持续发力高端产品，分红+回购注重股东回报

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company reported a revenue of 28.84 billion yuan in 2023, a year-on-year decrease of 17.5%, and a net profit attributable to shareholders of 3.47 billion yuan, down 1.2% year-on-year [5][7] - The company has been focusing on high-end products, with plans for annual share buybacks of at least 300 million yuan and a dividend payout ratio of no less than 40% of the net profit attributable to shareholders for 2023 [5][6] - The company aims to enhance profitability by developing high-value-added products, with high-end products accounting for approximately 14% of total aluminum product sales, contributing about 30% to total gross profit [5][6] Financial Performance - In Q4 2023, the company achieved a revenue of 7.15 billion yuan, a year-on-year decrease of 15.08%, but a net profit of 1.33 billion yuan, representing a year-on-year increase of 99.76% [5] - The company expects net profits of 3.88 billion yuan, 4.20 billion yuan, and 4.57 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.33 yuan, 0.36 yuan, and 0.39 yuan [6][7] - The company’s total assets are projected to grow from 68.81 billion yuan in 2023 to 84.08 billion yuan by 2026, with a debt ratio decreasing from 21.5% to 18.5% over the same period [8]