证券代码：600060 证券简称：海信视像 公告编号：临 2024-020 海信视像科技股份有限公司 关于以集中竞价方式回购公司股份比例 | 回购方案首次披露日 | 2024/3/12 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过本次回购股份方案之日起12个月内 | | 预计回购金额 | 37,670.85 万元~75,341.70 万元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 1,479.6839 万股 | | 累计已回购股数占总股本比例 | 1.13% | | 累计已回购金额 | 35,052.55 万元 | | 实际回购价格区间 | 22.95 元/股~25.00 元/股 | 一、 回购股份的基本情况 2024年3月11日，海信视像科技股份有限公司（以下简称"公司"）召开第九届 董事会第三十七次会议、第九届监事会第二十五次会议，审议通过了《关于以集中 竞价交易方式回购股份的议案》，同意公司以自有资金通过集中竞价交易方式回购 公司股份，用于实施股权激励或员工持股计划。拟回购股份价格不超过人民币 30.00元/股（含）；拟实施回购资金总额不 ...

公司报告 | 年报点评报告 海信视像（600060） 证券研究报告 2024年03月 31日 投资评级 全球化发展提速，产业布局横纵拓展 行业 家用电器/黑色家电 6个月评级 买入（维持评级） 当前价格 23.91元 事件：公司发布2023年年报，实现营业总收入536.2亿元，同比+17.22%；归 目标价格 元 母净利润21.0亿元，同比+24.82%；扣非归母净利润17.3亿元，同比+21.19%。 2023Q4公司实现营业总收入 143.9亿元，同比+8.79%；归母净利润4.7亿元， 同比-18.25%；扣非归母净利润 3.7亿元，同比-35.26%。2023年度拟每股派 基本数据 发现金红利0.8053元（含税），合计拟派发人民币 10.5亿元（含税），现金分红 A股总股本(百万股) 1,305.40 比例为50.16%。 流通A股股本(百万股) 1,289.08 智慧显示份额持续扩张，引领全球大屏化升级。2023 年公司终端显示实现收入 A股总市值(百万元) 31,212.14 412.6亿元，同比+17.0%，竞争力在国内外市场均衡提升——根据奥维睿沃统计， 流通A股市值(百万元) 30,821 ...

证券代码：600060 证券简称：海信视像 公告编号：临 2024-019 海信视像科技股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 / 7 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 4 月 22 日 9 点 30 分 召开地点：山东省青岛市市南区东海西路 17 号海信大厦 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时 ...

Investment Rating - The report maintains a "Recommended" rating for Hisense Visual (600060.SH) with a current price of 23.91 CNY [5][6]. Core Insights - Hisense Visual achieved a revenue of 53.62 billion CNY in 2023, representing a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 2.10 billion CNY, up 24.8% year-on-year [2][5]. - The company has shown significant growth in both domestic and international markets, with a notable increase in global market share and revenue from overseas operations [3][5]. - The company has increased its cash dividend payout ratio to 50.2%, reflecting a strong commitment to shareholder returns [2][5]. Financial Performance - In 2023, the main business revenue reached 48.39 billion CNY, a year-on-year increase of 19.3%, with total display terminal sales of 26.54 million units, up 5.21% year-on-year [3]. - The gross profit margin for the year was 16.9%, slightly down from the previous year, while the net profit margin improved to 3.91% [4]. - The company expects to achieve revenues of 60.86 billion CNY, 66.85 billion CNY, and 73.27 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.42 billion CNY, 2.78 billion CNY, and 3.18 billion CNY [6][10]. Market Expansion - Hisense Visual's global market expansion has been effective, with overseas revenue growing by 20.5% year-on-year, now accounting for 51.1% of total revenue [3]. - The company has maintained a strong market position, ranking second globally with a market share of 13.2%, an increase of 1.2 percentage points year-on-year [3]. Strategic Positioning - The integration of Qianzhao Optoelectronics has enhanced Hisense's vertical manufacturing capabilities, supporting its strategic layout of "1+4+N" [3][5]. - The company has made significant investments in global brand marketing and technology research and development, contributing to its market share and pricing power in key regions such as North America, Europe, and Japan [3].

Investment Rating - The report maintains a "Buy" rating for Hisense Visual (600060) with a target price of 32.30 CNY, unchanged from the previous rating [1][27]. Core Insights - The company's revenue from both domestic and international sales of televisions has shown growth, with resilience in profitability despite panel cost pressures [1][27]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.90, 2.28, and 2.65 CNY respectively, reflecting year-on-year growth of 19%, 20%, and 17% [1][27]. Summary by Sections 1. Event - The company's 2023 performance met expectations, with revenue of 53.616 billion CNY, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 2.096 billion CNY, up 24.76% [10][22]. 2. Smart Display Terminals - Domestic sales revenue increased by 18.20% to 23.643 billion CNY, while international sales revenue rose by 20.45% to 24.747 billion CNY [11][12]. - The overall television revenue for 2023 was 41.257 billion CNY, with a 17.01% year-on-year increase [11][12]. 3. New Display Business - Revenue from new display businesses reached 6.517 billion CNY, a 40.6% increase year-on-year, driven by the consolidation of Qian Zhao Optoelectronics [14][18]. 4. Performance Metrics - The company's gross margin for 2023 was 16.94%, a decrease of 1.28 percentage points year-on-year, while the net profit margin was 3.9%, an increase of 0.24 percentage points [19][21]. 5. Financial Position - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 14.806 billion CNY, a 24.4% increase year-on-year [23][24]. 6. Employee Stock Ownership Plan - The company announced a stable performance target for its employee stock ownership plan, with profit targets set for 2024-2026 [24][25]. 7. Dividend Policy - The proposed cash dividend for 2023 is 0.8053 CNY per share, with a dividend payout ratio of 50.16%, consistent with the previous year [25].

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 25.74 CNY based on a 13x PE for 2024 [3][5]. Core Insights - The company is a leader in the "big display" era, focusing on the research, development, and sales of display industry products, with a strategic "1+4+N" layout that includes smart display terminals, laser display, commercial display, cloud services, and chips [2][12]. - Despite a declining black goods market in 2023, the company achieved growth through market share gains, leveraging a multi-brand strategy domestically and global expansion efforts [2][36]. - The company is expected to enhance profitability through high-end product offerings and a stable panel price environment, with a focus on vertical integration and horizontal business expansion [2][3]. Summary by Sections Company Overview - The company transitioned to a multi-shareholder structure after a mixed reform in 2020, enhancing its governance and market vitality [16]. - The "1+4+N" strategy aims to expand its business into various display scenarios, including office, education, and automotive applications [12][20]. Financial Performance - The company reported a revenue of 53.62 billion CNY in 2023, a 17.2% increase year-on-year, with a projected net profit of 2.1 billion CNY [4][20]. - Forecasted net profits for 2024-2026 are 2.58 billion CNY, 2.95 billion CNY, and 3.34 billion CNY, respectively, indicating a positive growth trajectory [3][4]. Market Position - The company holds a significant market share in the domestic television market, with a sales increase of 2.76% in 2023, while its international sales grew by 11.64% [36][37]. - The global TV market is experiencing a decline, but the company has positioned itself as the second-largest player worldwide, following Samsung [29][31]. Business Strategy - The company is focusing on high-end product development and expanding its presence in emerging markets, with overseas revenue accounting for 55.91% of total sales in 2023 [20][22]. - The integration of advanced technologies like MiniLED is expected to enhance the performance and lifespan of LCD products, maintaining their relevance in the market [34][36].

上 市 公 司 家用电器 2024 年03月 31 日 海信视像 (600060) 公 司 研 究 ——2023 年年报点评：全球份额稳步提升，大屏化拉动 / 公 司 产品结构升级 点 评 报告原因：有业绩公布需要点评 增持 事件：2024年3月29日，公司发布2023年年报，2023年公司实现营收536.16亿元，同比 （维持） 增长17%；实现归母净利润20.96亿元，同比增长25%；实现扣非归母净利润17.33亿元，同 证 比增长21%。 券 研 市场数据： 2024年03月29日 投资要点： 究 收盘价（元） 23.91 报 一年内最高/最低（元） 26.68/17.8  2023年收入符合预期。海信视像2023年实现营收536.16亿元，同比增长17%；实现归 告 市净率 1.7 息率（分红/股价） - 母净利润20.96亿元，同比增长25%；实现扣非归母净利润17.33亿元，同比增长21%。 流通A股市值（百万元） 30822 其中，Q4单季度实现营收143.89亿元，同比增长9%；实现归母净利润4.68亿元，同比 上证指数/深证成指 3041.17/9400.85 降低18%；实现扣非归母净利 ...

Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" (maintained) with a market price of 23.91 CNY [1][15]. Core Views - The company reported a revenue of 53.6 billion CNY for 2023, representing a 17% year-over-year growth, and a net profit of 2.1 billion CNY, which is a 25% increase [5]. - The company has a dividend payout ratio of 50.2%, resulting in a dividend yield of 3.4% [5]. - The revenue breakdown for 2023 indicates that domestic sales were driven by price increases, while international sales were driven by volume growth [6]. - The company expects to maintain a strong pricing power in the domestic market despite a decline in overall TV sales [9]. Financial Forecasts - Revenue projections for the upcoming years are as follows: - 2024E: 62.5 billion CNY - 2025E: 68.6 billion CNY - 2026E: 72.9 billion CNY - Net profit forecasts are: - 2024E: 2.4 billion CNY - 2025E: 2.8 billion CNY - 2026E: 3.3 billion CNY [1][10]. - The expected growth rates for revenue and net profit are 17% and 16% respectively for 2024E [1][10]. Market Dynamics - The company is expected to benefit from a gradual slowdown in panel price increases, which will enhance profit margins in the second half of the year [10]. - Hisense's long-term growth is anticipated to be driven by overseas markets, leveraging its manufacturing capabilities and increasing sales of large-screen products [9]. Valuation Metrics - The projected P/E ratios for the upcoming years are: - 2024E: 13X - 2025E: 11X - 2026E: 10X [10]. - The projected P/B ratios are: - 2024E: 1.8 - 2025E: 1.7 - 2026E: 1.5 [1].

Investment Rating - The investment rating for Hisense Visual Technology is maintained at "Buy" [2][22]. Core Views - The company achieved a revenue of 53.6 billion yuan in 2023, representing a year-on-year growth of 17.22%. The net profit attributable to shareholders was 2.096 billion yuan, up 24.82% year-on-year. For Q4 2023, revenue was 14.389 billion yuan, an increase of 8.8%, while net profit attributable to shareholders decreased by 18.3% to 468 million yuan [5][22]. - Short-term demand is expected to recover due to major sporting events, and the long-term competitive advantage and global market share are anticipated to continue improving. The profit forecasts for 2024-2026 have been raised, with expected net profits of 2.406 billion, 2.799 billion, and 3.193 billion yuan respectively [5][22]. Summary by Sections 1. Revenue Growth and Performance - In 2023, the company reported a total revenue of 53.6 billion yuan, with a main business income of 48.4 billion yuan, reflecting a growth of 19.34%. The net profit attributable to shareholders was 2.096 billion yuan, with a non-recurring net profit of 1.733 billion yuan [13][22]. - For Q4 2023, the revenue was 14.389 billion yuan, marking an 8.8% increase, while the net profit attributable to shareholders was 468 million yuan, down 18.3% [5][22]. 2. Gross Margin and Cost Management - The gross margin for 2023 was 16.94%, a decrease of 1.29 percentage points. The Q4 gross margin was 16.8%, down 2.56 percentage points. The decline in gross margin was influenced by the merger with Qianzhao Optoelectronics and rising panel costs [7][17]. - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios showing minor fluctuations [17][19]. 3. Profit Forecast and Investment Recommendations - The profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 2.406 billion, 2.799 billion, and 3.193 billion yuan respectively. The corresponding EPS for these years is projected to be 1.84, 2.14, and 2.45 yuan [5][22]. - The current stock price corresponds to a PE ratio of 12.8, 11.0, and 9.7 for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [2][22].