盈利能力恢复，分红率97%推升股息率至7.1%

Investment Rating - The report maintains a "Buy" rating for Huayang International [22] Core Views - The company's revenue in 2023 was 1.51 billion yuan, a decrease of 17% year-on-year, primarily due to the downturn in the real estate industry and weak demand in the design sector [8] - Despite the revenue decline, the net profit attributable to shareholders increased by 44% to 160 million yuan, driven by reduced impairment provisions and an upward trend in gross margin [8] - The company plans to distribute a cash dividend of 157 million yuan, resulting in a dividend payout ratio of 97% and a dividend yield of 7.1% [8] Financial Performance Summary - Revenue and Profitability: - 2023 revenue was 1,507 million yuan, down from 1,825 million yuan in 2022, with a year-on-year growth rate of -17.5% [2] - Net profit attributable to shareholders for 2023 was 161 million yuan, with a year-on-year growth rate of 43.8% [2] - The gross margin improved to 32.2%, up 3.0 percentage points from the previous year [8] - Earnings Per Share (EPS): - The latest diluted EPS for 2023 was 0.82 yuan, with projections of 0.99 yuan for 2024 and 1.18 yuan for 2025 [2] - Return on Equity (ROE): - ROE for 2023 was 11.4%, expected to rise to 13.3% in 2024 [2] - Valuation Ratios: - The price-to-earnings (P/E) ratio for 2023 was 13.6, projected to decrease to 11.3 in 2024 [2] - The price-to-book (P/B) ratio for 2023 was 1.5, expected to remain stable at 1.5 in 2024 [2] - Cash Flow: - The company reported a net cash inflow from operating activities of 290 million yuan in 2023, continuing a trend of significant net inflows [8]