经营稳健，分红比例提升

Investment Rating - The investment rating for Haier Smart Home is maintained as "Buy" [3]. Core Views - The company reported a revenue of 261.43 billion yuan in 2023, representing a year-on-year growth of 7.33%, and a net profit attributable to shareholders of 16.6 billion yuan, up 12.81% year-on-year [1]. - The cash dividend payout ratio increased to 45% in 2023, with a commitment to maintain a dividend payout ratio of no less than 50% in 2025 and 2026 [1]. - The company continues to focus on high-end and suite-based operations, with significant growth in air conditioning and dishwasher segments, achieving a 14% revenue growth in air conditioning and 25% in dishwashers in 2023 [1][2]. Financial Performance - The gross margin for 2023 increased by 0.18 percentage points to 31.51%, while the net profit margin rose by 0.35 percentage points to 6.40% [2]. - The company is expected to achieve net profits of 19.13 billion yuan, 22.01 billion yuan, and 25.19 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.3%, 15.0%, and 14.5% [2]. - The earnings per share (EPS) for 2023 is reported at 1.76 yuan, with projections of 2.03 yuan, 2.33 yuan, and 2.67 yuan for the following three years [2]. Market Position - Haier Smart Home holds significant market shares in high-end appliances, with a 50% share in high-end refrigerators, 84% in washing machines, and 28% in air conditioning [1]. - The company has expanded its retail presence, with the "Three Wings Bird" brand achieving an 84% increase in retail sales and establishing 2,900 store touchpoints nationwide [1]. Regional Performance - Revenue growth in 2023 was particularly strong in Europe and emerging markets, with year-on-year increases of 23.9% in Europe and 14.9% in South Asia [1].