渠道结构优化，盈利水平抬升，建材分红标杆

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company reported a revenue of 6.378 billion yuan in 2023, a decrease of 8.27% year-on-year, while the net profit attributable to shareholders was 1.432 billion yuan, an increase of 10.4% year-on-year [2]. - The company aims for a revenue target of 7.3 billion yuan in 2024, representing a year-on-year growth of 14.46% [2]. - The company has a strong focus on optimizing channel structures and reducing raw material costs, which significantly improved profitability in 2023, with a gross margin of 44.32%, up 4.56 percentage points year-on-year [2]. - The company has a consistent dividend policy, proposing a cash dividend of 1.257 billion yuan for 2023, with a payout ratio of 87.79%, an increase of 14.17 percentage points year-on-year [2]. Financial Performance Summary - Revenue Forecasts: - 2022A: 6,954 million yuan - 2023A: 6,378 million yuan - 2024E: 7,052 million yuan - 2025E: 7,852 million yuan - 2026E: 8,931 million yuan - Year-on-year growth rates: -8% in 2023, +11% in 2024, +11% in 2025, +14% in 2026 [1][7]. - Net Profit Forecasts: - 2022A: 1,297 million yuan - 2023A: 1,432 million yuan - 2024E: 1,462 million yuan - 2025E: 1,582 million yuan - 2026E: 1,791 million yuan - Year-on-year growth rates: +10% in 2023, +2% in 2024, +8% in 2025, +13% in 2026 [1][7]. - Earnings Per Share (EPS): - 2022A: 0.81 yuan - 2023A: 0.90 yuan - 2024E: 0.92 yuan - 2025E: 0.99 yuan - 2026E: 1.13 yuan [1][7]. - Valuation Ratios: - P/E: 21.9 in 2022, 19.8 in 2023, 19.4 in 2024, 18.0 in 2025, 15.9 in 2026 - P/B: 5.3 in 2022, 5.1 in 2023, 4.2 in 2024, 3.5 in 2025, 3.0 in 2026 [1][7]. Strategic Outlook - The company is focusing on dual-driven growth from retail and engineering sectors, enhancing its high-quality development strategy [2]. - The company plans to expand its product and service offerings, particularly in waterproofing and water purification, leveraging its established retail capabilities [5]. - The acquisition of Zhejiang Keri is expected to enhance the company's system integration capabilities, complementing its existing product and service model [5].