精耕细作降本增效，现金流&盈利能力成长可期

Investment Rating - The investment rating for the company is "Accumulate" (maintained rating) with a target price not specified [4]. Core Views - The company has shown significant improvement in cash flow and strong cost control capabilities, which are expected to enhance the cash dividend ratio [2][8]. - The company achieved a revenue of 7.77 billion yuan in 2023, representing a year-on-year growth of 12.16%, and a net profit attributable to the parent company of 720.43 million yuan, a substantial increase of 256.63% [8]. - The company has a robust long-term investment value, with a planned cash dividend ratio of no less than 30% for the years 2024-2026 [8]. Financial Performance Summary - In 2023, the company reported a gross margin of 32.0%, an increase of 2.28 percentage points year-on-year, and a net profit margin of 9.26%, up by 6.39 percentage points [9]. - The company’s operating income is projected to grow from 8.57 billion yuan in 2024 to 11.11 billion yuan in 2026, with corresponding net profits of 798.44 million yuan and 1.06 billion yuan respectively [13][29]. - The company’s cash flow from operations (CFO) reached 1.77 billion yuan in 2023, a significant increase of 1.35 billion yuan year-on-year [9]. Revenue and Profitability - The company’s revenue from tiles and sanitary ware in 2023 was 6.58 billion yuan and 980 million yuan respectively, with growth rates of 14.15% and 4.27% [28]. - The company’s EBITDA for 2023 was 1.76 billion yuan, with a projected increase to 1.98 billion yuan in 2026 [5][13]. - The company’s earnings per share (EPS) are expected to rise from 0.68 yuan in 2024 to 0.91 yuan in 2026 [13][14]. Market Position and Outlook - The company is expected to maintain a strong market position with a well-established marketing network, and if the real estate market improves, it is anticipated that the company’s market share will gradually increase [29]. - The company has optimized its product and channel structure, leading to an increase in the proportion of high-margin products, with the revenue share of high-margin large-format products rising to 25.55% [28].