2023年报点评报告：行业承压公司零售业务表现亮眼，经营性现金流大幅改善

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage [1][3]. Core Views - The waterproofing industry faced pressure in 2023, but the company's retail business saw rapid revenue growth, achieving 9.287 billion yuan, a year-on-year increase of 28.11%, which accounted for 28.29% of total revenue [1][3]. - The company has expanded its retail business significantly, with a dealer network of nearly 5,000 and over 220,000 distribution points by the end of 2023 [1]. - The company's cash flow improved significantly, with net cash flow from operating activities reaching 2.103 billion yuan, a year-on-year increase of 221.58% [1][3]. Financial Performance Summary - In 2023, the company achieved total operating revenue of 32.823 billion yuan, a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [1][4]. - The company forecasts operating revenues of 36.262 billion yuan, 39.643 billion yuan, and 43.672 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.908 billion yuan, 3.267 billion yuan, and 3.605 billion yuan [4][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 11.6, 10.3, and 9.3, respectively [3][4]. Business Segment Insights - The retail business's gross margin in 2023 was 39.42%, an increase of 4.63 percentage points year-on-year [1]. - The company's mortar powder business generated 4.196 billion yuan in revenue in 2023, showing significant growth [1][3]. - The company is actively expanding its overseas business, establishing offices in multiple countries, including Vietnam, Malaysia, and the United States [1].