23年圆满收官，普五批价有望向好

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a total revenue of 83.27 billion yuan for 2023, a year-on-year increase of 12.6%, and a net profit attributable to shareholders of 30.21 billion yuan, up 13.2% year-on-year. For Q1 2024, revenue reached 34.83 billion yuan, with a year-on-year growth of 11.9%, and a net profit of 14.05 billion yuan, up 12.0% year-on-year. The company declared a cash dividend of 4.67 yuan per 10 shares, with a payout ratio of 60% [1][2]. - The company achieved revenue of 62.8 billion yuan from its flagship product, with a year-on-year growth of 13.5%. Sales volume increased by 18.0%, while the price per ton decreased by 3.8% due to promotional activities. The series of products generated revenue of 13.64 billion yuan, reflecting an 11.6% year-on-year increase [1][2]. - The gross margin remained stable at 75.8% for 2023, with a slight increase in sales expense ratio and management expense ratio. The net profit margin was 37.9% [1][3]. - The company aims for double-digit revenue growth in 2024, primarily driven by its 1618 and other products, while controlling the supply of its flagship product to maintain pricing stability [1][2]. Financial Summary - For 2023, the company reported total revenue of 83.27 billion yuan, with a year-on-year growth of 12.6%. The projected revenue for 2024 is 92.72 billion yuan, reflecting an 11.3% growth [3][9]. - The net profit attributable to shareholders for 2023 was 30.21 billion yuan, with a projected increase to 33.96 billion yuan in 2024, representing a 12.4% growth [3][9]. - The earnings per share (EPS) for 2023 was 7.78 yuan, with projections of 8.75 yuan for 2024 and 9.88 yuan for 2025 [3][9]. - The company maintains a gross margin of 75.8% for 2023, with expectations of 75.4% in 2024 and 75.7% in 2025 [3][9].