海信视像：公司年报点评：收入稳健增长，份额持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6] Core Views - The company reported a revenue of 53.616 billion yuan in 2023, representing a year-on-year increase of 17.22%, and a net profit attributable to the parent company of 2.096 billion yuan, up 24.82% year-on-year [5][6] - In Q1 2024, the company achieved a revenue of 12.702 billion yuan, a year-on-year increase of 10.61%, but the net profit attributable to the parent company decreased by 24.81% to 467 million yuan [5][6] - The company plans to distribute a dividend of 8 yuan per 10 shares, resulting in a dividend payout ratio of 50.16% and a dividend yield of 2.98% based on the stock price as of May 30 [5][6] Financial Performance - The company's smart terminal display business maintained steady growth, with sales of smart display terminal products reaching 26.54 million units and revenue of 41.257 billion yuan, a year-on-year increase of 17.01% [5] - The gross profit margin for the company in 2023 was 16.94%, a decrease of 1.29 percentage points year-on-year [6] - The company expects to achieve a net profit of 2.351 billion yuan in 2024, with a target valuation range of 27.0 to 32.40 yuan based on a price-to-earnings ratio of 15-18 times [6][9] Market Position and Strategy - The company has significantly increased its market share both domestically and internationally, leveraging its three major brands: Hisense, Toshiba, and Vidda [5] - The company leads the global laser display industry, with a market share of 49.49% in laser TV shipments in 2023 [5] - The company is actively investing in AI foundational technologies and has developed AR glasses, showcasing its MR products at major exhibitions [5][6] Future Outlook - Short-term demand for terminal televisions is expected to recover due to major sporting events, which may signal positive trends for supply-side improvements [6] - The company's strategic layout in the large display industry and product upgrades are anticipated to continue driving market share and profitability growth [6][9]