HISENSE H.A.(000921) 开源证券·2024-04-02 16:00Investment Rating - The investment rating for Hisense Home Appliances is maintained as "Buy" [2][29]. Core Views - The company achieved a revenue of 85.6 billion yuan in 2023, representing a year-on-year increase of 15.5%, with a net profit attributable to shareholders of 2.84 billion yuan, up 97.7% [4][8]. - The company is optimistic about the continued improvement in profitability, supported by a dividend payout ratio of approximately 49% of net profit [4][28]. - The earnings forecast for 2024-2026 has been adjusted upwards, with expected net profits of 3.27 billion, 3.77 billion, and 4.34 billion yuan respectively [4][29]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 85.6 billion yuan, with a net profit of 2.84 billion yuan and a non-recurring net profit of 2.36 billion yuan [4][8]. - For Q4 2023, revenue reached 20.7 billion yuan, a 21.1% increase year-on-year, with a net profit of 410 million yuan, up 12.7% [4][8]. Product Line Performance - The revenue from the air conditioning segment was 38.6 billion yuan, up 12.04%, while the washing machine segment saw a revenue increase of 53.6% [11][12]. - The company’s overseas business is expanding, with revenue from the ASEAN region growing over 20% and self-owned brand revenue increasing by more than 70% [16][28]. Profitability and Efficiency - The gross margin for 2023 was 22.1%, an increase of 1.4 percentage points, driven by supply chain optimization and improved manufacturing efficiency [20][21]. - The company’s operating cash flow for 2023 was 10.61 billion yuan, reflecting a significant increase of 163.2% [26][28]. Dividend and Incentive Plans - The cash dividend payout ratio for 2023 was 49%, with plans to distribute 10.13 yuan per 10 shares [28]. - A new employee stock ownership plan has been announced, indicating confidence in future growth [28]. Earnings Forecast - The projected net profits for 2024-2026 are 3.27 billion, 3.77 billion, and 4.34 billion yuan, with corresponding EPS of 2.35, 2.72, and 3.13 yuan [29].