营收业绩双增，分红历史新高

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 373.71 billion yuan in 2023, representing a year-on-year growth of 8.1%. The net profit attributable to shareholders was 33.72 billion yuan, up 14.1% year-on-year, and the non-recurring net profit was 32.97 billion yuan, increasing by 15.3% [2][3] - The company achieved a record high in cash dividends, distributing 20.76 billion yuan, with a dividend payout ratio of 61.6% [2] - The company has a diversified global business layout, with approximately 200 subsidiaries, 33 R&D centers, and 40 major production bases across 200 countries and regions [2] Summary by Sections Revenue Performance - In Q4 2023, the company achieved a revenue of 81.33 billion yuan, a 10% increase year-on-year, and a net profit of 6 billion yuan, up 18.1% year-on-year [2] - The HVAC segment generated revenue of 161.11 billion yuan, growing by 7%, while consumer appliances reached 134.69 billion yuan, up 7.5%. The robotics and automation systems segment saw a significant increase of 24.5%, reaching 37.26 billion yuan [2] Profitability Metrics - The gross margin improved by 2.2 percentage points to 26.5% in 2023, with specific segments showing gross margins of 25.6% for HVAC, 33% for consumer appliances, and 23.7% for robotics and automation [2] - The net profit margin increased by 0.4 percentage points to 9.1%, indicating stable profitability [2] Earnings Forecast - The company is projected to have earnings per share (EPS) of 5.42 yuan, 6.03 yuan, and 6.44 yuan for the years 2024, 2025, and 2026, respectively [3][9] - The expected revenue for 2024 is 403.55 billion yuan, with a growth rate of 7.99% [3][10] Valuation Metrics - The price-to-earnings (PE) ratio is expected to decrease from 13 in 2023 to 10 in 2026, while the price-to-book (PB) ratio is projected to decline from 2.76 to 1.57 over the same period [3][10]