Monalisa(002918) 光大证券·2024-04-25 06:02Investment Rating - The report maintains a "Buy" rating for the company, Mona Lisa [13][14]. Core Views - The company's performance in 2023 was driven by an increase in gross margin and a decrease in impairment losses, despite a decline in revenue due to the ongoing downturn in the real estate sector [2][4]. - The company has strengthened its sales capabilities and expanded its distribution channels, leading to steady growth in its distribution business, which accounted for 64.6% of total revenue in 2023 [3][4]. - The industry is moving towards high-end and green development, with leading companies like Mona Lisa expected to capture more market share through enhanced production capabilities and diversified sales channels [4][14]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 5.92 billion yuan, a decrease of 4.9% year-on-year, while net profit turned positive at 270 million yuan [13][14]. - The gross margin for 2023 was 29.5%, an increase of 5.9 percentage points compared to the previous year, while the net margin improved to 5.4%, up by 10.9 percentage points [2][3]. Sales and Distribution - The distribution business achieved revenue of 3.83 billion yuan in 2023, with a gross margin of 28.3%, reflecting a year-on-year increase of 6.5 percentage points [3][4]. - The company has actively reduced the scale of riskier business segments, resulting in a 20.2% decline in revenue from strategic engineering projects, although the gross margin for this segment improved to 31.8% [3]. Industry Outlook - The ceramic tile industry is expected to maintain production capacity between 6 to 6.5 billion square meters in 2024, with a continued trend of oversupply [4]. - The report highlights the potential for leading companies to grow by focusing on brand development, high-end products, and green initiatives, which are increasingly demanded in the market [4].