渠道结构优化，分红率大幅提升

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company reported a revenue of 32.823 billion yuan for 2023, a year-on-year increase of 5.15%, driven by successful business expansion and an increasing share of retail business [2] - The net profit attributable to shareholders was 2.273 billion yuan, up 7.16% year-on-year, although the fourth quarter saw a revenue decline of 4.76% and a net loss of 80 million yuan due to year-end impairment provisions [2] - The company fulfilled its dividend commitment with a cash dividend of 1.473 billion yuan, resulting in a dividend payout ratio of 65% and a dividend yield of 4% [2] - The company’s comprehensive gross margin improved to 27.69%, an increase of 1.92 percentage points year-on-year, attributed to increased operational scale and a decrease in raw material prices [2] - The company’s net profit margin was 6.97%, slightly up by 0.18 percentage points year-on-year, impacted by increased credit and asset impairment losses [2] Financial Summary - For 2024-2026, the forecasted net profits are 3.220 billion, 3.564 billion, and 4.122 billion yuan respectively, with corresponding P/E ratios of 11.0, 9.9, and 8.6 times [3] - The company’s operating cash flow for 2023 was 2.103 billion yuan, an increase of 1.449 billion yuan year-on-year, with earnings per share projected to rise to 1.28 yuan in 2024 [3][4] - The company’s total assets were reported at 51.174 billion yuan, with total liabilities of 22.467 billion yuan, resulting in a debt-to-asset ratio of 43.9% [4]