计提减值拖累业绩，轻装上阵行稳致远

Investment Rating - The investment rating for the company is "Recommended" [5][10]. Core Views - The company reported a revenue of 7.94 billion yuan in 2023, a year-on-year increase of 3.7%, but incurred a net loss attributable to shareholders of 0.34 billion yuan, compared to a profit of 0.18 billion yuan in the previous year [4][10]. - In Q1 2024, the company achieved a revenue of 1.49 billion yuan, a year-on-year decrease of 20.4%, with a net profit of 0.05 billion yuan, down 9.2% year-on-year [4][10]. - The company has fully recognized impairment losses, which is expected to alleviate market concerns regarding accounts receivable [4][10]. Financial Summary - The company’s total market capitalization is 5.4 billion yuan, with a circulating A-share market value of 4.1 billion yuan [3]. - The company’s total share capital is 1,177 million shares, with a net asset per share of 4.34 yuan [3]. - The asset-liability ratio stands at 61.6% [3]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024 and 2025 is 0.22 billion yuan and 0.35 billion yuan, respectively, with a new forecast for 2026 at 0.42 billion yuan [10]. - The current market capitalization corresponds to a price-to-earnings ratio (P/E) of 24 times for 2024, 16 times for 2025, and 13 times for 2026 [10]. Product and Channel Performance - The revenue breakdown for 2023 shows that waterproof membranes accounted for 53%, waterproof coatings for 24%, waterproof engineering construction for 19%, and seismic isolation products for 4% [7]. - The company plans to continue expanding its dealer network, which currently accounts for over 50% of revenue, to penetrate untapped markets and enhance sales strategies [7]. Cash Flow and Operational Efficiency - The operating cash flow ratio improved by 4.9 percentage points to 104% in 2023, while the cash payment ratio increased by 8.5 percentage points to 109% [7]. - The net cash flow from operating activities for Q1 2024 was -0.98 billion yuan, a decline of 0.32 billion yuan year-on-year [7].