量增价跌，管道毛利率修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a slight increase in revenue for 2023, achieving 30.87 billion with a year-on-year growth of 0.3%, while net profit attributable to shareholders decreased by 6.1% to 2.37 billion [4]. - The core business of plastic pipes saw a revenue decline of 4% to 24.6 billion, while the building materials and home improvement segment grew by 5% to 2.8 billion, and other businesses increased by 40.3%, accounting for 79.6%, 9.2%, and 11.2% of total revenue respectively [4]. - The company experienced a 10.6% increase in sales volume to 2.6467 million tons, but the average selling price dropped by 13.2% to 9,300 per ton [4]. - The overall gross margin decreased by 0.5 percentage points to 26.3%, with the gross margin for pipe business improving by 1.0 percentage point to 28.5% [4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 30.87 billion, with a slight increase of 0.3% year-on-year, while net profit decreased by 6.1% to 2.37 billion [4]. - The gross margin for the year was 26.3%, down 0.5 percentage points, with a notable improvement in the pipe business gross margin to 28.5% [4]. Business Segments - The core business of plastic pipes generated 24.6 billion, a decline of 4%, while building materials and home improvement revenue grew by 5% to 2.8 billion [4]. - Other business segments saw a significant growth of 40.3%, contributing to 11.2% of total revenue [4]. Sales Volume and Pricing - The company sold 2.6467 million tons of products, an increase of 10.6% year-on-year, but the average selling price fell by 13.2% [4]. - The sales volume for PVC and non-PVC pipes grew by 9.3% and 14.5% respectively, while average prices for PVC and non-PVC pipes decreased by 18.3% and 6.9% respectively [4]. Cost Structure - The company’s overall expense ratio increased by 1 percentage point to 18.3%, with financial, management, and sales expenses rising by 1.4, 0.3, and 0.4 percentage points respectively [4]. - The net profit margin for the year was 7.7%, down 0.5 percentage points, impacted by an impairment loss of 860 million [4].