盈利能力提升，股息率较高

Investment Rating - The investment rating for Gree Electric Appliances is maintained at "Buy-A" with a target price of 56.69 CNY for the next six months [3][2]. Core Views - Gree Electric Appliances reported a total revenue of 205.02 billion CNY in 2023, representing a year-over-year increase of 7.8%, and a net profit attributable to shareholders of 29.02 billion CNY, up 18.4% year-over-year [1][2]. - The company has shown strong performance in the air conditioning sector, with significant growth in overseas sales contributing to revenue increases [1][2]. - The company is expected to continue its revenue growth trajectory through ongoing retail reforms and diversification of its business [1][2]. Financial Performance Summary - Gree's Q4 2023 revenue reached 49.21 billion CNY, a year-over-year increase of 17.7%, with a net profit of 8.93 billion CNY, up 43.9% year-over-year [1]. - In Q1 2024, Gree achieved a revenue of 36.6 billion CNY, a year-over-year increase of 2.5%, and a net profit of 4.68 billion CNY, up 13.8% year-over-year [1]. - The company’s gross profit margin improved significantly, with Q4 2023 and Q1 2024 gross margins at 18.1% and 12.8%, respectively, reflecting increases of 3.3 percentage points and 1.3 percentage points year-over-year [1]. Cash Flow and Dividend - Gree's operating cash flow showed variability, with a net cash flow of 16.8 billion CNY in Q4 2023, up 170.6% year-over-year, but a negative cash flow of 2.94 billion CNY in Q1 2024 [2]. - The company plans to distribute a cash dividend of 23.80 CNY per 10 shares, totaling 13.14 billion CNY, maintaining a dividend payout ratio of 45.3% [2]. Earnings Forecast - The expected earnings per share (EPS) for Gree from 2024 to 2026 are projected to be 5.67 CNY, 6.01 CNY, and 6.60 CNY, respectively [2]. - The company’s price-to-earnings (PE) ratio is estimated at 10x for 2024, indicating a favorable valuation compared to its earnings growth [2].