supor(SZ:002032) KAIYUAN SECURITIES·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 21.3 billion yuan in 2023, representing a year-on-year increase of 5.62%. The net profit attributable to shareholders was 2.18 billion yuan, up 5.42% year-on-year. In Q4 2023, the revenue reached 5.937 billion yuan, with a growth of 14.4% [6][24] - The company maintains a high dividend payout ratio, with nearly 100% in 2023, and has implemented an employee incentive plan to enhance team motivation [22][24] Summary by Sections 1. Q4 2023 Revenue Growth and Sales Performance - In 2023, the company achieved a revenue of 213 billion yuan (+5.62% year-on-year) and a net profit of 21.8 billion yuan (+5.42%). In Q4 2023, the revenue was 59.37 billion yuan (+14.4%), and the net profit was 8.18 billion yuan (+7.75%) [6][13][24] 2. Improvement in Gross Margin and Cost Management - The overall gross margin for 2023 was 26.3% (+0.52 percentage points), with Q4 gross margin at 28.63% (+2.56 percentage points). The company maintained stable expense ratios across various categories, contributing to a net profit margin of 10.23% for the year [8][19][21] 3. High Dividend Payout and Employee Incentives - The company proposed a cash dividend of 27.3 yuan per 10 shares for 2023, maintaining a high dividend payout ratio. An employee incentive fund was established to reward 285 eligible employees, promoting motivation within the core team [22][24] 4. Profit Forecast and Investment Recommendations - The company forecasts net profits of 2.422 billion yuan, 2.688 billion yuan, and 2.935 billion yuan for 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are projected to be 3.00 yuan, 3.33 yuan, and 3.64 yuan, with current price-to-earnings (PE) ratios of 19.4, 17.5, and 16.0 times [6][24]