2023年年报点评：分红比例显著超预期，盈利能力大幅修复

Investment Rating - The report maintains a "Buy" rating for the company [7][17] - The target price is set at 11.20, with the last rating also being "Buy" [7] Core Insights - The company has significantly exceeded expectations in dividend payout and has shown a substantial recovery in profitability [7] - The annual report for 2023 indicates a revenue of 55.35 billion, a decrease of 8.3% year-on-year, while the net profit attributable to shareholders is 7.42 billion, reflecting a year-on-year increase of 178.6% [7] - The company has announced a second round of employee stock ownership plans, demonstrating confidence in management and enhancing long-term investment value [7] - The cement production and sales remain resilient, with annual sales of approximately 18.52 million tons, showing a slight year-on-year decline [7] Financial Summary - The company reported a significant increase in non-recurring gains, contributing positively to profit growth, with non-recurring gains amounting to approximately 1.02 billion, a substantial increase from the previous year [7] - The financial forecast indicates a projected EPS of 0.66, 0.74, and 0.82 for 2024, 2025, and 2026 respectively, with a maintained target price of 11.20 [7] - The dividend payout ratio is expected to reach 80%, significantly higher than the historical range of 30-50% [7] Market Performance - The stock has shown a price range of 6.54 to 8.90 over the past year, with a current market capitalization of 8,811 million [7][9] - The company’s operating profit margin is projected to improve from 14.5% in 2023 to 18.3% in 2024 [7]