发力新市场与新产品，利润端如期改善

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook despite some downward adjustments in profit forecasts [3][7]. Core Insights - The company reported a revenue of 7.8 billion yuan in 2023, a 2.0% increase from 2022, and a net profit of 320 million yuan, reflecting a significant growth of 393.9% year-on-year [3][9]. - The cash flow from operating activities for 2023 was 500 million yuan, a decrease of 430 million yuan compared to the previous year, primarily due to the repayment of prior payables [2][9]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares [3]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2023 was 7.8 billion yuan, with a year-on-year growth of 2.0% [10]. - Net profit for 2023 was 320 million yuan, with a year-on-year increase of 393.9% [10]. - Gross margin improved to 32.3% in 2023, up from 30.2% in 2022 [10][20]. - Future Projections: - Expected net profits for 2024, 2025, and 2026 are 402 million yuan, 518 million yuan, and 660 million yuan respectively, with corresponding P/E ratios of 30.9, 24.0, and 18.8 [10][20]. - Cash Flow and Debt: - The company’s cash flow from operating activities is projected to increase to 792 million yuan by 2026 [19]. - The debt ratio is expected to remain stable, with a projected asset-liability ratio of 46.0% in 2024 [20]. Market and Product Insights - The company is focusing on new markets and products, with notable growth in certain segments such as other construction hardware products, which saw a revenue increase of 20.29% [4][9]. - The company is actively expanding into county markets and new scenarios, enhancing its brand and product advantages [7][9].