非水泥利润贡献增大，海外业务前景可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.09 CNY, reflecting a 24% upside from the current price of 13.66 CNY [4][2]. Core Insights - The company achieved a total revenue of 33.76 billion CNY and a net profit attributable to shareholders of 2.76 billion CNY in 2023, representing a year-on-year growth of 10.79% and 2.34% respectively [1][2]. - The non-cement business has become a significant profit growth driver, with its revenue contribution increasing to 43% in 2023, up by 10.66 percentage points year-on-year [1][2]. - The company successfully expanded its overseas operations, acquiring stakes in cement companies in Oman and South Africa, which contributed to a 30% increase in overseas revenue, reaching 5.49 billion CNY [2][1]. Financial Performance Summary - In 2023, the company's gross profit margin improved to 26.71%, up by 0.49 percentage points year-on-year, with a net profit margin of 9.53% [2][11]. - The company plans to increase its capital expenditure to approximately 6.9 billion CNY in 2024, focusing on expanding its aggregate and concrete production capacity, as well as overseas cement operations [1][2]. - The forecast for net profit attributable to shareholders is adjusted to 3.23 billion CNY for 2024 and 3.65 billion CNY for 2025, with an expected net profit of 4.13 billion CNY by 2026 [2][3]. Revenue and Profit Growth - The company reported a revenue growth rate of 10.79% in 2023, with expectations of continued growth at 12.39% in 2024 and 8.59% in 2025 [3][11]. - The net profit attributable to shareholders is projected to grow by 16.96% in 2024 and 13.01% in 2025 [3][11]. Market Position and Valuation - The company’s price-to-earnings (P/E) ratio is projected to be 11 times for 2024, indicating a favorable valuation compared to peers [2][3]. - The company’s total market capitalization is approximately 18.36 billion CNY, with a current price-to-book (P/B) ratio of 0.98 [4][3].