2023年报点评：多渠道扩品类进展顺利，减值损失影响业绩

Investment Rating - The investment rating for the company is "Strong Buy" with a target price of 17.4 CNY per share [2]. Core Views - The company achieved a revenue of 32.823 billion CNY in 2023, representing a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion CNY, up 7.16% year-on-year [2]. - The retail and sand powder segments showed high growth, while impairment losses impacted overall performance. The revenue growth rates for each quarter in 2023 were +19%, +4%, +5%, and -5%, respectively, with a significant decline in Q4 performance attributed to industry downturns and product mix changes [2]. - The company has improved its operational profitability, with a gross margin of 27.69%, up 1.92 percentage points year-on-year, and a net profit margin of 6.97%, up 0.18 percentage points year-on-year [2]. - The company is focusing on channel expansion and product diversification to drive long-term growth, emphasizing local market penetration and a C-end priority strategy [2]. Financial Summary - Total revenue for 2023 was 32,823 million CNY, with a projected growth rate of 9.8% for 2024, reaching 36,040 million CNY [3]. - The net profit for 2023 was 2,273 million CNY, with an expected increase of 28.0% in 2024, reaching 2,910 million CNY [3]. - Earnings per share (EPS) for 2023 was 0.90 CNY, projected to rise to 1.16 CNY in 2024 [3]. - The company’s price-to-earnings (P/E) ratio is expected to be 15x in 2024, with a target price of 17.4 CNY per share [2][3]. Business Performance - The waterproof materials segment generated revenue of 23 billion CNY, up 9.6% year-on-year, with a gross margin improvement of 3 percentage points [2]. - The retail channel saw a revenue increase of 28%, accounting for 28% of total revenue, with a gross margin close to 40% [2]. - The company’s cash flow improved significantly, with a net operating cash flow of 2.103 billion CNY in 2023, an increase of 14.49 billion CNY year-on-year [2].