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Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a revenue of 6.421 billion yuan in 2023, a year-on-year decrease of 7.66%, while the net profit attributable to shareholders is projected to be 1.427 billion yuan, reflecting a year-on-year increase of 9.97% [5] - The company has successfully narrowed the revenue decline in Q4 2023, with an estimated revenue of approximately 2.675 billion yuan, a decrease of only 4.14% year-on-year, indicating effective market strategies [5] - The strategic upgrade aims to enhance the company's competitive advantage by acquiring Zhejiang Keri and expanding into a comprehensive building materials service provider [6] Financial Summary - The company’s gross profit margin for the first three quarters of 2023 is approximately 43.92%, an increase of 3.96 percentage points year-on-year, primarily due to a significant decrease in raw material prices [6] - The projected net profit for 2024 is estimated at 1.560 billion yuan, and for 2025, it is expected to reach 1.721 billion yuan, indicating a steady growth trajectory [9] - The company’s return on equity is expected to be around 24.8% in 2023, slightly improving in the following years [9]