2023年年报点评：业绩承压，静待价值重估

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.83 yuan [3][8]. Core Views - The company achieved a revenue of 107.38 billion yuan in 2023, a year-on-year decrease of 19.01%, and a net profit attributable to shareholders of 1.965 billion yuan, down 56.74% year-on-year [2][3]. - The company is expected to benefit from its significant scale advantages, resilience during industry downturns, and growth potential in the aggregate business [2][3]. - The name change to "Tianshan Materials" is anticipated to enhance brand value and lead to a revaluation of the company's worth [2][3]. Financial Performance Summary - In 2023, the company's revenue from cement and clinker was 71.072 billion yuan, down 20.31% year-on-year, while the aggregate business revenue increased by 6.08% to 5.839 billion yuan [2]. - The gross margin for cement and clinker was 14.30%, a slight decrease of 0.07 percentage points year-on-year, while the gross margin for aggregates was 44.06%, down 3.38 percentage points [2]. - The company reported a net cash flow from operating activities of 16.951 billion yuan, an increase of 11.14% year-on-year [2][6]. Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.667 billion yuan, 2.053 billion yuan, and 2.522 billion yuan, respectively, with corresponding PE ratios of 30, 35, and 29 [3][6].