2023A&2024Q1业绩点评：主营恢复稳健，股息优势突出

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" [4]. Core Views - Gree Electric Appliances reported a revenue of 203.98 billion yuan for 2023, a year-on-year increase of 7.93%, and a net profit attributable to shareholders of 29.02 billion yuan, up 18.41% year-on-year. The company plans to distribute a dividend of 13.14 billion yuan, with a dividend payout ratio of 45.29% [2][4]. - The company's main business performance is stable, with air conditioning sales recovering better than expected. In Q1 2024, the company achieved a revenue of 36.36 billion yuan, a year-on-year increase of 2.56%, and a net profit of 4.68 billion yuan, up 13.77% year-on-year [2][3]. - Gree Electric Appliances has a significant dividend yield of over 6%, providing a safety margin for investors. The current valuation is slightly above 7 times earnings, indicating strong cost-effectiveness [3][4]. Financial Performance - In 2023, the company's revenue from air conditioning reached 151.2 billion yuan, a 12% increase year-on-year, with a historical high in H2 2023 [2][10]. - The gross profit margin for air conditioning sales improved, with a gross margin of 37.04% in 2023, reflecting a 4.60% increase year-on-year [10]. - The company’s net profit for 2024 is projected to be 32 billion yuan, corresponding to a price-to-earnings (P/E) ratio of 7.4, and for 2025, it is expected to reach 35.5 billion yuan, with a P/E ratio of 6.7 [4][11]. Operational Efficiency - The company has been continuously reducing costs and improving efficiency, with a gross sales margin increase of 2.03 percentage points to a new high in Q1 2024 [3]. - The management, research and development, and financial expense ratios have been optimized, contributing positively to profitability [3][9]. - The cash flow from operations was negative at 2.9 billion yuan in Q1 2024, but the company has seen an increase in contract liabilities and other current liabilities [3][4].