WEIXING(002003) 开源证券·2024-04-21 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][59]. Core Views - The company's performance is improving quarter by quarter, with a positive outlook on the orderly establishment of production capacity in Vietnam, leading to a maintained "Buy" rating [2][35]. - The company achieved a revenue of 39.07 billion yuan in 2023, representing a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 5.58 billion yuan, up 14.16% year-on-year [10][42]. - The company is expected to continue expanding its international market share and enhance its core competitiveness through product diversification and overseas capacity layout [35][36]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 39.07 billion yuan, with a year-on-year growth of 7.67%, and a net profit of 5.58 billion yuan, reflecting a 14.16% increase [10][42]. - The company’s gross profit margin for 2023 was 40.92%, an increase of 1.9 percentage points year-on-year, driven by changes in order structure and declining commodity prices [50][51]. - The company plans to distribute a cash dividend of 0.45 yuan per share for 2023, with a cash dividend payout ratio of 94.3% [17]. Product and Regional Performance - The zipper business generated revenue of 21.43 billion yuan in 2023, up 6.8% year-on-year, while the button business achieved 16.00 billion yuan, a 9.0% increase [16][26]. - Domestic revenue reached 26.96 billion yuan, growing by 7.23%, while international revenue was 12.10 billion yuan, up 8.67%, with the international revenue share increasing to 30.98% [28][48]. Future Outlook - The company is expected to see steady growth in net profit, with forecasts of 6.57 billion yuan for 2024, 7.48 billion yuan for 2025, and 8.48 billion yuan for 2026, corresponding to EPS of 0.56, 0.64, and 0.73 yuan respectively [35][36]. - The current stock price corresponds to a PE ratio of 21.1 for 2024, 18.6 for 2025, and 16.4 for 2026, indicating a favorable valuation [35].