业绩稳步改善，高分红彰显长期价值

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a dynamic PE of 11.7x for 2024 [2][3]. Core Views - The company reported a revenue of 372.04 billion yuan for 2023, representing a year-on-year increase of 8.2%. The net profit attributable to shareholders was 33.72 billion yuan, up 14.1% year-on-year [1][2]. - The company has a robust dividend policy, proposing a cash dividend of 30 yuan per 10 shares, resulting in a cash dividend rate of 61.57% [1]. - The company’s gross margin improved to 26.5% in 2023, an increase of 2.25 percentage points year-on-year, while the net profit margin reached 9.1%, up 0.5 percentage points [1][2]. Financial Summary - For 2023, the company achieved a revenue of 372.04 billion yuan and a net profit of 33.72 billion yuan, with a gross margin of 26.5% and a net profit margin of 9.1% [1][4]. - The forecast for 2024-2026 shows steady growth, with expected revenues of 405.10 billion yuan in 2024, 438.04 billion yuan in 2025, and 470.45 billion yuan in 2026, reflecting year-on-year growth rates of 8.4%, 8.1%, and 7.4% respectively [4][5]. - The earnings per share (EPS) are projected to be 5.43 yuan in 2024, 6.08 yuan in 2025, and 6.75 yuan in 2026, with corresponding PE ratios of 11.7x, 10.5x, and 9.4x [4][5].