Canlon(SZ:300715) EBSCN·2024-04-23 09:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [18][19][22]. Core Insights - The company has significantly improved its profitability, with a notable increase in gross margin and a reduction in expense ratios, leading to a substantial enhancement in overall profitability [17]. - The company is actively expanding its distribution channels while strategically reducing orders from high-risk real estate clients, optimizing its revenue structure [10]. - The development of a new steel-plastic composite board system is expected to fill a gap in roofing system solutions, presenting a potential new growth avenue for the company [2]. Financial Performance Summary - In 2023, the company achieved revenue of 2.801 billion yuan, a year-on-year increase of 31.6%, and returned to profitability with a net profit of 23 million yuan [1]. - The company's operating cash flow saw a significant increase of 315% year-on-year, reaching 1.9 billion yuan [1]. - The gross margin for 2023 was reported at 22%, reflecting a 2.5 percentage point increase compared to the previous year, primarily due to lower raw material costs [17]. Revenue and Profitability Forecast - The company’s net profit forecasts for 2024 and 2025 have been adjusted upward by 11% to 1.75 billion yuan and 2.06 billion yuan, respectively, with a new forecast for 2026 set at 2.23 billion yuan [18]. - The report anticipates continued resilience in growth due to the gradual recovery of real estate demand and the implementation of new waterproofing regulations [18].