业绩表现亮眼，分红超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Insights - The company achieved a revenue of 400.9 billion yuan in 2023, representing a year-on-year growth of 22%, and a net profit of 44.1 billion yuan, up 43.6% year-on-year [1][2]. - The company’s operating cash flow reached 928.3 billion yuan, a 52% increase year-on-year, reflecting strong operational efficiency [3]. - The company holds a leading position in the global battery market, with a 36.8% market share in power batteries and 40% in energy storage batteries in 2023 [2][3]. Financial Performance - In Q4 2023, the company reported a revenue of 106.2 billion yuan, a quarter-on-quarter increase of 0.8%, and a net profit of 12.98 billion yuan, up 24% quarter-on-quarter [1]. - The company’s gross margin improved to 22.9% in 2023, an increase of 2.7 percentage points year-on-year, with a net profit margin of 11.7%, up 1.5 percentage points year-on-year [2][3]. - The projected revenue for 2024 is 489.2 billion yuan, with a net profit forecast of 46.9 billion yuan, reflecting a growth rate of 6% year-on-year [2][4]. Market Position and Strategy - The company has expanded its overseas market presence, achieving a 27.5% market share in overseas power battery usage, an increase of 4.7% year-on-year [2][3]. - Strategic partnerships with major automotive manufacturers such as BMW and Daimler have been established, enhancing the company’s competitive edge in the international market [2][3]. - The company plans to distribute 20% of its net profit as cash dividends, amounting to approximately 221 billion yuan, which is a 258.4% increase year-on-year [3].