Canlon(300715) 东吴证券·2024-04-23 23:30Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1][8] Core Views - The company has shown a significant improvement in gross margin due to a decline in raw material costs, with a gross margin of 22% in 2023, up by 2.51 percentage points year-on-year. However, profit was impacted by impairment provisions totaling 163 million yuan [2][16] - The company is expanding its distribution channels and developing new products, which has led to steady revenue growth. The revenue for 2023 reached 2.801 billion yuan, a year-on-year increase of 31.63% [7][16] - The company is focusing on differentiated competition in high polymer waterproof membranes and increasing R&D investment to enhance technical capabilities. The demand for these products is expected to grow significantly [8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 2.801 billion yuan, with a year-on-year growth of 31.63%. The net profit attributable to shareholders was 22.64 million yuan, up 114.24% year-on-year [7][16] - The gross margin for waterproof membranes was 23.54%, an increase of 3.17 percentage points year-on-year, while the gross margin for waterproof coatings was 28.37%, up by 8.94 percentage points [2] - The company reported a significant increase in operating cash flow, reaching 192 million yuan in 2023, a 315% increase year-on-year [17] Revenue and Profit Forecast - The revenue forecast for 2024 is 3.381 billion yuan, with a projected year-on-year growth of 20.73%. The net profit forecast for 2024 is 75.83 million yuan, representing a growth of 235% [7][8] - The company has adjusted its net profit forecasts for 2024 and 2025 to 76 million yuan and 137 million yuan, respectively, due to slower recovery in downstream demand [8] Market Position and Strategy - The company is leveraging its nationwide distributor network to sell products to end-users in construction and civil engineering sectors. It has developed new products like "CSPV" and a steel-plastic composite board system for commercial photovoltaic roofing applications [7][8] - The company is expected to benefit from the increasing demand for high polymer waterproof membranes as industry standards rise [8]