华旺科技：公司年报点评：新产能投放驱动增长，出口份额快速提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company is expected to see revenue growth driven by new capacity investments, with a stable performance in Q1 2024. The revenue for Q4 2023 and Q1 2024 was 9.92 billion and 9.52 billion CNY, respectively, showing year-on-year growth of 4.74% and 4.15%. The net profit attributable to the parent company for the same periods was 1.69 billion and 1.47 billion CNY, reflecting year-on-year growth of 23.82% and 36.59% [3][8] - The company has expanded its production capacity, particularly in decorative paper, which saw a sales volume of 305,100 tons in 2023, a year-on-year increase of 34.18%. The revenue from decorative paper increased by 30.35% to 3.107 billion CNY, while revenue from wood pulp trading decreased by 14.89% to 824 million CNY [3][8] Summary by Sections Financial Performance - The company achieved a total revenue of 39.76 billion CNY in 2023, with a year-on-year growth of 15.70%. The net profit for the same year was 5.66 billion CNY, up 21.13% year-on-year. The basic earnings per share were 1.72 CNY [8][11] - For 2024 and 2025, the projected net profits are 6.65 billion and 7.53 billion CNY, with growth rates of 17.4% and 13.2%, respectively. The closing price on June 6 corresponds to a PE ratio of 10.7 and 9.4 for 2024 and 2025 [4][11] Margin Analysis - The gross margin for the company in 2023 was 19.05%, an increase of 0.58 percentage points year-on-year. The gross margins for decorative paper and wood pulp trading changed by +3.05 and -10.52 percentage points, respectively. The net profit margin improved by 0.67 percentage points to 14.21% [9][11] Capacity Expansion and Market Strategy - The company successfully launched the first phase of its special paper production line, increasing its capacity to 350,000 tons. The company is focusing on R&D for new varieties and technologies while expanding its international market presence, achieving an export revenue of 780 million CNY in 2023, a year-on-year increase of 66.90% [9][11]