2023A&2024Q1业绩点评：用户基数快速扩张，双主业优势显著

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company achieved a revenue of 4.84 billion in 2023, representing a year-on-year growth of 12.39%, with a net profit of 563 million, up 68.80% year-on-year [2]. - The company is expected to continue its strong growth trajectory, with projected revenues of 5.90 billion, 7.18 billion, and 8.72 billion for 2024, 2025, and 2026 respectively, reflecting a compound annual growth rate (CAGR) of 24% [2]. - The company’s dual business model, focusing on hardware and cloud services, is showing significant advantages, with a rapid expansion in user base and revenue from both B2B and B2C segments [2]. Financial Performance Summary - In 2023, the company reported a revenue of 48.40 billion, with a net profit of 5.63 billion, and a non-GAAP net profit of 5.53 billion, marking increases of 68.80% and 86.90% respectively [2]. - The gross margin improved by 6.4 percentage points year-on-year, driven by better supply chain management and a higher proportion of high-margin cloud services [2]. - The company plans to distribute a cash dividend of 281 million, with a dividend payout ratio of 49.96% [2]. Business Segments and Growth Drivers - The company’s domestic and international sales grew by 8.1% and 24.8% respectively, with smart home products revenue increasing by 10.1% [2]. - The IoT cloud platform revenue surged by 27.8%, with B2B revenue growing by 40.1%, now accounting for 17.7% of total revenue [2]. - The company’s user base for its cloud platform reached over 250 million by the end of 2023, with a 24.1% year-on-year increase in connected devices [2]. Future Outlook - The company is expected to maintain strong growth, with projected revenues of 59 billion, 72 billion, and 87 billion for 2024, 2025, and 2026, respectively, alongside net profits of 7.1 billion, 8.7 billion, and 10.9 billion [2]. - The report anticipates a continued increase in the attractiveness of the cloud platform due to ongoing investments in AGI-based smart service upgrades [2].