盈利能力改善，渠道结构持续优化

Investment Rating - The report maintains an "Accumulate" rating for the company Mona Lisa (002918) [2] Core Views - The company's profitability has improved, and its channel structure continues to optimize [2] - In 2023, the company reported revenue of 5.921 billion yuan, a year-on-year decrease of 4.94%, while net profit attributable to shareholders was 266 million yuan, an increase of 169.93% [2][4] - The company has seen a decline in revenue from strategic engineering business by 20.21%, impacting overall revenue [2] - The report highlights that the company’s sales volume slightly increased by 0.46% despite a national decline in ceramic tile production by 8.0% [2] Financial Summary - Revenue for 2023 was 5,921 million yuan, with a projected revenue of 5,928 million yuan for 2024, indicating a slight growth of 0.1% [4] - The net profit for 2023 was 266 million yuan, with forecasts of 359 million yuan, 406 million yuan, and 456 million yuan for 2024, 2025, and 2026 respectively, showing significant growth rates of 169.9%, 34.9%, and 13.1% [4][6] - The gross margin for 2023 was 29.5%, with expectations of 30.4% in 2024 [4][6] - The report indicates a decrease in operating costs by 12.16% year-on-year, contributing to improved profitability [2] Product Performance - The company’s various product lines, including porcelain glazed tiles and ceramic thin plates, showed mixed revenue performance, with some products experiencing significant declines [2] - The revenue from porcelain glazed tiles was 4.524 billion yuan, with a year-on-year increase of 1.63% [2] Market Position - The company is expected to maintain or improve its market share due to its slight increase in sales volume against a backdrop of declining industry production [2]