业绩符合预期，经营性现金流改善明显

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2023 performance met expectations, with significant improvement in operating cash flow [1] - Revenue and net profit showed strong growth, with total revenue reaching 85.6 billion yuan, up 15.50% YoY, and net profit attributable to the parent company reaching 2.837 billion yuan, up 97.73% YoY [1] - The company's cash dividend payout ratio was 49%, with a total cash dividend of 1.39 billion yuan [1] - The company's product segments, especially washing machines and kitchen appliances, showed high growth rates, with revenues increasing by 53.6% and 66% YoY, respectively [1] - The ASEAN region saw rapid growth, with revenue increasing by over 20% YoY, and the company's own brand revenue in the region growing by over 70% [1] Financial Performance - Gross margin improved YoY, with 2023 gross margin increasing by 1.4 percentage points to 22.08% [1] - Net profit margin for 2023 increased by 1.46 percentage points to 5.60% [1] - Operating cash flow turned significantly positive in Q4 2023, reaching 1.911 billion yuan, compared to -80 million yuan in Q4 2022 [2] - Inventory increased by 3% YoY and 30% QoQ, while contract liabilities increased by 26% YoY and 13% QoQ [2] Future Projections - The company is expected to achieve net profit attributable to the parent company of 3.272 billion yuan, 3.752 billion yuan, and 4.230 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.3%, 14.7%, and 12.8% [2] - Revenue is projected to grow to 94.931 billion yuan, 104.993 billion yuan, and 114.128 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 10.9%, 10.6%, and 8.7% [3] - EPS is expected to be 2.36 yuan, 2.70 yuan, and 3.05 yuan in 2024, 2025, and 2026, respectively [3] Product and Regional Breakdown - Central air conditioning, refrigerators, washing machines, and kitchen appliances showed revenue growth of 9.3%, 18.7%, 53.6%, and 66% YoY, respectively [1] - The domestic market revenue grew by 15.04% YoY, while overseas revenue grew by 12.28% YoY [1] - The company's multi-split air conditioning market share exceeded 20%, and heat pump fresh air revenue grew by 50% [1] Financial Ratios - ROE increased from 18.9% in 2022 to 24.7% in 2023 [10] - P/E ratio decreased from 29.4x in 2022 to 14.9x in 2023 [3] - P/B ratio decreased from 3.7x in 2022 to 3.1x in 2023 [3]