业绩增长良好，派息延续慷慨

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2] Core Views - The company achieved a good profit growth with a proposed cash dividend of 8 yuan per 10 shares (including tax) [3][4] - Despite a challenging industry environment, the company managed to limit the revenue decline to 8.3% year-on-year, with a net profit increase of 10.4% [4][6] - The company aims for a revenue target of 7.3 billion yuan in 2024, with a focus on controlling costs and expenses around 5.7 billion yuan [4][6] Financial Performance Summary - The company reported a total revenue of 6.38 billion yuan in 2023, down 8.3% year-on-year, while the net profit attributable to shareholders was 1.43 billion yuan, up 10.4% [3][5] - The gross margin improved by 4.6 percentage points to 44.3% due to a decrease in raw material prices [4][6] - The company maintained a strong cash flow with a cash collection ratio of 111.3% and a cash payment ratio of 108.5% [6][8] Business Strategy and Market Position - The company is focusing on retail and category expansion, with significant growth in the waterproof and other product segments [4][6] - The revenue contribution from different product categories includes PPR series (46.88%), PE series (23.96%), PVC series (14.12%), and others (14.33%) [4] - The company has made strategic acquisitions to enhance its presence in high-end residential and public construction markets [4][6] Future Projections - The company forecasts net profits of 1.44 billion yuan in 2024, 1.57 billion yuan in 2025, and 1.68 billion yuan in 2026 [6][8] - The projected P/E ratios for the next three years are 17 times for 2024, 16 times for 2025, and 15 times for 2026 [6][8]