年报点评报告：白电内外销高增，利润水平大幅提升

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][3] Core Views - The company is a leading player in the air conditioning sector, with continuous improvement in profitability for both air conditioning and white goods businesses. The proportion of revenue from self-owned brands in exports is expected to increase, contributing positively to revenue performance [2][11] - For the fiscal year 2023, the company achieved a revenue of 85.6 billion yuan, representing a year-on-year growth of 15.5%, and a net profit attributable to the parent company of 2.84 billion yuan, which is a significant increase of 97.74% [7][11] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 85.6 billion yuan, with a net profit of 2.84 billion yuan. The fourth quarter of 2023 saw a revenue of 20.7 billion yuan and a net profit of 411 million yuan, reflecting year-on-year growth of 21.13% and 12.68% respectively [7][11] - The gross margin for 2023 was 22.08%, an increase of 1.4 percentage points year-on-year, while the net margin was 5.6%, up by 1.46 percentage points [9][11] Product and Regional Performance - Revenue growth by product in 2023 was as follows: air conditioning +12%, washing machines +22.9%, and others +3.8%. In the second half of 2023, the revenue growth was +12.5% for air conditioning and +34.4% for washing machines [8][9] - The company experienced a significant increase in export sales, with a year-on-year growth of 12.3% in external sales for 2023 [8][9] Cost and Efficiency - The company focused on cost reduction and efficiency improvement, leading to a notable increase in internal sales profit margins. The gross margin for domestic sales improved significantly [9][10] - The operating expenses for sales, management, R&D, and financial costs were 10.88%, 2.68%, 3.25%, and -0.24% respectively for 2023, with slight variations in the fourth quarter [9][10] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 10.61 billion yuan in 2023, a substantial increase of 163.17% year-on-year. The cash inflow from sales of goods and services was 72.87 billion yuan, up by 15.98% [10][13] - The balance sheet showed a cash and cash equivalents plus trading financial assets total of 18.13 billion yuan, reflecting a year-on-year increase of 42.1% [10][12]