2023年报点评：坚守结构升级，经营质量卓越

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 76.79 CNY, unchanged from the previous rating [4][19]. Core Insights - The company's 2023 performance met expectations, with a revenue of 373.71 billion CNY, up 8.1% year-on-year, and a net profit of 33.72 billion CNY, up 14.1% year-on-year. The fourth quarter saw a revenue of 81.33 billion CNY, up 10% year-on-year, and a net profit of 6.002 billion CNY, up 18.08% year-on-year [2][10]. - The B-end business showed stronger growth, with revenues from HVAC, consumer electronics, and robotics and automation systems reaching 161.1 billion CNY, 134.7 billion CNY, and 37.3 billion CNY respectively, growing 7%, 8%, and 24% year-on-year [11]. - The company has improved its revenue structure, with a significant increase in gross margins, particularly in export operations, benefiting from lower raw material costs and favorable exchange rates [15]. Summary by Sections 1. Performance Overview - The company achieved a total revenue of 373.71 billion CNY in 2023, reflecting an 8.1% increase year-on-year, and a net profit of 33.72 billion CNY, which is a 14.1% increase year-on-year [10]. 2. Revenue Growth - The B-end business is growing stronger, with an estimated overall revenue of nearly 100 billion CNY, up 12-14% year-on-year. The C-end business (smart home segment) is expected to generate revenue between 246 billion CNY and 250 billion CNY, up 6-8% year-on-year [11]. - The company has seen a significant increase in its high-end product lines, with brands like COLMO and TOSHIBA growing over 20% in 2023 [12]. 3. Profitability - The overall gross margin for 2023 was 26.49%, an increase of 2.26 percentage points year-on-year, with a net margin of 9.03%, up 0.41 percentage points year-on-year [14]. - The company has improved its gross margins in both domestic and export sales, with domestic gross margin at 26.03% and export gross margin at 27.16% [15]. 4. Cash Flow and Dividends - The company reported a significant increase in cash and cash equivalents, totaling 83.46 billion CNY, up 42.54% year-on-year. The net cash flow from operating activities was 57.90 billion CNY, up 67.07% year-on-year [16][17]. - The company plans to distribute a cash dividend of 30 CNY per 10 shares, totaling 20.76 billion CNY, which represents 61.57% of the net profit for 2023 [18]. 5. Investment Recommendations - The report maintains profit forecasts for 2024-2025 and introduces a forecast for 2026, estimating net profits of 37.02 billion CNY, 39.88 billion CNY, and 43.26 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 5.31 CNY, 5.72 CNY, and 6.21 CNY [19].