零售端+现金流表现亮眼，分红同比大幅提升，减值计提拖累业绩增速

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 16.65 CNY, maintaining the rating [4]. Core Insights - The company reported a revenue of 32.82 billion CNY in 2023, representing a year-over-year increase of 5.15%, and a net profit of 2.27 billion CNY, up 7.16% year-over-year. The proposed dividend is 6 CNY per 10 shares, with a payout ratio of 66.47%, significantly up from 11.74% the previous year [1][8]. - The retail channel showed strong growth, with revenue reaching 9.29 billion CNY, a 28.11% increase year-over-year, while the engineering channel also performed well with a 22.58% increase [2][3]. - The overall gross margin improved to 27.69%, up 1.92 percentage points year-over-year, attributed to the growth in high-margin retail business and lower raw material costs [3][8]. - The company experienced a significant increase in operating cash flow, which rose by 221.58% year-over-year to 2.10 billion CNY, driven by strong retail performance and a reduction in accounts receivable [8]. Financial Performance Summary - Revenue for 2023 was 32.82 billion CNY, with quarterly growth rates of +18.80%, +3.99%, +5.41%, and -4.76% [2]. - The company’s net profit margin was 6.97%, an increase of 0.18 percentage points year-over-year, and the return on equity (ROE) was 8.24%, up 0.27 percentage points [8]. - The company’s gross profit margin by channel was 39.42% for retail, 23.70% for engineering, and 13.64% for direct sales, with significant improvements in retail and engineering channels [3][8]. - The forecast for revenue from 2024 to 2026 is 36.04 billion CNY, 39.70 billion CNY, and 43.53 billion CNY, with expected net profits of 2.80 billion CNY, 3.20 billion CNY, and 3.64 billion CNY respectively [9][10].