业绩逆势增长，一体化业务表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the company [3][4]. Core Views - The company reported a revenue of 33.757 billion yuan for 2023, a year-on-year increase of 10.79%, driven primarily by rapid growth in ready-mixed concrete and aggregate businesses [3][4]. - The net profit attributable to shareholders for 2023 was 2.762 billion yuan, reflecting a year-on-year increase of 2.34% [3][4]. - In Q4 2023, the company achieved a revenue of 9.592 billion yuan, up 10.77% year-on-year, with a significant net profit increase of 87.21% to 888 million yuan, attributed to volume compensation and asset disposal gains [3][4]. - The company's product revenue breakdown shows cement, concrete, aggregate, and other businesses with revenues of 18.332 billion yuan, 7.652 billion yuan, 5.364 billion yuan, and 1.462 billion yuan respectively, with notable growth in concrete and aggregate due to increased market efforts [3][4]. - Regional revenue growth was observed across all areas, with East China, South China, and overseas markets showing significant increases of 25.46%, 24.24%, and 29.99% respectively [3][4]. - The company’s overseas production capacity reached 20.91 million tons per year in 2023, a 69% year-on-year increase, indicating successful international expansion [3][4]. - The average selling price and gross profit per ton for cement decreased due to industry oversupply and weak demand, with the cement gross profit margin at 26.76% [3][4]. - The company’s comprehensive gross margin for 2023 was 26.71%, a slight increase of 0.49 percentage points year-on-year, while the net profit margin decreased to 9.53% [3][4]. - The report projects net profits for 2024-2026 to be 3.263 billion yuan, 3.725 billion yuan, and 4.267 billion yuan respectively, with corresponding PE ratios of 8.4, 7.3, and 6.4 [3][4]. Summary by Sections Financial Performance - 2023 revenue was 33.757 billion yuan, with a 10.79% year-on-year growth [3][4]. - 2023 net profit was 2.762 billion yuan, reflecting a 2.34% increase [3][4]. - Q4 2023 revenue reached 9.592 billion yuan, with net profit soaring by 87.21% to 888 million yuan [3][4]. Product Breakdown - Revenue from cement, concrete, aggregate, and other businesses was 18.332 billion yuan, 7.652 billion yuan, 5.364 billion yuan, and 1.462 billion yuan respectively [3][4]. - Concrete and aggregate businesses saw significant growth, with year-on-year increases of 49.08% and 75.01% respectively [3][4]. Regional Performance - Revenue growth was noted in all regions, particularly in East China, South China, and overseas markets [3][4]. - The overseas production capacity reached 20.91 million tons per year, marking a 69% increase year-on-year [3][4]. Profitability Metrics - The comprehensive gross margin for 2023 was 26.71%, with a slight increase year-on-year [3][4]. - The net profit margin decreased to 9.53% due to rising costs [3][4]. Future Projections - Projected net profits for 2024-2026 are 3.263 billion yuan, 3.725 billion yuan, and 4.267 billion yuan respectively [3][4].