经营质量稳健，管理效率提升

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 10.35 CNY per share based on a 15x PE for 2024 [11][49]. Core Insights - The company has demonstrated robust operational quality and improved management efficiency, leading to a significant increase in gross margin in 2023, with expectations for continued improvement in Q1 2024 [2][66]. - The company achieved a revenue of 7.773 billion CNY in 2023, representing a year-on-year growth of 12.16%, and a net profit of 720 million CNY, up 256.63% year-on-year [21][59]. - The company is focusing on enhancing its retail channels and has seen strong growth in the B-end market, despite a challenging real estate environment [23][48]. Financial Performance - The company’s gross margin for 2023 was 32.0%, an increase of 2.3 percentage points year-on-year, driven by lower raw material costs and improved product mix [66]. - The operating cash flow for 2023 was 1.766 billion CNY, marking a significant improvement and the best level since returning to A-share market [8][57]. - The company plans to maintain a stable dividend policy, with a total dividend of 347 million CNY in 2023, representing a payout ratio of 48% [9]. Revenue and Profit Forecast - The forecasted net profits for 2024 and 2025 are 809 million CNY and 932 million CNY, respectively, with corresponding PE ratios of 9.89 and 8.59 [11][60]. - The company expects to maintain a revenue growth rate of approximately 9.6% in 2024 and 10.0% in 2025 [60]. Market Position and Strategy - The company has a strong retail channel presence, with 71% of its revenue coming from retail in 2023, and is leveraging a unique "small merchant model" to enhance channel control [23][48]. - The company is also focusing on high-quality real estate projects and ensuring delivery commitments, which is expected to support its growth in the B-end market [23][48].