瓷砖经营效率优化

Investment Rating - The investment rating for the company is "Buy" and is maintained [27]. Core Views - The company has achieved a year-on-year revenue growth of 12% in 2023, with a net profit increase of 257% [23]. - The company is focusing on optimizing its product and channel structure, leading to an increase in the revenue share of high-margin products [2][4]. - The company is experiencing a supply chain revolution in the tile industry, which is expected to enhance efficiency and profitability for leading enterprises [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 7.773 billion yuan and a net profit of 720 million yuan [23]. - The gross profit margin for tiles improved from 30.9% to 33.5%, while the average price of tiles decreased from 43 yuan/sqm to 40 yuan/sqm [2]. - The company’s operating cash flow reached 1.766 billion yuan in 2023, indicating a stable cash flow situation [4]. Market Dynamics - The tile segment accounts for approximately 85% of the company's total revenue, with a year-on-year growth of 14% [2]. - The company’s inventory turnover rate improved to approximately 3.0, indicating better inventory management [4]. Future Projections - The projected net profits for 2024 and 2025 are 870 million yuan and 1.01 billion yuan, respectively, suggesting a low valuation with price-to-earnings ratios of 9 and 8 times [5].