盈利能力延续承压，期待24年困境反转

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [5][18]. Core Views - The company's profitability has been under pressure, with expectations for a turnaround in 2024 due to favorable real estate policies and ongoing urban renewal projects [3][5][15]. - The company reported a significant decline in net profit for 2023, attributed to a decrease in gross margin and increased credit impairment losses [3][4][34]. - Despite the challenges, there is optimism regarding the potential recovery in real estate sales, which could positively impact the company's performance [3][5][15]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.11 billion yuan, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders was 60.18 million yuan, down 43.09% year-on-year [3][6]. - The gross margin for 2023 was 30.5%, a decrease of 1.88 percentage points compared to the previous year, with a notable decline in the first quarter of 2024 [34]. - The company expects net profits for 2024, 2025, and 2026 to be 150 million yuan, 258.84 million yuan, and 311.89 million yuan respectively, indicating a recovery trajectory [5][6]. Revenue Breakdown - In 2023, the revenue from functional architectural coatings, energy-saving materials, and waterproof materials was 2.096 billion yuan, 660 million yuan, and 258 million yuan respectively, with year-on-year changes of -4.01%, -7.14%, and +94.43% [1][3]. - The first quarter of 2024 showed significant revenue declines across various segments, with functional coatings down 54.8% and energy-saving materials down 34.03% [1][3]. Market Position and Outlook - The company is positioned to increase its market share through channel transformation and risk management, despite the current low industry concentration [5]. - The anticipated recovery in the real estate sector, driven by recent policy changes, is expected to provide a catalyst for improved sales and profitability [3][5][15].