2023年年报点评：计提影响当期业绩，零售业务增速亮眼

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2024-2026 at 2.816 billion, 3.278 billion, and 3.732 billion respectively, corresponding to PE ratios of 12, 10, and 9 times [1][2]. Core Insights - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The fourth quarter of 2023 saw a revenue decline of 4.76% year-on-year, with a net loss of 80.17 million yuan [1][2]. - The growth in the mortar powder business is notable, with a 40% increase in revenue, while the engineering business contracted by 26.3%. The waterproof membrane segment generated 13.314 billion yuan, a 6.71% increase, and the coatings segment saw a 13.85% rise in revenue [1][2]. - The retail channel revenue grew by 28.11% year-on-year, while the direct sales channel revenue decreased by 19.63%. The company emphasizes a retail-first strategy to enhance market presence [1][2]. - The company significantly increased its dividend payout ratio to 65%, a 53% increase year-on-year, and is focusing on expanding its overseas operations in Southeast Asia and the Middle East [1][2]. Financial Performance Summary - In 2023, the company achieved a gross margin of 27.69%, up 1.92 percentage points year-on-year, and a net margin of 6.97%, up 0.18 percentage points. The gross margin for Q4 2023 was 23.01%, down 2.54 percentage points year-on-year [1][2]. - The company recorded an operating cash flow of 2.103 billion yuan, a significant increase of 221.56% year-on-year, with a cash collection ratio of 1.02 [1][2]. - The report forecasts revenue growth rates of 5.2%, 10.2%, 10.8%, and 12.1% for 2024 to 2026, with net profit growth rates of 7.2%, 23.9%, 16.4%, and 13.9% respectively [2][4].