2023年年报点评：业绩稳健有韧性，高分红进一步加码

Investment Rating - The investment rating for the company is "Buy" [1][4][19] Core Views - The company demonstrated resilient performance in 2023 with a revenue of 6.38 billion yuan, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders increased by 10.4% to 1.43 billion yuan, primarily due to investment income from Dongpeng Huali [1][6][19] - The company plans to distribute a cash dividend of 1.257 billion yuan, representing a dividend payout ratio of 87.8%, highlighting its commitment to returning value to shareholders [1][14][19] - The company is focusing on expanding its "concentric circle" business model, which has shown growth in waterproof products and acquisitions, contributing to a 35.3% year-on-year increase in revenue from other products [1][11][19] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 6.38 billion yuan, with a quarterly revenue of 2.63 billion yuan in Q4, reflecting a year-on-year decline of 5.7% [1][6][19] - The gross profit margin improved to 44.3%, up 4.6 percentage points year-on-year, with Q4 gross margin at 44.9% [1][14][19] - Operating cash flow was 1.37 billion yuan, a decrease of 10.3% year-on-year, with cash and cash equivalents at 3.17 billion yuan at year-end [1][14][19] Product and Market Development - The company sold 398,000 tons of pipes in 2023, a slight increase of 1.08% year-on-year, with revenue from PPR, PE, and PVC pipes declining by 8.97%, 14.17%, and 18.07% respectively [1][11][19] - The company is strategically focusing on core domestic markets while expanding its overseas business, achieving 283 million yuan in overseas sales, a year-on-year increase of 2.1% [1][11][19] Future Outlook - The company has adjusted its earnings forecasts for 2024-2025, expecting EPS of 0.93 yuan and 0.99 yuan respectively, with corresponding PE ratios of 16.8 and 15.7 [1][19][20] - The emphasis on high-quality development and a robust retail strategy is expected to sustain growth and enhance long-term investment value [1][19][20]