市占率逆势向上，现金牛分红提升

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][2]. Core Insights - Despite a decline in revenue due to weak demand, the company's net profit increased by 10.40% year-on-year, reaching 1.432 billion yuan in 2023 [2]. - The company's market share increased by 3 percentage points during a downturn in the plastic pipe industry, indicating resilience and effective market expansion strategies [2]. - The company has a strong cash position with 3.174 billion yuan in cash, allowing for increased dividends and acquisitions, with a dividend proposal of 8 yuan per 10 shares, totaling 1.258 billion yuan, a 31.73% increase year-on-year [2][3]. Financial Performance Summary - In 2023, the company reported operating revenue of 6.378 billion yuan, a decrease of 8.27% year-on-year, while the gross margin improved to 44.32%, up 4.56 percentage points from the previous year [2][7]. - The forecast for net profit for 2024-2026 is 1.495 billion yuan, 1.637 billion yuan, and 1.833 billion yuan, respectively, with corresponding EPS of 0.94, 1.03, and 1.15 yuan [3][7]. - The company's PE ratios for the next three years are projected to be 17.53, 16.01, and 14.30, indicating a potentially attractive valuation [3][7]. Market Position and Strategy - The company ranks 5th in brand strength and value within the construction materials industry, having improved its position by 2 places from the previous year [3]. - The marketing network has expanded, with over 50 sales companies established in 2023, up from 40 in 2022, and an increase in specialized marketing personnel to over 1,900 [3]. - The company has contributed to over 230 national and industry standards and holds 1,600 patents, reflecting its commitment to innovation and industry leadership [3].