欧美实现较快增长，期待体育大年表现

Investment Rating - The investment rating for Hisense Visual is "Buy" with a target price of 27.85 CNY, maintaining the current price of 23.91 CNY [9]. Core Views - Hisense Visual reported a revenue of 53.616 billion CNY in 2023, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 2.096 billion CNY, up 24.82% year-on-year [2]. - The company is expected to benefit from sports marketing in 2024, with sponsorship of major events like the European Championship and the Olympics, which may enhance its market share in Europe [3]. - The long-term growth outlook remains positive due to continuous improvement in product offerings and brand recognition, alongside a projected revenue growth of 13% to 14% from 2024 to 2026 [4]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 14.389 billion CNY, a year-on-year increase of 8.79%, but the net profit decreased by 18.25% to 468 million CNY [2]. - The overall gross margin for Q4 was 16.8%, down 2.6 percentage points year-on-year, primarily due to inventory clearance and rising raw material costs [3]. - The company plans to distribute a cash dividend of 0.8 CNY per share, totaling 1.051 billion CNY, with a payout ratio of 50.16% [2]. Market Position - Hisense's global market share in TV shipments increased by 1.2 percentage points to 13.2%, with significant growth in both domestic and international markets, particularly in Europe and the US [2]. - The new display business segment saw a revenue increase of 41% year-on-year, largely attributed to the consolidation of Qian Zhao Optoelectronics [2]. Future Projections - Revenue forecasts for 2024 to 2026 are 60.544 billion CNY, 68.648 billion CNY, and 78.185 billion CNY, with respective growth rates of 12.92%, 13.39%, and 13.89% [5]. - Net profit projections for the same period are 2.423 billion CNY, 2.994 billion CNY, and 3.712 billion CNY, with growth rates of 15.62%, 23.56%, and 23.99% [5].