利润韧性尽显，分红属性突出

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and potential for valuation recovery [3]. Core Insights - The company demonstrated resilience in profits with a slight decline in net profit of 1.67% year-on-year, achieving a net profit of 2.125 billion yuan in 2023, while revenue increased by 2.65% to 72.543 billion yuan [1][2]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 1.54 billion yuan, which represents 72.52% of the net profit attributable to shareholders [1]. - The company has shown a significant increase in production and sales, with steel production rising by 5.6% to 10.4 million tons and sales increasing by 5.9% to 10.33 million tons [1]. - The export volume reached a record high of 1.2 million tons, marking an 85% increase year-on-year, with notable contributions from high-end steel products for international projects [1]. - The company is focusing on high-end product development, with advanced steel material sales increasing by 25.15% and accounting for 25.06% of total steel sales [1]. Financial Summary - In 2023, the company achieved operating revenue of 72.543 billion yuan, with a year-on-year growth rate of 2.65% [2]. - The net profit attributable to shareholders was 2.125 billion yuan, reflecting a decline of 1.67% compared to the previous year [2]. - The basic earnings per share (EPS) for 2023 was 0.34 yuan, with projections for 2024 indicating an increase to 0.40 yuan [2][9]. - The company's return on equity (ROE) improved to 7.9% in 2023, with expectations to reach 9.0% in 2024 [2][9]. - The price-to-earnings (P/E) ratio for 2023 was 13.4, with forecasts suggesting a decrease to 11.5 in 2024 [2][9].