全年业绩逆势高增，高分红粤东龙头价值凸显

Investment Rating - The report maintains an "Accumulate" rating for the company [16]. Core Views - The company has demonstrated strong performance despite industry challenges, with a high dividend payout ratio and a valuation at historical lows, indicating significant long-term investment value [2][16]. - In 2023, the company achieved a revenue of 5.53 billion yuan, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders reached 742 million yuan, reflecting a substantial increase of 178.5% [4][16]. - The company has maintained a competitive edge through advanced production processes, efficient operations, and leading cost control, allowing it to sustain profitability even during industry downturns [2][16]. Summary by Sections Financial Performance - In 2023, the company's revenue was 5.53 billion yuan, down 8.3% year-on-year, while the net profit attributable to shareholders was 742 million yuan, up 178.5% year-on-year [4][16]. - The gross profit margin for 2023 was 26.3%, an increase of 9.3 percentage points year-on-year, and the net profit margin was 13.5% [7][10]. - The company reported a cash flow from operating activities of 1.19 billion yuan in 2023 [26]. Cost and Profitability - The average selling price of cement in 2023 was 284 yuan per ton, a decrease of 15.4 yuan year-on-year, while the cost per ton was 208.5 yuan, down 40.9 yuan year-on-year [16][22]. - The company achieved a gross profit of 75.5 yuan per ton in 2023, an increase of 25.6 yuan year-on-year [7][22]. Market Position and Strategy - The company has focused on enhancing its market share through strategic marketing efforts, despite a challenging demand environment in the Guangdong region [16]. - The company plans to continue optimizing its cost structure and improving operational efficiency to enhance profitability [16][18]. Future Outlook - The forecast for net profit attributable to shareholders for 2024-2026 is 650 million, 710 million, and 780 million yuan, respectively, with corresponding P/E ratios of 14.1, 12.8, and 11.8 [18].