收入延续高增，并购资产业绩超承诺值

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 10.01 CNY per share, indicating a potential upside from the current price of 7.91 CNY as of March 19, 2024 [25][30]. Core Insights - The company reported a revenue of 15.18 billion CNY for 2023, representing a year-on-year growth of 30.1%, and a net profit of 790 million CNY, which is a 69.4% increase year-on-year [28]. - The acquisition of TCL Home Appliances (Hefei) has positively impacted the company's financials, with the actual net profit exceeding the promised value by 25% [5]. - The company continues to benefit from a strong recovery in refrigerator exports, with a year-on-year growth of 103% in Q4 2023, significantly outpacing the industry average [29][30]. Financial Performance Summary - Revenue Growth: The company experienced a significant revenue increase in Q4 2023, with a reported revenue of approximately 27.2 billion CNY, marking a 42% year-on-year growth [29]. - Profitability Metrics: The net profit margin for Q4 remained stable, with a comparable net profit of around 1.3 billion CNY, despite previous financial pressures [21]. - Future Projections: The company is expected to achieve EPS of 0.77 CNY in 2024 and 0.90 CNY in 2025, with a projected dynamic P/E ratio of 13x for 2024 [30][34]. Financial Ratios and Estimates - Key Financial Ratios: The report indicates a projected net profit margin of 5.2% for 2023, with a return on equity (ROE) of 55.6% [34]. - Valuation Metrics: The company is expected to have a P/E ratio of 10.9 in 2023, decreasing to 7.5 by 2026, indicating improving valuation attractiveness [34]. - Revenue Estimates: The forecasted revenue for 2024 is 16.39 billion CNY, with continued growth expected in subsequent years [34].