海信家电：2023Q4营收业绩快增，三电公司客户端获新拓展

Investment Rating - The report assigns a "Buy" rating to Hisense Home Appliances, with an adjusted target price based on recent performance [1][6]. Core Insights - Hisense Home Appliances reported a revenue of 85.6 billion yuan in 2023, representing a year-on-year increase of 15.50%. The net profit attributable to shareholders was 2.837 billion yuan, up 97.73% [4][6]. - In Q4 2023, the company achieved a revenue of 20.701 billion yuan, reflecting a growth of 21.13%, with a net profit of 411 million yuan, an increase of 12.68% [4][6]. - The growth in revenue was driven by the ice-washing business and strong performance in the ASEAN region, with self-owned brands seeing over 70% growth [4][5]. Summary by Sections Financial Performance - For 2023, the revenue breakdown includes: HVAC (38.652 billion yuan, +12.04%), ice-washing (26.070 billion yuan, +22.93%), and other main businesses (12.237 billion yuan, +3.81%) [4]. - The company plans to distribute a cash dividend of 10.13 yuan per 10 shares, totaling 1.391 billion yuan [4]. Profitability Metrics - Q4 2023 gross margin was 22.04%, a slight increase of 0.65 percentage points, while the net margin was 4.00%, down 0.51 percentage points [5]. - The increase in expenses was attributed to enhanced channel marketing efforts, with sales, management, R&D, and financial expense ratios rising [5]. Business Development - The HVAC business saw a revenue increase of 9.3% in 2023, with a profit growth of 20.5%. The company has launched high-end products to strengthen its market position [5]. - The automotive air conditioning compressor and comprehensive thermal management business achieved significant breakthroughs, with a total order value increasing by 43% [5]. Future Outlook - The company is expected to see continued revenue growth, with projected net profits of 3.288 billion yuan, 3.769 billion yuan, and 4.284 billion yuan for 2024, 2025, and 2026, respectively [6][7]. - The report anticipates a sustained recovery in white goods demand, supported by new policies and the growth of the electric vehicle sector [6].