市占率逆势提升，积极分红回报股东

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 6.38 billion yuan in 2023, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders was 1.43 billion yuan, an increase of 10.4%. The earnings per share (EPS) was 0.90 yuan, and the operating cash flow was 1.37 billion yuan, down 10.3% year-on-year. The company proposed a cash dividend of 8 yuan per 10 shares, resulting in a dividend payout ratio of 87.79% [6][7] - The company has seen a narrowing decline in revenue from its flagship PPR pipes, with a year-on-year decrease of 9.0% to approximately 2.99 billion yuan. The revenue decline in the second half of 2023 was 7.4%, indicating improvement. The company has also increased its market share by over 3 percentage points [7][9] - The company’s other products, including waterproofing and water purification, experienced significant growth, with a revenue increase of 35.3% year-on-year, contributing to 14% of total revenue [7][9] Financial Summary - The company’s total revenue for 2023 was 6.38 billion yuan, with a projected revenue increase of 13.3% in 2024, reaching 7.23 billion yuan. The net profit is expected to remain stable at 1.43 billion yuan in 2024, with a slight decrease in EPS projected at 0.90 yuan [8][12] - The gross margin improved due to a decrease in raw material costs, with PPR, PE, and PVC pipe margins increasing by 3.5, 3.7, and 12.6 percentage points respectively [9][10] - The company maintained a high return on equity (ROE) of 25.6% in 2023, with a net profit margin of approximately 22.9%, reflecting strong profitability [10][12]