建材&家居&出口行业23年报及24一季报总结：逆势稳中求进，头部化特征明显240516

Investment Rating - The report indicates a stable investment rating for the building materials and home furnishing industry, highlighting resilience amidst challenges [1]. Core Insights - The industry has shown signs of recovery with a revenue increase of 4.02% year-on-year in 2023, reaching 241.9 billion yuan, while net profit surged by 29.45% to 19.5 billion yuan, primarily due to declining raw material prices [8][10]. - Profitability has improved, with the gross margin at 30.86%, up by 1.75 percentage points, and net margin at 8.17%, up by 1.63 percentage points [17]. - The report emphasizes the importance of both "To B" and "To C" business models, noting that retail businesses have shown stronger resilience against real estate cycles [28]. Revenue and Profit Trends - The total industry revenue in 2023 is close to the five-year high, although it has not yet returned to the peak level of 244.7 billion yuan in 2021 [10]. - The net profit for 2023 has exceeded the 2021 figure, marking a near five-year high [10]. - In Q1 2024, sample companies achieved a revenue of 438 million yuan, reflecting a year-on-year increase of 3.09% [11]. Segment Performance - Revenue growth in 2023 improved across most segments compared to 2022, with notable increases in the drying rack, door and window, and gypsum board sectors [12]. - The drying rack industry maintained a high profitability level, while the gypsum board sector, despite a decline, remained above many other industries [19]. - The capital expenditure index for the industry has decreased, indicating a contraction in supply, which may alleviate competitive pressure and improve profitability in the long run [23][25]. Cash Flow and Receivables - The cash collection ratio and net cash ratio for sample companies improved to 109% and 187%, respectively, indicating enhanced cash flow management [20]. - The report highlights a reduction in accounts receivable, reflecting improved operational quality within the industry [20]. Dividend and Shareholder Returns - In 2023, sample companies distributed dividends totaling 11.5 billion yuan, with a payout ratio of 59.08%, marking a continuous increase over five years [25]. - The dividend yield for 2023 is reported at 3.20%, with higher yields observed in the custom/board and door/window segments [25].