ZJHM(SH:600987)2024-04-18 07:37Group 1: Company Overview - Zhejiang Hangmin Co., Ltd. has been engaged in the dyeing industry since 1979, operating 6 dyeing enterprises [4] - The company entered the gold jewelry processing industry in 2003, with 21 years of experience in this sector [4] Group 2: Business Strategy - The company focuses on optimizing existing resources and enhancing product quality through technological upgrades and digital transformation [4] - Future plans include expanding the gold jewelry business, particularly after acquiring Shenzhen Shangjinyuan [5] Group 3: Market Insights - The company remains optimistic about the dyeing industry despite environmental regulations, as it addresses significant market demand [4] - The gold jewelry sector is influenced by gold price fluctuations, which can affect consumer purchasing behavior [5] Group 4: Financial Performance - The average dividend payout ratio since 2004 is 37%, with an increase to over 45% in the last three years [9] - The company aims for a minimum return of 30% for high-return investors, depending on major project investments [9] Group 5: Operational Efficiency - The dyeing industry typically sees higher profits due to cost control measures such as peak procurement of dyes [6] - The company has three thermal power enterprises that contribute to energy efficiency and cost reduction [8] Group 6: Export and Market Distribution - Approximately 60% of the company's dyeing output is indirectly exported, primarily through fabric traders [9] - The customer base for gold jewelry is mainly in East China, with the acquisition of Shenzhen Shangjinyuan expanding the sales network [8]