2023年年报点评：内销提价、外销提量逻辑持续兑现

Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" (maintained) with a market price of 23.91 CNY [1][15]. Core Views - The company reported a revenue of 53.6 billion CNY for 2023, representing a 17% year-over-year growth, and a net profit of 2.1 billion CNY, which is a 25% increase [5]. - The company has a dividend payout ratio of 50.2%, resulting in a dividend yield of 3.4% [5]. - The revenue breakdown for 2023 indicates that domestic sales were driven by price increases, while international sales were driven by volume growth [6]. - The company expects to maintain a strong pricing power in the domestic market despite a decline in overall TV sales [9]. Financial Forecasts - Revenue projections for the upcoming years are as follows: - 2024E: 62.5 billion CNY - 2025E: 68.6 billion CNY - 2026E: 72.9 billion CNY - Net profit forecasts are: - 2024E: 2.4 billion CNY - 2025E: 2.8 billion CNY - 2026E: 3.3 billion CNY [1][10]. - The expected growth rates for revenue and net profit are 17% and 16% respectively for 2024E [1][10]. Market Dynamics - The company is expected to benefit from a gradual slowdown in panel price increases, which will enhance profit margins in the second half of the year [10]. - Hisense's long-term growth is anticipated to be driven by overseas markets, leveraging its manufacturing capabilities and increasing sales of large-screen products [9]. Valuation Metrics - The projected P/E ratios for the upcoming years are: - 2024E: 13X - 2025E: 11X - 2026E: 10X [10]. - The projected P/B ratios are: - 2024E: 1.8 - 2025E: 1.7 - 2026E: 1.5 [1].