营收增长提速，经营质量向好

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [5]. Core Insights - In 2023, the company achieved operating revenue of 85.6 billion yuan, a year-on-year increase of 15.5%. The net profit attributable to shareholders reached 2.837 billion yuan, up 97.73%, while the net profit excluding non-recurring items was 2.355 billion yuan, reflecting a growth of 160.07% [5][6]. - The fourth quarter of 2023 saw revenue of 20.701 billion yuan, a 21.13% increase year-on-year, with a net profit of 411 million yuan, up 12.66%, and a net profit excluding non-recurring items of 293 million yuan, which grew by 124.88% [5][6]. - The company distributed a cash dividend of 10.13 yuan per 10 shares (tax included) [5]. Revenue Growth - The company experienced significant growth across both domestic and international sales, with revenue growth accelerating by 5.8 percentage points compared to the previous year. The HVAC segment saw a revenue increase of 12.04%, while the ice washing segment grew by 22.93% [5][6]. - Domestic revenue increased by 15.04%, and international revenue rose by 12.28%, with the ASEAN region's revenue growing over 20% due to new joint ventures [5][6]. Profitability Improvement - The gross margin improved by 1.4 percentage points to 22.08%, with notable increases in the HVAC and ice washing segments [6]. - Operating profit saw a substantial increase of 64.96% year-on-year, driven by improved gross margins and a slight decrease in sales expense ratio [6]. Future Projections - The company is expected to maintain its growth trajectory, with projected net profits of 3.293 billion yuan, 3.839 billion yuan, and 4.461 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are estimated to be 12.82, 11.00, and 9.47 times [6].