家用电器行业24W13周观点：年报业绩陆续发布，关注业绩催化

Investment Rating - The report maintains a positive outlook on the home appliance and textile sectors, highlighting strong performance and recovery potential in consumer demand [4][28]. Core Insights - The home appliance sector shows robust performance with leading companies like Midea Group, Haier, and Hisense demonstrating resilience and high dividend payouts. In 2023, Midea Group, Haier, and Hisense had dividend payout ratios of 62%, 55% (including buybacks), and 49% respectively [9][10]. - The textile and apparel sector is witnessing a healthy recovery in sportswear, with major brands like Anta Sports and Li Ning reporting significant revenue growth. Anta's revenue increased by 16.2% and net profit by 34.9% in 2023 [21][22]. Summary by Relevant Sections Home Appliances - The overall performance in domestic and international sales is steady, with Stone Technology and Haier showing significant profit improvements. Stone Technology reported a revenue of 8.654 billion yuan, up 30.55%, and a net profit of 2.051 billion yuan, up 73.32% in 2023 [11][13]. - Midea Group achieved a revenue of 373.71 billion yuan, a year-on-year increase of 8.1%, with a net profit of 33.72 billion yuan, up 14.1% [14]. - Haier's revenue reached 261.43 billion yuan, growing by 7.3%, with a net profit of 16.597 billion yuan, up 12.8% [13]. Textile and Apparel - The sportswear segment is performing well, with Anta Sports reporting a revenue increase of 16.2% and a net profit increase of 34.9% in 2023 [21]. - Li Ning's revenue was 27.598 billion yuan, up 7.0%, but net profit decreased by 21.6% [22]. - The contract manufacturing leader, Shenzhou International, saw a revenue decline of 10% but maintained stable net profit [26]. Investment Recommendations - The report suggests focusing on several key areas for investment: 1. Stone Technology in the home appliance sector due to its global market share growth in robotic vacuum cleaners [28]. 2. Midea Group and Haier for their resilient domestic and international positioning [28]. 3. In the textile sector, Shenzhou International and Anta Sports are highlighted for their stable performance and growth potential [28].