海信家电：治理持续优化，业绩端表现优异

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company demonstrated exceptional performance in 2023, with total revenue reaching 85.6 billion yuan, a year-on-year increase of 15.5%, and a net profit attributable to shareholders of 2.84 billion yuan, up 97.7% year-on-year [5][7] - The company plans to maintain a high dividend payout ratio, proposing a dividend of 1.013 yuan per share, which corresponds to a dividend yield of 2.4% based on the current stock price [5][8] - The company is advancing its employee stock ownership plan, which aims to align interests between management and employees, with performance targets set for 2024-2026 [8][9] Financial Performance - In Q4 2023, the company achieved revenue of 20.7 billion yuan, a 21.13% increase year-on-year, and a net profit of 411 million yuan, up 12.66% year-on-year [5][10] - For Q1 2024, the company reported revenue of 23.49 billion yuan, a 20.87% increase year-on-year, and a net profit of 981 million yuan, up 59.5% year-on-year [5][10] - The overall gross margin for 2023 improved to 22.1%, with net profit margin reaching 3.31%, an increase of 1.38 percentage points year-on-year [7][11] Business Segments - The HVAC segment generated revenue of 38.65 billion yuan in 2023, a 12.04% increase year-on-year, with a gross margin of 30.66% [6][9] - The washing and refrigeration segment achieved revenue of 26.07 billion yuan, a 22.93% increase year-on-year, with a gross margin of 19.11% [6][9] - The automotive thermal management segment reported revenue of 9.05 billion yuan, continuing to transition from a component supplier to a comprehensive thermal management system provider for electric vehicles [6][9] Earnings Forecast - The company is expected to achieve earnings per share (EPS) of 2.05 yuan in 2023, with projections of 2.48 yuan, 2.88 yuan, and 3.30 yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 21.1%, 16.3%, and 14.5% [7][13] - Revenue forecasts for the next few years are 95.55 billion yuan in 2024, 104.97 billion yuan in 2025, and 114.06 billion yuan in 2026, indicating a steady growth trajectory [7][13]