Investment Rating - The report maintains an "Accumulate" rating for the company Mona Lisa (002918) [2] Core Views - The company's profitability has improved, and its channel structure continues to optimize [2] - In 2023, the company reported revenue of 5.921 billion yuan, a year-on-year decrease of 4.94%, while net profit attributable to shareholders was 266 million yuan, an increase of 169.93% [2][4] - The company has seen a decline in revenue from strategic engineering business by 20.21%, impacting overall revenue [2] - The report highlights that the company’s sales volume slightly increased by 0.46% despite a national decline in ceramic tile production by 8.0% [2] Financial Summary - Revenue for 2023 was 5,921 million yuan, with a projected revenue of 5,928 million yuan for 2024, indicating a slight growth of 0.1% [4] - The net profit for 2023 was 266 million yuan, with forecasts of 359 million yuan, 406 million yuan, and 456 million yuan for 2024, 2025, and 2026 respectively, showing significant growth rates of 169.9%, 34.9%, and 13.1% [4][6] - The gross margin for 2023 was 29.5%, with expectations of 30.4% in 2024 [4][6] - The report indicates a decrease in operating costs by 12.16% year-on-year, contributing to improved profitability [2] Product Performance - The company’s various product lines, including porcelain glazed tiles and ceramic thin plates, showed mixed revenue performance, with some products experiencing significant declines [2] - The revenue from porcelain glazed tiles was 4.524 billion yuan, with a year-on-year increase of 1.63% [2] Market Position - The company is expected to maintain or improve its market share due to its slight increase in sales volume against a backdrop of declining industry production [2]

Investment Rating - The report maintains a "Buy" rating for the company, Mona Lisa [13][14]. Core Views - The company's performance in 2023 was driven by an increase in gross margin and a decrease in impairment losses, despite a decline in revenue due to the ongoing downturn in the real estate sector [2][4]. - The company has strengthened its sales capabilities and expanded its distribution channels, leading to steady growth in its distribution business, which accounted for 64.6% of total revenue in 2023 [3][4]. - The industry is moving towards high-end and green development, with leading companies like Mona Lisa expected to capture more market share through enhanced production capabilities and diversified sales channels [4][14]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 5.92 billion yuan, a decrease of 4.9% year-on-year, while net profit turned positive at 270 million yuan [13][14]. - The gross margin for 2023 was 29.5%, an increase of 5.9 percentage points compared to the previous year, while the net margin improved to 5.4%, up by 10.9 percentage points [2][3]. Sales and Distribution - The distribution business achieved revenue of 3.83 billion yuan in 2023, with a gross margin of 28.3%, reflecting a year-on-year increase of 6.5 percentage points [3][4]. - The company has actively reduced the scale of riskier business segments, resulting in a 20.2% decline in revenue from strategic engineering projects, although the gross margin for this segment improved to 31.8% [3]. Industry Outlook - The ceramic tile industry is expected to maintain production capacity between 6 to 6.5 billion square meters in 2024, with a continued trend of oversupply [4]. - The report highlights the potential for leading companies to grow by focusing on brand development, high-end products, and green initiatives, which are increasingly demanded in the market [4].

公司报告 | 年报点评报告 23 年公司实现营业收入 59.21 亿元，同比-4.94%，实现归母净利润 2.66 亿 元，同比增加 6.48 亿元，扣非归母净利润 2.42 亿元，同比增加 6.63 亿元， 实现扭亏为盈。单季度看，23Q4 公司实现收入 13.76 亿元，同比-10.36%， 归母净利润-0.67 亿元，同比多亏损 0.55 亿元，主要由于四季度同比计提 了较多信用减值损失。23 年公司渠道结构持续优化，同时毛利率及现金流 均有明显改善，后续业绩弹性值得期待。 盈利能力显著提升，现金流明显改善 风险提示：激烈竞争产品降价幅度超预期，地产下游回款不及预期，原材 料上涨超预期，C 端扩容不及预期。 渠道结构优化，业绩弹性值得期待 分业务来看，23 年公司瓷质有釉砖/非瓷质有釉砖/陶瓷板、薄型陶瓷砖收 入分别为 45.2/5.5/6.9 亿元，同比分别+1.6%/-23.2%/-6.8%；毛利率分别为 30.7%/19.8%/31.0%，同比分别+6.9/+4.6/+1.4pct，我们判断原材料成本下 降驱动各项业务盈利能力转好。23Q4 我们跟踪的液化天然气、瓦楞纸市场 价格同比分别-23.6 ...

Dividend Distribution - The company plans to distribute a cash dividend of 3.0 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The total distributable profit for the company was RMB 287,926,400.83, with the cash dividend representing 100% of the profit distribution[161]. - The company plans to distribute profits through cash, stock, or a combination of both, prioritizing cash dividends, with a minimum of 10% of distributable profits allocated for cash dividends each year[196]. Financial Performance - The company's operating revenue for 2023 was CNY 5,920,790,370.26, a decrease of 4.94% compared to CNY 6,228,584,308.47 in 2022[16]. - Net profit attributable to shareholders was CNY 266,238,358.55, representing a significant increase of 169.93% from a loss of CNY 381,364,390.03 in 2022[16]. - The gross profit margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies[116]. Risk Management - The report highlights potential risks in the company's future development, which are detailed in the management discussion and analysis section[3]. - The company is managing receivables risks associated with the real estate sector's liquidity issues, implementing measures to accelerate the conversion of receivables into cash[111]. - The company is addressing the risk of profit decline due to intensified price competition in the market, focusing on optimizing product structure and cost reduction[109]. Market Position and Strategy - The company is positioned as a leading brand in the industry, holding significant influence in research and development, technology, and brand recognition[27]. - The company is committed to expanding its market share by enhancing its brand and resource advantages in response to evolving consumer demands[26]. - The company plans to enter international markets, with an initial focus on Southeast Asia, aiming for a revenue contribution of 200 million yuan within two years[143]. Research and Development - The company holds a total of 1,169 patents, including 299 invention patents, reflecting its commitment to innovation and product development[58]. - The company is investing heavily in R&D, allocating 100 million yuan for the development of new technologies in smart home products[113]. - Research and development investment increased by 10%, amounting to 100 million CNY, focusing on innovative technologies[115]. Corporate Governance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[3]. - The company held 4 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority investors[121]. - The board of directors convened 11 meetings, maintaining compliance with legal requirements and ensuring diligent performance of duties by all directors[123]. Sustainability Initiatives - The company has been recognized as a "2023 Low Carbon Model," highlighting its commitment to sustainable practices and green development[58]. - Mona Lisa Group is committed to sustainability, aiming to reduce operational carbon emissions by 30% over the next five years[193]. - The company has implemented pollution control facilities that comply with the "three simultaneous" system since its establishment in 1992[174]. Operational Efficiency - The company aims to enhance production efficiency and reduce costs across its four production bases, focusing on high-value product production[104]. - Operational efficiency improvements are expected to reduce costs by 5% in the next fiscal year, contributing to overall profitability[113]. - The company has established a centralized energy consumption monitoring network for real-time data analysis and government platform integration[181]. Shareholder Engagement - The company emphasizes transparency and timely information disclosure to all shareholders, enhancing corporate governance[126]. - The company has established independent financial management systems and operates as an independent taxpayer, with no part-time financial personnel[133]. - The company has committed to actively take legal measures to fulfill all promises made during the issuance and listing process[192]. Future Outlook - The company anticipates that the recovery of consumer confidence in the housing market will take time, but it remains optimistic about future growth opportunities[29]. - Future guidance estimates a revenue growth of 18% for 2024, driven by new product launches and market expansion strategies[171]. - The company provided a positive future outlook, projecting a revenue growth of 10% for the next fiscal year, aiming for RMB 5 billion in total revenue[191].

蒙娜丽莎集团股份有限公司 独立董事 2023 年度述职报告 （饶平根） 蒙娜丽莎集团股份有限公司第三届董事会第三十五次会议 各位股东及股东代表： 作为蒙娜丽莎集团股份有限公司（以下简称"公司"）第三届董事会的独立董事，2023 年度任职期间，本人严格按照《公司法》《上市公司独立董事规则》《上市公司治理准则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法 规、规范性文件及《公司章程》《独立董事工作制度》等有关制度的规定和要求，忠实、 勤勉地履行独立董事职责，积极出席公司相关会议，对公司的生产经营和业务发展提出合 理的建议，充分发挥独立董事的作用，切实维护公司股东尤其是中小股东的合法权益。现 将 2023 年度的履职情况报告如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 本人饶平根，男，1965 年出生，中国国籍，无境外居留权，中共党员，毕业于华南 理工大学，无机非金属材料博士研究生，教授、博士生导师。1988 年 4 月至今历任华南 理工大学材料学院助教、讲师、副教授，现任教授；2021 年 7 月至今，任公司独立董事。 （二）不存在影响独立性的情况说明 作为公司的 ...

蒙娜丽莎集团股份有限公司 关于募集资金年度存放与使用情况的专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）和 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作 （2023 年 12 月修订）》（深证上〔2023〕1145 号）的规定，将蒙娜丽莎集团股 份有限公司（以下简称蒙娜丽莎集团或公司）募集资金 2023 年度存放与使用情 况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准蒙娜丽莎集团股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2021〕2510 号），并经深圳证券交易 所同意，蒙娜丽莎集团由主承销商申万宏源证券承销保荐有限责任公司(以下简 称申万宏源)采用原 A 股股东优先配售和余额包销相结合的方式，发行可转换公 司债券 1,168.93 万张，每张面值为人民币 100 元，按面值发行，发行总额为 1,168,930,000.00 元，共计募集资金 1,168,930,000.00 元，坐扣承 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-021 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于 2023 年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 （二）本次计提资产减值准备的资产范围、总金额和计入的报告期间 经公司对截至 2023 年 12 月 31 日合并报表可能发生减值的资产进行全面清查和资产 减值测试后，2023 年度计提各项资产减值损失合计 224,809,098.80 元，计入的报告期间为 2023 年 1 月 1 日至 2023 年 12 月 31 日，具体明细如下： 单位：元 | 项目 | 年度计提资产减值损失金额 2023 | | | --- | --- | --- | | 1、信用减值损失 | | 218,864,131.54 | | 其中：应收账款坏账损失 | | 159,611,938.92 | | 应收款项融资坏账损失 | | 9,269,026.24 | | 应收票据坏账损失 ...

蒙娜丽莎集团股份有限公司 关于举行 2023 年度网上业绩说明会并征集问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 蒙娜丽莎集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 20 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《2023 年年度报告》及《2023 年年度报告摘要》。 为便于广大投资者更深入全面地了解公司经营情况，公司将举行 2023 年度网上业绩说明 会，现将有关事项公告如下： 一、业绩说明会安排 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-024 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 间，投资者仍可登陆活动界面进行互动提问。欢迎广大投资者积极参与本次网上业绩说明 会。 1、召开时间：2024 年 4 月 30 日（周二）下午 15:00-17:00。 2、召开方式：网络远程方式。 3、出席人员：公司董事、总裁萧礼标先生，董事、董事会秘书张旗康先生，董事、 财务总监谭淑萍女士，独立董事杨望成先 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-016 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于董事、监事及高级管理人员 2023 年度薪酬情况 及 2024 年度薪酬方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 蒙娜丽莎集团股份有限公司（以下简称"公司"）于2024年4月18日召开第三届董事 会第三十五次会议审议通过了《关于公司董事2023年度薪酬情况及2024年度薪酬方案的议 案》《关于公司副总裁刘一军先生2023年度薪酬情况及2024年度薪酬方案的议案》，于2024 年4月18日召开第三届监事会第二十七次会议审议通过了《关于公司监事2023年度薪酬情 况及2024年度薪酬方案的议案》。现将相关情况公告如下： 一、2023年董事、监事、高级管理人员薪酬情况 根据公司薪酬、绩效管理制度，在公司领取薪酬/津贴的董事、监事和高级管理人员， 薪酬体系由基本薪酬、绩效薪酬奖励及津贴等组成。经核算，公司2023年董事、监事、高 级管理 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2024-011 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 第三届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第三届董事会第三十五次会议于 2024 年 4 月 18 日在公司办公楼会议室以现场结合通讯表决方式召开，会议通知已于 2024 年 4 月 5 日通过专人送达、传真、电子邮件、电话等方式发出。本次会议由董事长萧华先 生主持，应出席会议董事 9 名，实际出席会议董事 9 名，其中邓啟棠先生、张旗康先生、 萧礼标先生及杨望成先生共 4 位董事以通讯表决方式出席，公司全体监事、高级管理人员 列席了会议。会议的召集、召开符合《公司法》《公司章程》及有关法律、行政法规、部 门规章、规范性文件的规定，会议合法有效。 二、董事会会议审议情况 经与会董事审议，以记名投票表决方式审议通过了以下议案： 1、审议通过了《 ...