2023年年报点评：盈利能力稳中有升，多元化战略稳步推行

Investment Rating - The report maintains a "Buy" rating for Midea Group (000333.SZ) with a current price of 63.67 CNY [2] Core Views - Midea Group's profitability is steadily improving, supported by a diversified strategy. The company achieved a total revenue of 373.7 billion CNY in 2023, representing a year-on-year increase of 8.1%. The net profit attributable to shareholders was 33.72 billion CNY, up 14.1% year-on-year [6][7] Summary by Sections Financial Performance - In Q4 2023, Midea Group reported revenue of 81.3 billion CNY, a 10.0% increase year-on-year, with net profit attributable to shareholders reaching 6.0 billion CNY, reflecting an 18.1% growth [6][7] - The company plans to distribute a cash dividend of 30 CNY per 10 shares, totaling 20.8 billion CNY, with a cash dividend payout ratio of 61.6% [6] Business Segments - Domestic sales increased by 9.9% year-on-year, while overseas sales improved by 5.8%. In H1 2023, domestic and overseas revenues grew by 11.1% and 3.5%, respectively [7] - The air conditioning segment saw domestic sales rise by 9% and overseas sales by 1% in 2023. The company maintained a price increase strategy, with online and offline retail prices rising by 8% and 7%, respectively [7] - The B2B segment showed strong growth, with revenues from new energy and industrial technology, smart building technology, and robotics and automation reaching 27.9 billion CNY, 25.9 billion CNY, and 31.1 billion CNY, respectively, marking increases of 29%, 14%, and 12% year-on-year [7] Profitability Metrics - Midea Group's gross margin improved to 26.5% for the full year and 28.8% in Q4 2023, both up by 2.2 percentage points year-on-year. The net profit margin for 2023 was 9.0%, an increase of 0.5 percentage points [7] - The company’s operating expenses remained stable, with sales, management, R&D, and financial expense ratios at 9.3%, 3.6%, 3.9%, and -0.9%, respectively [7] Future Outlook - The report maintains a long-term competitive advantage for Midea Group, with expectations of continued economic recovery and growth in the B2B segment. The forecast for net profit attributable to shareholders is 37.6 billion CNY for 2024, 41.7 billion CNY for 2025, and 46.6 billion CNY for 2026 [7][9]