外销景气拉动，Q4收入加速增长

Investment Rating - The investment rating for Hisense Home Appliances is "Buy-A" with a target price of 37.6 CNY over the next six months, representing a dynamic price-to-earnings ratio of 16 times for 2024 [2][5]. Core Views - Hisense Home Appliances reported a revenue of 85.6 billion CNY for 2023, reflecting a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 2.84 billion CNY, up 97.7% year-on-year, and the net profit excluding non-recurring items was 2.36 billion CNY, marking a 160.1% increase [1]. - The fourth quarter of 2023 saw a significant acceleration in revenue growth, with a total of 20.7 billion CNY, representing a year-on-year increase of 21.1%. The net profit for Q4 was 410 million CNY, up 12.7% year-on-year, while the net profit excluding non-recurring items surged by 124.9% to 290 million CNY [1][2]. - The improvement in external sales significantly contributed to the revenue growth in Q4, with external sales of air conditioning and refrigeration products increasing by 35% and 86% year-on-year, respectively [1]. Summary by Sections Financial Performance - In Q4 2023, the gross margin was 22.0%, an increase of 0.6 percentage points year-on-year, attributed to supply chain optimization and improved manufacturing efficiency. The net profit margin for Q4 was 2.0%, a slight decrease of 0.1 percentage points year-on-year [2]. - The operating cash flow for Q4 increased significantly, with a net cash flow of 19.9 billion CNY, driven by a 43.8 billion CNY increase in cash received from sales [2]. Market Position - Hisense's market share in the domestic multi-split air conditioning segment increased by 0.7 percentage points year-on-year, indicating robust growth in the central air conditioning business [1]. - The online and offline retail sales of Hisense's air conditioning products grew by 41.4% and 14.3% year-on-year, respectively, demonstrating a strong market position [1]. Future Outlook - The central air conditioning sector is identified as a growth area within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Holdings is anticipated to enhance profitability levels [2].