出口高景气，全年业绩实现高增

Investment Rating - The report assigns a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [15]. Core Insights - The company's profitability has significantly improved, with expectations for further synergy enhancements. The company, as an export OEM, has benefited from favorable changes in raw material costs, exchange rates, and shipping costs, leading to a notable increase in profitability. The adjusted gross margin for the refrigerator business in 2023 is 25.4%, up by 4.0 percentage points year-on-year, while the washing machine business gross margin is 12.3%, up by 1.1 percentage points year-on-year [14]. - The company is the largest refrigerator OEM in China, consistently ranking first in export volume. Short-term performance is supported by the favorable export environment for refrigerators, while long-term prospects are bolstered by the expected synergy from the integration of TCL's washing and refrigeration business. Projected net profits for 2024-2026 are 8.8 billion, 9.8 billion, and 10.9 billion yuan, respectively, with year-on-year growth rates of 11%, 12%, and 11% [14]. Financial Summary - In 2023, the company achieved a revenue of 15.18 billion yuan, representing a year-on-year increase of 30.1%. The net profit attributable to shareholders was 787 million yuan, up by 69.4%, with a net profit margin of 5.2%, an increase of 1.2 percentage points year-on-year [2][3]. - The company's revenue growth rates for the next few years are projected at 14.7% for 2024, 11.4% for 2025, and 10.0% for 2026. The EBITDA is expected to grow from 1.974 billion yuan in 2023 to 2.913 billion yuan by 2026 [3][14]. - The earnings per share (EPS) is projected to increase from 0.73 yuan in 2023 to 1.00 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 9.05 in 2023 to 7.89 in 2026 [3][14].