经营符合预期，分红超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 25.08 CNY and a target price of 30.35 CNY [2]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 261.43 billion CNY, a year-on-year increase of 7.33%, and a net profit attributable to shareholders of 16.60 billion CNY, up 12.81% year-on-year. The company plans to distribute a cash dividend of 8.04 CNY per 10 shares, totaling 7.47 billion CNY, with a dividend payout ratio of 45% [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 261.43 billion CNY, with a net profit of 16.60 billion CNY and a non-recurring net profit of 15.82 billion CNY, reflecting year-on-year growth rates of 7.33%, 12.81%, and 13.33% respectively. In Q4 2023, revenue was 62.77 billion CNY, with a net profit of 3.45 billion CNY, both showing positive year-on-year growth [3][4]. Sales and Product Performance - The company experienced a balanced growth in domestic and international sales, with domestic sales increasing by 7.0% and international sales by 7.6%. The air conditioning segment showed the highest growth at 14.0%, followed by water appliances at 8.9%, and kitchen appliances at 7.4% [4]. Cost Management and Profitability - The company improved its gross margin, with overall gross margins increasing by 0.18 percentage points for the year and 0.05 percentage points in Q4. The sales and management expense ratio decreased by 0.23 percentage points for the year, indicating effective cost management [5]. Dividend Policy - The company raised its dividend payout ratio from 36% to 45% for 2023, with plans to maintain a dividend payout ratio of no less than 50% in 2025 and 2026. This reflects the company's commitment to enhancing shareholder returns while continuing to invest in growth initiatives [6]. Future Outlook - The company is expected to benefit from domestic market upgrades and improving external demand, with projected net profits of 19.10 billion CNY and 21.70 billion CNY for 2024 and 2025, respectively. The current price-to-earnings ratio is projected to be 12.4 and 10.9 for these years [6][7].