23年业绩向好，品类扩张成效显著

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for future performance [22][37]. Core Insights - The company has shown strong performance in 2023, with significant growth in revenue and profit margins, particularly in its main product lines [17][22]. - The company is expanding its product categories, which is expected to drive future growth [22]. - The financial outlook for 2024-2026 shows a steady increase in net profit, with projections of 1.71 billion, 2.08 billion, and 2.48 billion respectively, reflecting year-on-year growth rates of 17%, 21%, and 19% [22][24]. Financial Performance Summary - In Q1 2024, the company reported revenue of 88.57 million, a year-on-year increase of 3.22%, while the net profit was -1.76 million, showing a significant improvement of 68.59% compared to the previous year [20]. - For the full year 2023, the company achieved revenue of 9.40 billion, a growth of 5.94%, and a net profit of 1.46 billion, up 35.21% year-on-year [20]. - The gross margin for 2023 was 36.19%, an increase of 2.85 percentage points from the previous year, while the net margin was 15.53%, up 3.36 percentage points [17]. Revenue Breakdown - In 2023, the revenue from the company's main products was as follows: energy-saving aluminum-clad wooden windows at 790 million, aluminum alloy windows at 114 million, and curtain walls and sunrooms at 20 million, with respective year-on-year growth rates of 5.17%, 11.98%, and 4.91% [17]. - The sales model showed that bulk sales accounted for 55.71% of total revenue, while dealer sales contributed 42.62%, with the latter growing by 8.17% year-on-year [17]. Cash Flow and Expenses - The operating cash flow for 2023 was 1.49 billion, a remarkable increase of 660.80% year-on-year, primarily due to increased sales collections [17]. - The company’s expense ratio was 12.35%, a slight decrease of 0.82 percentage points compared to the previous year [17]. Dividend Policy - The company announced a cash dividend plan for 2023, proposing a distribution of 5 yuan per 10 shares, totaling 46.45 million, and outlined a three-year shareholder return plan [17][18].