2023年报点评：分红超预期，持续践行高质量发展

Investment Rating - The report maintains a "Buy" rating for Midea Group, indicating a positive outlook for the company's stock performance in the near term [7]. Core Insights - Midea Group's performance in 2023 met expectations, with a revenue of 372.04 billion yuan, a year-on-year increase of 8%, and a net profit attributable to shareholders of 33.72 billion yuan, up 14% [7][8]. - The company announced a cash dividend of 20.76 billion yuan, with a dividend payout ratio of 62%, which exceeded expectations [7]. - The report highlights the robust growth of both the To C and To B business segments, with the To C segment showing a steady development and the To B segment experiencing rapid growth [8]. Financial Performance - Midea Group achieved a gross profit margin of 26.49% in 2023, an increase of 2.25 percentage points year-on-year, and a net profit margin of 9.07%, up 0.4 percentage points [8]. - The operating cash flow net amount reached 57.90 billion yuan, a significant increase of 67% year-on-year, indicating strong financial health [8]. - The company’s total revenue is projected to grow to 407.75 billion yuan in 2024, with a year-on-year growth rate of 9.1% [10]. Business Segments - The To C business segment generated sales of 134.7 billion yuan, reflecting a year-on-year growth of 7.5%, slightly above the industry average [8]. - The To B business segment, including smart building and robotics, reported sales of 259 billion yuan and 311 billion yuan respectively, with year-on-year growth rates of 14% and 12% [8]. - Midea's overseas self-owned brand revenue accounted for over 40% of its total, showcasing the effectiveness of its high-end and self-brand export strategy [8]. Future Outlook - The report projects net profits of 37.81 billion yuan for 2024, with a year-on-year growth of 12.1%, and further growth expected in subsequent years [10]. - Midea Group's management has established a mature incentive mechanism through a new shareholding plan, aligning the interests of management and shareholders [9].