公司信息更新报告：减水剂需求承压，静待公司业绩修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [12][20]. Core Views - The company is experiencing a decline in sales of high-performance water-reducing agents, while revenue from functional materials has increased year-on-year. The company has strong growth potential due to its involvement in major tunnel projects and overseas expansion, particularly in regions related to the Belt and Road Initiative [6][7][15]. - The company's Q1 performance shows a decrease in revenue and net profit, attributed to pressure from the downstream real estate sector. However, there is optimism for a business recovery as economic conditions improve [14][29]. Financial Summary - In 2023, the company achieved revenue of 35.82 billion yuan, a year-on-year decrease of 3.58%, and a net profit of 1.60 billion yuan, down 44.32% year-on-year. For Q1 2024, revenue was 5.79 billion yuan, a decline of 13.07% year-on-year, with a net profit of 0.21 billion yuan, down 47.83% year-on-year [14][30]. - The company's financial forecasts for 2024-2026 predict a gradual recovery in net profit, with estimates of 1.98 billion yuan in 2024, 2.55 billion yuan in 2025, and 3.17 billion yuan in 2026, alongside corresponding EPS of 0.46, 0.59, and 0.73 yuan [14][16]. - The company's gross margin is expected to improve slightly from 35.1% in 2023 to 37.6% by 2026, indicating a potential for enhanced profitability as operational efficiencies are realized [16]. Market Position and Outlook - The company is positioned as a leader in concrete additives, with expectations of being among the first to recover as downstream demand rebounds. The report emphasizes the company's multi-segment collaborative development strategy, which is anticipated to yield positive results in the future [14][29]. - The company's overseas business and testing services are expected to continue growing, contributing to overall revenue stability and growth [15][30].