2023Q4业绩高增，战略整合TCL合肥家电深化协同

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company achieved a revenue of 15.18 billion yuan in 2023, representing a year-on-year growth of 30.15%, and a net profit of 0.787 billion yuan, which is a significant increase of 69.37% [1]. - The strategic acquisition of TCL Hefei Appliances is expected to enhance operational synergy and optimize the company's business structure, contributing to long-term growth [1][10]. - The company is positioned to benefit from the industry's growth, particularly in the ODM sector, and is likely to see continued revenue and profit increases due to rising domestic and international demand [1][10]. Financial Summary - For 2023, the company reported a total revenue of 15.18 billion yuan and a net profit of 0.787 billion yuan, with projections for 2024-2026 showing continued growth in revenue and net profit [3][4]. - The expected revenue for 2024 is 16.88 billion yuan, with a growth rate of 11.18%, and net profit is projected to reach 0.876 billion yuan, reflecting an 11.40% increase [3][4]. - The earnings per share (EPS) are forecasted to be 0.81 yuan in 2024, increasing to 1.19 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 9.48 in 2024 to 6.45 in 2026 [3][4].