2023年年报点评：营收增长稳健，盈利改善兑现

Investment Rating - The investment rating for Hisense Home Appliances is "Accumulate" [3] Core Views - The company reported a robust revenue growth of 15.5% year-on-year, reaching 85.6 billion yuan in 2023, with a significant increase in net profit by 97.7% to 2.837 billion yuan [5][6] - The company is expanding its overseas brand presence, particularly in the HVAC and home appliance sectors, with notable growth in air conditioning and washing machine segments [5] - Profitability is improving, with a gross margin increase of 1.39 percentage points to 22.08% in 2023, driven by enhanced scale effects and product structure upgrades [5] - Operating cash flow has significantly improved, with a net cash flow from operations increasing by 163.17% to 10.612 billion yuan [5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 85.6 billion yuan, with a year-on-year growth of 15.5% [6] - The net profit attributable to shareholders reached 2.837 billion yuan, reflecting a 97.7% increase [6] - The company plans to distribute a cash dividend of 10.13 yuan for every 10 shares [5] Business Segments - The HVAC segment generated 38.652 billion yuan in revenue, up 12.04% year-on-year, with Hisense Hitachi contributing 22.167 billion yuan [5] - The washing machine and refrigerator segments saw revenue growth of 22.93%, with washing machines increasing by 53.6% [5] - The automotive air conditioning and thermal management segment achieved 9.05 billion yuan in revenue, maintaining a positive growth trend [5] Regional Performance - Domestic revenue grew by 15.04% to 49.035 billion yuan, while overseas revenue increased by 12.28% to 27.924 billion yuan [5] - The ASEAN region saw a revenue increase of 20%, with self-owned brand business growing by 70% [5] Profitability and Cash Flow - The gross margin improved to 22.08%, with HVAC and home appliance margins at 30.66% and 19.11%, respectively [5] - The net profit margin increased by 1.46 percentage points to 5.60% [5] - The company reported a significant improvement in operating cash flow, with a net cash flow of 10.612 billion yuan [5] Future Outlook - The company expects net profits to reach 3.279 billion yuan in 2024, 3.770 billion yuan in 2025, and 4.279 billion yuan in 2026, with corresponding PE ratios of 14, 12, and 11 times [6]