业绩超预期，成长持续兑现

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company reported Q1 2024 results that exceeded expectations, with revenue of 5.94 billion, a year-on-year increase of 24.62%, and a net profit attributable to shareholders of 822 million, up 38.11% year-on-year [5] - The company continues to demonstrate strong growth in the gypsum board industry, reflecting its robust market position and effective channel capabilities [5] - The company is expanding its product categories, including waterproofing and coatings, with significant revenue contributions from these segments [5][6] - The company has improved its cash flow, with a net cash flow from operating activities showing significant improvement compared to the previous year [5] Summary by Sections Financial Performance - Q1 2024 revenue reached 5.94 billion, a 24.62% increase year-on-year - Net profit attributable to shareholders was 822 million, a 38.11% increase year-on-year - The gross margin for Q1 was 28.6%, up 1.7 percentage points year-on-year [5] Business Expansion - The waterproofing business generated 3.9 billion in revenue for 2023, a 24.12% increase, with a net profit of approximately 150 million [5] - The acquisition of Jia Baoli in the coatings sector is expected to accelerate growth in this area [5][6] - The company’s other income, primarily from gypsum board and related products, increased by 149.56% year-on-year [5] Future Growth Prospects - The company aims to enhance its market position by focusing on high-end products and expanding its product lines [6] - The company plans to continue its strategy of potential acquisitions to strengthen its position as a leading comprehensive building materials provider [6] - The dividend payout ratio has increased to 40.03%, reflecting a commitment to shareholder returns [6]