhance its customer base by targeting high-value clients [14]. - The company is committed to improving its product design and R&D capabilities, participating in international exhibitions to stay updated on market trends and consumer demands [14][16]. Capacity Expansion - A subsidiary in Vietnam has commenced construction to enhance the company's global production capabilities, with an investment of 25 million USD for a project aimed at producing high-end functional fabrics [4][14].