中材国际：水泥全产业链出海龙头，高分红价值凸显

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is a global leader in cement engineering technology, with a strong focus on operational and equipment business transformation, aiming for rapid growth in these areas [2][4] - The company has improved cash flow and plans to increase dividends, with a high expected dividend yield [2] - The earnings forecast for 2024 is supported by the company's leading position in cement engineering services and ongoing improvements in cash flow and dividend policies [2] Financial Performance - The company achieved a revenue of 45.799 billion yuan in 2023, a year-on-year increase of 6.9%, with a projected revenue of 50.789 billion yuan for 2024 [3] - Net profit for 2023 was 2.916 billion yuan, reflecting a 14.7% year-on-year growth, with an expected EPS of 1.28 yuan for 2024 [3][33] - The gross margin improved to 19.43% in 2023, up 2.46 percentage points from the previous year [30] Business Structure and Strategy - The company aims to achieve a balanced business structure by the end of the 14th Five-Year Plan, focusing on engineering, equipment, and services [9] - The company has integrated its engineering technology services and is expanding its operational services, particularly in overseas markets [11][16] - The company has a strong presence in overseas markets, with a significant portion of its revenue coming from international projects [26][31] Market Position - The company holds a 65% market share in global cement EPC services and has maintained its position as the world's largest provider of cement technology and equipment for 16 consecutive years [4][11] - The company is actively pursuing opportunities in emerging markets, where demand for cement is expected to grow significantly [11][26] Growth Opportunities - The company has recently increased its stake in China National Materials Group, enhancing its collaborative efforts for international expansion [26] - The company is focusing on high-end equipment manufacturing and operational services, which are expected to drive future growth [20][24] Risk Management - The company has shown resilience in its overseas operations, with a significant increase in new contracts and a robust order backlog [31][32]