2023年年报点评：海内外营收同步高增，全球化扩张步伐稳健

Investment Rating - The report maintains a "Recommended" rating for Hisense Visual (600060.SH) with a current price of 23.91 CNY [5][6]. Core Insights - Hisense Visual achieved a revenue of 53.62 billion CNY in 2023, representing a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 2.10 billion CNY, up 24.8% year-on-year [2][5]. - The company has shown significant growth in both domestic and international markets, with a notable increase in global market share and revenue from overseas operations [3][5]. - The company has increased its cash dividend payout ratio to 50.2%, reflecting a strong commitment to shareholder returns [2][5]. Financial Performance - In 2023, the main business revenue reached 48.39 billion CNY, a year-on-year increase of 19.3%, with total display terminal sales of 26.54 million units, up 5.21% year-on-year [3]. - The gross profit margin for the year was 16.9%, slightly down from the previous year, while the net profit margin improved to 3.91% [4]. - The company expects to achieve revenues of 60.86 billion CNY, 66.85 billion CNY, and 73.27 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.42 billion CNY, 2.78 billion CNY, and 3.18 billion CNY [6][10]. Market Expansion - Hisense Visual's global market expansion has been effective, with overseas revenue growing by 20.5% year-on-year, now accounting for 51.1% of total revenue [3]. - The company has maintained a strong market position, ranking second globally with a market share of 13.2%, an increase of 1.2 percentage points year-on-year [3]. Strategic Positioning - The integration of Qianzhao Optoelectronics has enhanced Hisense's vertical manufacturing capabilities, supporting its strategic layout of "1+4+N" [3][5]. - The company has made significant investments in global brand marketing and technology research and development, contributing to its market share and pricing power in key regions such as North America, Europe, and Japan [3].