盈利改善兑现，蓄水池大幅提升

Investment Rating - The report maintains a "Buy" rating for Midea Group with a target price not specified [4] Core Views - Midea Group achieved a revenue of 372.04 billion yuan in 2023, representing an 8.2% year-on-year increase, and a net profit attributable to shareholders of 33.72 billion yuan, up 14.1% year-on-year [1] - The company proposed a cash dividend of 30 yuan per 10 shares, totaling 20.8 billion yuan, which accounts for 61.57% of the net profit for 2023 [1] - The company’s ToC (Consumer) business saw a revenue of 134.7 billion yuan, growing 8% year-on-year, while the ToB (Business) segment, including new energy and industrial technology, reported significant growth rates of 29% and 12% respectively [1] Financial Performance Summary - Revenue for 2023 is projected to reach 373.71 billion yuan, with a growth rate of 8.1% [2] - The net profit attributable to shareholders is expected to grow to 33.72 billion yuan in 2023, reflecting a 14.1% increase [2] - The company’s EBITDA for 2023 is estimated at 50.73 billion yuan, with a slight increase from the previous year [2] - The earnings per share (EPS) for 2023 is projected at 4.84 yuan, with a P/E ratio of 13.35 [2] Business Segments - The Consumer Appliances segment reported a revenue of 134.7 billion yuan, with a gross margin of 33.0%, while the HVAC segment generated 161.1 billion yuan with a gross margin of 25.6% [1] - The ToB business segments, including new energy and industrial technology, achieved revenues of approximately 27.9 billion yuan and 31.1 billion yuan respectively, indicating robust growth [1] Cash Flow and Stability - Midea Group's operating cash flow exceeded 57.9 billion yuan in 2023, marking a 67.1% increase year-on-year, indicating strong cash generation capabilities [1] - The company’s current liabilities and contract liabilities increased by 23% and 49% respectively, reflecting a significant expansion of its liquidity pool [1] Future Outlook - The report forecasts net profits of 37.4 billion yuan, 41.1 billion yuan, and 45.0 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12.0x, 11.0x, and 10.0x [1][2] - Midea Group is expected to continue leveraging its leadership in the home appliance sector while enhancing its ToB business for long-term growth [1]