全年业绩逆势高增，高分红战略稳步推进

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [27]. Core Views - The company has demonstrated strong performance despite market challenges, with a significant increase in annual profits and a steady dividend strategy [9][21]. - The company is positioned as one of the largest players in the artificial board industry, indicating substantial growth potential [9]. Financial Summary - Revenue: The company achieved a revenue of 90.63 billion yuan in 2023, a year-on-year increase of 1.63% [31]. - Net Profit: The net profit attributable to shareholders was 6.89 billion yuan, reflecting a year-on-year growth of 54.66% [31]. - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.82 yuan for 2023, with expectations of 0.87 yuan in 2024 [9][31]. - Return on Equity (ROE): The ROE is expected to be 21.2% in 2023, with a slight decrease projected for 2024 at 20.8% [9]. - Gross Margin: The gross margin for 2023 is reported at 18.42%, showing a slight improvement from the previous year [8]. Business Performance - Q4 Performance: In Q4, the company reported a revenue of 3.332 billion yuan, a year-on-year increase of 9.46%, and a net profit of 232 million yuan, up 314.21% [5]. - Main Business Segments: The decorative materials segment generated 6.856 billion yuan in revenue, a growth of 3.23%, while the customized home segment saw a decline of 2.77% [5]. - Cash Flow: The operating cash flow for 2023 was 1.910 billion yuan, a significant increase of 104.63% year-on-year [8]. Dividend Strategy - The company has consistently implemented a high dividend strategy, proposing a cash dividend of 5.50 yuan per 10 shares for 2023, amounting to 456 million yuan, which is 66.10% of the distributable profits [21]. - Future plans include a commitment to distribute at least 50% of the annual distributable profits as cash dividends over the next three years [21].