公司信息更新报告：减值拖累业绩，零售业务稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The adjusted net profit after excluding non-recurring items was 1.841 billion yuan, reflecting a 2.05% increase year-on-year [5] - The company is facing performance pressure due to impairment losses, but its retail business is showing steady growth. The report anticipates a net profit of 2.84 billion yuan for 2024, representing a year-on-year growth of 24.8% [5][6] - The company is a leader in the industry, and its multi-category expansion is expected to drive long-term growth [5] Financial Summary - In Q4 2023, the company achieved a revenue of 7.462 billion yuan, a quarter-on-quarter decrease of 12.29%, and a net profit of -80 million yuan, a quarter-on-quarter decline of 107.87% [5] - The gross profit margin for 2023 was 27.69%, an increase of 1.92 percentage points year-on-year, while the net profit margin was 6.97%, up 0.18 percentage points year-on-year [5] - The company’s retail business generated revenue of 9.287 billion yuan in 2023, a year-on-year increase of 28.11%, accounting for 28.29% of total revenue [6] - The company’s total market capitalization is 34.1 billion yuan, with a current stock price of 13.54 yuan [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.84 billion yuan, 3.06 billion yuan, and 3.47 billion yuan, respectively, with year-on-year growth rates of 24.8%, 7.9%, and 13.2% [5][7] - The earnings per share (EPS) for 2024-2026 are projected to be 1.13 yuan, 1.22 yuan, and 1.38 yuan, respectively [7] Product and Channel Performance - Revenue from waterproof membranes, waterproof coatings, mortar powder, and engineering construction was 13.314 billion yuan, 9.685 billion yuan, 4.196 billion yuan, and 3.245 billion yuan, respectively, with year-on-year growth rates of 6.71%, 13.85%, 40.00%, and a decline of 26.30% for engineering construction [6] - The company’s engineering channel revenue was 12.510 billion yuan, a year-on-year increase of 22.58%, while direct sales revenue was 10.368 billion yuan, a year-on-year decrease of 19.63% [6]