2023年年报点评：一体化及海外布局持续贡献增量

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 33.757 billion yuan in 2023, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 2.762 billion yuan, up 2.3% year-on-year [8][9] - The company achieved significant growth in sales of cement, concrete, and aggregates, with non-cement gross profit contribution rising to 44% [9][12] - The company continues to strengthen its integrated and overseas strategies, which are expected to contribute to new growth points [14] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 33.757 billion yuan, with a year-on-year growth of 10.8% and a net profit of 2.762 billion yuan, reflecting a 2.3% increase [8][9] - The company plans to distribute a cash dividend of 0.53 yuan per share (tax included) [8] Sales and Production - Cement and clinker sales reached 61.9 million tons, a year-on-year increase of 2.5%, exceeding the operational plan by 9% [9] - Concrete sales grew significantly by 66.4% year-on-year, reaching 27.27 million cubic meters [9] - Aggregate sales nearly doubled, increasing by 99.7% year-on-year to 131.37 million tons [9] Cost and Profitability - The gross profit contribution from aggregates and concrete reached 27.3% and 13.1%, respectively, with non-cement gross profit contributing 44% [9][12] - The company reported a net profit margin of 9.5% in 2023, a slight decrease of 0.4 percentage points year-on-year [12] Capital Expenditure and Cash Flow - The company controlled capital expenditures, spending 4.85 billion yuan on fixed assets, a decrease of 37.2% year-on-year [12] - The net cash flow from operating activities was 6.236 billion yuan, reflecting a 36.5% increase year-on-year [12] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 2.545 billion yuan and 3.217 billion yuan, respectively, with a new forecast for 2026 at 3.581 billion yuan [14] - The company maintains a price-to-earnings ratio of 11.2 for 2024, 8.8 for 2025, and 7.9 for 2026 based on the closing price on March 29 [14]