2023年报点评：盈利修复在途，提高分红回报

Investment Rating - The investment rating for the company is "Strong Buy" [30][36]. Core Views - The company reported a total revenue of 6.806 billion yuan in 2023, a year-on-year decrease of 1.13%, with a net profit attributable to shareholders of 803 million yuan, down 17.77% year-on-year [36]. - The fourth quarter of 2023 saw a revenue of 2.327 billion yuan, a decline of 6.9% year-on-year, and a net profit of 297 million yuan, down 15.06% year-on-year [36]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 502 million yuan, with a payout ratio of 63%, an increase of 11 percentage points year-on-year [36]. - The company is expected to return to stable growth in 2024, with a projected revenue increase of 13.1% to 7.697 billion yuan and a net profit growth of 32.8% to 1.066 billion yuan [42]. Financial Summary - The company achieved a gross margin of 29.3% in Q4 2023, a decrease of 5.29 percentage points year-on-year, but an improvement of 2.49 percentage points from Q3 2023 [31]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.10 yuan, 2.47 yuan, and 2.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 14, and 12 [42]. - The total assets of the company are estimated at 9.399 billion yuan for 2023, with a debt-to-equity ratio of 40.25% [37].