Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 30.46 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 13.38 billion CNY in Q1 2025, representing a year-over-year increase of 5.3%, and a net profit attributable to shareholders of 0.55 billion CNY, up 18.6% year-over-year [2][3]. - The company is expected to continue improving its profitability due to product structure optimization and rapid growth in new display businesses [2]. - The domestic market is benefiting from the old-for-new policy, which stimulates demand for television upgrades, while the overseas market is seeing stable performance due to enhanced brand recognition through sports marketing [2][3]. Financial Performance Summary - Q1 2025 saw a net profit margin increase of 0.5 percentage points year-over-year, attributed to higher sales of mid-to-high-end products and a slight increase in overall gross margin by 0.2 percentage points [3]. - The operating cash flow for Q1 increased by 0.87 billion CNY year-over-year, driven by steady revenue growth [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.03 CNY, 2.28 CNY, and 2.52 CNY respectively, indicating a positive growth trajectory [4][10]. Financial Forecasts - Revenue forecasts for Hisense Visual are projected to grow from 53.62 billion CNY in 2023 to 77.55 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][10]. - Net profit is expected to increase from 2.10 billion CNY in 2023 to 3.29 billion CNY in 2027, reflecting a consistent growth pattern [4][10]. - The company’s net profit margin is projected to stabilize around 4.2% by 2027, with a return on equity (ROE) expected to reach 13.5% [4][10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown moderate revenue growth with a 5.3% year-on-year increase in Q1 2025, reaching 13.375 billion yuan, and an 18.6% increase in net profit to 554 million yuan [1][2]. - The company is positioned to capture more market opportunities due to its comprehensive global production capacity, leading display technology, and advantageous supply chain resources [1]. - The trend towards larger and higher-end products continues, with a significant upgrade in product structure, particularly in Mini LED sales, which is expected to enhance domestic TV gross margins [2][3]. Financial Performance - In Q1 2025, the company's gross margin improved by 0.6 percentage points to 15.9%, and the net profit margin increased by 0.5 percentage points to 4.1% [2]. - The company is projected to achieve net profits of 2.65 billion yuan, 3.03 billion yuan, and 3.39 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.2X, 10.6X, and 9.5X [3][4]. - Revenue is expected to grow from 53.62 billion yuan in 2023 to 77.93 billion yuan in 2027, with growth rates of 17.22%, 9.17%, 10.62%, 10.03%, and 9.39% over the respective years [4][11]. Industry Position - The company is recognized as one of the leading enterprises in the global display industry, with continuous improvement in its competitive landscape and global development capabilities [3]. - The company is actively investing in new technologies such as Mini LED, Micro LED, virtual reality displays, and AIGC, reinforcing its leading position in the display industry [3].

Core Viewpoint - The company reported a revenue of 13.375 billion yuan for Q1 2025, a year-on-year increase of 5.31%, and a net profit attributable to shareholders of 554 million yuan, up 18.61%, primarily benefiting from the domestic trade-in policy that boosted the sales of large-screen and MiniLED products [1] Group 1: Revenue and Profit Growth - The company achieved a revenue of 13.375 billion yuan in Q1 2025, reflecting a year-on-year growth of 5.31% [1] - The net profit attributable to shareholders reached 554 million yuan, representing an 18.61% increase year-on-year [1] - The growth was driven by the domestic trade-in policy, which stimulated the sales of large-screen and MiniLED products [1] Group 2: Domestic and International Market Performance - Domestic sales of televisions are expected to grow positively due to the trade-in policy, with Hisense/Vidda's online retail sales increasing by 10.5% and 13.5% respectively in Q1 2025 [2] - The average selling price of MiniLED backlight products increased by 31.4% and 8.5% for Hisense and Vidda respectively [2] - The company is expected to maintain resilience in overseas revenue, with the ability to flexibly allocate production capacity from its Mexico factory to mitigate U.S.-China tariff disruptions [2] Group 3: Gross Margin and Cost Management - The gross margin for Q1 2025 was 15.93%, an increase of 0.6 percentage points year-on-year, mainly due to a higher proportion of high-end products and stable panel costs [3] - The company anticipates continued growth in domestic gross margins in Q2 2025, driven by product upgrades and price increases [3] Group 4: Expense Management - The overall expense ratio for the company increased by 0.97 percentage points year-on-year in Q1 2025, with sales, management, and R&D expense ratios rising by 0.84, 0.28, and 0.03 percentage points respectively [4] - Financial expenses decreased by 0.18 percentage points, potentially due to foreign exchange gains [4] - The company recovered credit impairment losses, contributing 73 million yuan [4] Group 5: Future Outlook and Valuation - The company maintains its net profit expectations for 2025-2027 at 2.59 billion, 2.89 billion, and 3.23 billion yuan respectively, corresponding to EPS of 1.99, 2.22, and 2.48 yuan [5] - The average PE ratio for comparable companies in 2025 is expected to be 12.2x, with the company benefiting from trade-in subsidies and product upgrades leading to a valuation premium [5] - A target price of 29.85 yuan is set based on a 15x PE for 2025 [5]

Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual [2][8] Core Views - The company's Q1 2025 revenue reached 13.375 billion, a year-on-year increase of 5%, with a net profit attributable to shareholders of 554 million, up 19% year-on-year [5][8] - The domestic market shows steady growth, with Hisense holding a significant market share in high-end and large-screen televisions [8] - The company's profitability is steadily improving, with a gross margin of 15.93% in Q1 2025, an increase of 0.17 percentage points year-on-year [8] Financial Data Summary - For Q1 2025, the total revenue was 13.375 billion, with a net profit of 554 million, and a non-recurring net profit of 452 million, reflecting year-on-year growth rates of 5%, 19%, and 20% respectively [5][8] - The projected net profit for 2025-2027 is estimated at 2.5 billion, 2.757 billion, and 3.012 billion, with corresponding year-on-year growth rates of 11.3%, 10.3%, and 9.2% [8][10] - The company's earnings per share for Q1 2025 is 0.42, with a projected increase to 1.92, 2.11, and 2.31 in the following years [7][10]

Core Viewpoint - The 2025 Shanghai Auto Show marks the debut of FAW Bestune's full range of new energy products, showcasing the "Yueyi" series with a focus on enhancing user experience through innovative technology and design [1][3]. Group 1: Product Launches - FAW Bestune unveiled the "Yueyi" series, which includes three product matrices: E, P, and R, with plans to launch six new energy vehicles within two years, covering A0 to B+ segments and various energy forms such as pure electric, hybrid, and range-extended [1]. - The flagship model, Yueyi 08, is a B+ level dual-energy sedan that combines stylish design with advanced technology, featuring the latest intelligent driving assistance system and offering both pure electric and range-extended power options [3]. - Yueyi 03, an A-class SUV, is priced at 79,800 yuan, with additional promotional offers including a limited-time selection package and substantial government subsidies, setting a new standard for cost-performance in its category [5]. Group 2: Technical Innovations - Yueyi 07, as the first model featuring FAW Bestune's BMP super hybrid technology, boasts a pure electric range of over 210 km and a comprehensive range exceeding 2000 km, with a low cost per kilometer and rapid charging capabilities [7]. - The auto show also highlighted the unveiling of new energy technology clusters, including the "Yueying" platform and "Zhurizhi" power, along with the "Ruyi" cockpit technology showcased in Yueyi 08 [7]. - FAW Bestune has partnered with Huoshan Engine and Unity to establish a digital cockpit laboratory, aiming to enhance future travel experiences through collaborative innovation [7].

Financial Performance - The company's operating revenue for Q1 2025 was ¥13,375,476,796.65, representing a 5.31% increase compared to ¥12,701,521,770.12 in the same period last year[4]. - Net profit attributable to shareholders was ¥553,575,026.43, an increase of 18.61% from ¥466,728,081.67 year-on-year[4]. - Basic earnings per share increased to ¥0.424, up 18.11% from ¥0.359 in the same period last year[4]. - Operating profit for Q1 2025 was ¥734.97 million, compared to ¥647.95 million in Q1 2024, representing an increase of 13.4%[18]. - The total profit for the period reached CNY 749,112,717.91, an increase from CNY 646,268,473.44 in the previous year, representing a growth of approximately 15.9%[19]. - Net profit attributable to shareholders was CNY 553,575,026.43, up from CNY 466,728,081.67, indicating a year-over-year increase of about 18.6%[19]. - Basic earnings per share for the period were CNY 0.424, up from CNY 0.359, representing an increase of about 18.1%[19]. Cash Flow - The net cash flow from operating activities surged by 252.46%, reaching ¥1,214,346,070.12, compared to ¥344,531,869.47 in the previous year[4][8]. - The net cash flow from operating activities for Q1 2025 was CNY 1,214,346,070.12, significantly higher than CNY 344,531,869.47 in Q1 2024, marking a growth of approximately 253.5%[21]. - The company reported a net cash outflow from financing activities of -CNY 176,896,071.38, an improvement compared to -CNY 631,320,008.75 in the previous year[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥44,630,200,201.54, a decrease of 4.34% from ¥46,655,339,881.59 at the end of the previous year[5]. - Total assets decreased to ¥44.63 billion from ¥46.66 billion, a reduction of 4.4%[15]. - Total liabilities decreased to ¥18.92 billion from ¥21.66 billion, a decline of 12.7%[15]. - Shareholders' equity increased to ¥25.71 billion from ¥25.00 billion, reflecting a growth of 2.8%[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,880[10]. - The largest shareholder, Hisense Group Holdings Co., Ltd., held 30.08% of the shares[10]. Costs and Expenses - Total operating costs for Q1 2025 were ¥12.97 billion, up from ¥12.27 billion in Q1 2024, reflecting a year-over-year increase of 5.7%[18]. - R&D expenses for Q1 2025 were ¥557.19 million, compared to ¥524.77 million in Q1 2024, an increase of 6.2%[18]. - The company reported a tax expense of CNY 124,039,515.63, which increased from CNY 71,481,713.47 in the previous year, indicating a rise of approximately 73.5%[19]. Other Financial Metrics - The weighted average return on equity rose to 2.79%, an increase of 0.35 percentage points from 2.44%[4]. - The net profit after deducting non-recurring gains and losses was ¥451,990,291.87, reflecting a 19.52% increase from ¥378,173,883.65 year-on-year[4]. - The company reported non-recurring gains totaling ¥101,584,734.56 for the period[7]. - Revenue from sales of goods and services in Q1 2025 was CNY 16,307,052,966.75, compared to CNY 14,096,087,752.99 in Q1 2024, reflecting an increase of about 15.6%[21]. - The total comprehensive income for the period was CNY 664,894,538.35, compared to CNY 547,060,583.64 in the previous year, showing an increase of approximately 21.5%[19]. - Cash and cash equivalents increased to ¥2.93 billion as of March 31, 2025, from ¥2.68 billion at the end of 2024, a growth of 9.2%[14]. - Accounts receivable decreased to ¥4.38 billion from ¥6.14 billion, a decline of 28.5%[14]. - Inventory increased to ¥6.04 billion, up from ¥5.65 billion, indicating a rise of 6.9%[14].

证券代码：600060 证券简称：海信视像 公告编号：2025-014 海信视像科技股份有限公司 第十届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 2025 年 4 月 25 日 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第九次会议 （以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本次 会议由监事会主席陈彩霞女士召集并主持，应出席监事3人，实际出席监事3人。 本次会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限 公司章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、监事会会议审议情况 会议审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完整 地反映公司 2025 年第一季度的实际情况。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www.ss ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-013 海信视像科技股份有限公司 第十届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十二次会 议（以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本 次会议由董事长于芝涛先生召集并主持，应出席董事8人，实际出席董事8人。 会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限公司 章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、董事会会议审议情况 审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完 整地反映公司 2025 年第一季度的实际情况。 本议案事前已经董事会审计委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www. ...

海信视像（600060）公告，2025年第一季度营业收入133.75亿元，同比增长5.31%。净利润5.54亿元， 同比增长18.61%。 ...

Core Viewpoint - Hisense Refrigerator's Rain Chen Charity Team provided essential appliances and sports equipment to Sanqing Mountain School in Jiangxi, aiming to enhance students' living conditions and educational experience through both material support and psychological counseling [1][3]. Group 1: Donations and Support - Hisense Refrigerator donated washing machines and installed air conditioning to create a more comfortable living environment for boarding students [3]. - The charity also provided new sports equipment, including basketballs, footballs, and badminton gear, to enrich students' physical education and extracurricular activities [3]. Group 2: Educational Initiatives - A psychological counseling course was conducted for teachers by Liu Zhiyan, a registered psychological counselor, focusing on common psychological issues faced by middle and primary school students and strategies to address them [3]. - The school was awarded the title of "Hisense Refrigerator Rain Chen Charity Demonstration School," reflecting the commitment to ongoing support and the establishment of a standard path for charitable education initiatives [3]. Group 3: Future Commitment - Hisense Refrigerator plans to continue its focus on educational equity and youth development, aiming to give back to society while enhancing the brand's influence through community engagement [3].