县城增长表现亮眼，公司盈利持续修复

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 49.35 CNY per share based on a reasonable PE valuation of 30 times for 2024 [19][26]. Core Insights - The company reported a revenue of 7.802 billion CNY for 2023, representing a year-on-year growth of 2.00%, and a net profit attributable to shareholders of 324 million CNY, up from 66 million CNY in the previous year [2][23]. - The company has successfully shifted its strategy during the downturn in the real estate market by expanding its product offerings and market reach, particularly in county-level cities, which saw a growth of 10% [2][9]. - The gross profit margin improved to 32.26% in 2023, an increase of 2.06 percentage points year-on-year, primarily due to a decrease in raw material costs [2][24]. Financial Summary - Revenue for 2023 was 7,802 million CNY, with a growth rate of 2.0% compared to the previous year [4]. - The company expects net profits for 2024-2026 to be 530 million CNY, 720 million CNY, and 900 million CNY respectively, with corresponding PE ratios of 22, 16, and 13 times [3][26]. - The operating cash flow for 2023 was 499 million CNY, a decrease of 436 million CNY year-on-year, attributed to increased procurement costs [10][3]. - The company’s net profit margin for 2023 was 4.15%, up 3.30 percentage points from the previous year, with a significant increase in the fourth quarter [24][23].