HISENSE H.A.(SZ:000921) Huaan Securities·2024-03-30 16:00Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance is close to the upper limit of previous forecasts, with a proposed cash dividend of 10.13 yuan per 10 shares, resulting in a dividend payout ratio of 49% [1] - The company is expected to maintain strong growth in its core segments, with significant contributions from air conditioning and washing machine businesses [1][2] Financial Performance Summary - For the year 2023, the company reported revenue of 85.6 billion yuan, an increase of 15.5%, and a net profit attributable to shareholders of 2.84 billion yuan, up 97.7% [1] - The fourth quarter of 2023 saw revenue of 20.7 billion yuan, a year-on-year increase of 21.1%, and a net profit of 410 million yuan, up 13% [1] - The company anticipates revenue growth of 10% in 2024, with net profit expected to reach 3.3 billion yuan, reflecting a growth rate of 16% [2] Segment Performance Summary - The air conditioning segment is projected to grow by 12% in 2023, with external sales growth exceeding 15% and internal sales growth around 10% [1] - The washing machine segment is expected to see revenue growth of over 30% in Q4 2023, with internal sales growth around 20% and external sales showing high double-digit growth [1] - The three electrical appliances segment is expected to remain flat in revenue, with a slight loss anticipated [1] Future Outlook - The company is projected to achieve revenues of 94.1 billion yuan in 2024, 101.6 billion yuan in 2025, and 110.2 billion yuan in 2026, with corresponding growth rates of 10%, 8%, and 9% respectively [2] - The net profit attributable to shareholders is expected to reach 3.3 billion yuan in 2024, 3.8 billion yuan in 2025, and 4.3 billion yuan in 2026, with growth rates of 16%, 15%, and 14% respectively [2]