2023年年报点评：传统主业盈利继续修复，看好成长与分红属性共振

Investment Rating - The report maintains a "Recommended" rating for Hisense Home Appliances [5]. Core Views - The traditional business continues to recover profitability, with a strong focus on growth and dividend attributes. The company is expected to achieve revenue growth of 9.0% to 9.4% from 2024 to 2026, with net profit growth of 15.8% to 13.8% during the same period [5]. Financial Performance - In 2023, Hisense Home Appliances achieved a revenue of 85.6 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders was 2.84 billion yuan, up 97.7% year-on-year, and the net profit after deducting non-recurring items was 2.36 billion yuan, an increase of 160.1% [2][5]. - For Q4 2023, the company reported a revenue of 20.7 billion yuan, a year-on-year increase of 21.13%, and a net profit of 410 million yuan, up 12.7% year-on-year [2]. - The company plans to distribute a cash dividend of 10.13 yuan per 10 shares, totaling 1.39 billion yuan, which accounts for 49.0% of the annual net profit [2]. Business Segments - The air conditioning segment achieved a revenue of 22.17 billion yuan in 2023, growing by 9.3% year-on-year, outperforming the overall market growth of 4.6% [3]. - The refrigerator and washing machine segment generated a revenue of 26.07 billion yuan, with a year-on-year increase of 22.9%, driven by high-end product strength and new online sales channels [3]. - The automotive thermal management business remained stable with a revenue of 9.05 billion yuan, showing no significant change [3]. Profitability and Cost Control - The overall gross margin for 2023 was 22.08%, an increase of 1.39 percentage points year-on-year. The gross margins for the HVAC, refrigerator, and other main businesses were 30.66%, 19.11%, and 13.57%, respectively [4]. - The company effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios at 10.88%, 2.68%, 3.25%, and -0.24%, respectively [4]. Future Outlook - The company is expected to achieve revenues of 93.28 billion yuan, 101.76 billion yuan, and 111.29 billion yuan from 2024 to 2026, with corresponding net profits of 3.29 billion yuan, 3.75 billion yuan, and 4.26 billion yuan [5][10].