2023年报点评：全年表现符合预期，不断加码海外市场

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 60.60 CNY, unchanged from the previous rating [1][2]. Core Insights - The company has shown strong performance in 2023, benefiting from increased orders from downstream clients and expanding its overseas market presence. The mid-to-long-term growth potential is promising [1][2]. - The company reported a total revenue of 10.57 billion CNY in 2023, a year-on-year increase of 52.2%, with a net profit attributable to shareholders of 806 million CNY, up 71.2% [1][2]. - The fourth quarter of 2023 saw record revenue of 3.25 billion CNY, a 46.2% increase year-on-year, and a net profit of 245 million CNY, up 56.6% [1][2]. Financial Performance Summary - The company achieved a gross profit margin of 20.05% in 2023, an increase of 0.32 percentage points year-on-year, and a net profit margin of 7.62%, up 0.81 percentage points [1][2]. - The forecast for 2024 estimates earnings per share (EPS) of 2.25 CNY, corresponding to a price-to-earnings (PE) ratio of 27 times [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 13.85 billion CNY in 2024 and 17.64 billion CNY in 2025 [2]. Strategic Developments - The company is actively expanding its investment in regions such as Mexico and Slovakia, aiming to enhance its global production capacity and secure new overseas orders [1][2]. - The strategic focus on exterior decoration business is expected to become a new growth point, with ongoing collaboration with leading brands [1][2].