2023年年报点评：毛利率同比改善，分红率显著提升

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - In 2023, the company achieved total revenue of 6.4 billion yuan, a decrease of 8% year-on-year, while net profit attributable to shareholders increased by 10% to 1.4 billion yuan [5][6] - The company plans to distribute a cash dividend of 1.26 billion yuan, resulting in a dividend payout ratio of 88%, the highest level since 2012, with a corresponding dividend yield of approximately 4.9% [6][8] - The company aims for a revenue target of 7.3 billion yuan in 2024, representing a year-on-year growth of 14.5% [6] Financial Performance - The company's gross profit margin improved to 44.3%, an increase of 4.6 percentage points year-on-year, primarily due to a decline in raw material prices [8] - The net cash flow from operating activities was 1.37 billion yuan, a decrease of 160 million yuan year-on-year, mainly due to an increase in inventory [6][8] - The company reported a receivables balance of 550 million yuan at the end of 2023, an increase of 110 million yuan year-on-year, attributed to acquisitions [6][8] Business Segments - Revenue from PPR pipes, PE pipes, PVC pipes, and other products was 2.99 billion, 1.53 billion, 900 million, and 910 million yuan respectively, with year-on-year changes of -9%, -14%, -18%, and +35% [7] - The retail business, primarily focused on PPR products, was less impacted by weak downstream demand compared to the engineering business [7] Valuation and Future Outlook - The report adjusts the company's net profit forecasts for 2024 and 2025 to 1.45 billion yuan and 1.58 billion yuan, respectively, with a new forecast for 2026 at 1.7 billion yuan [6] - The current price corresponds to a dynamic P/E ratio of 18 times for 2024, indicating potential for value reassessment [6]