海信视像科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况公告 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。 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》。具体内容详见公司于 2024 年 3 月 12 日在上海证券交易所官方网站（http://www.sse.com.cn/）披露的《关于以集中 竞价交易方式回购股份方案的公告》（公告编号：临 2024-004）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将本公司董事会公告回购股份决议的前一交 易日（2024 年 3 月 11 日）登记在册的前十名股东和前十名无限售条件股东的名 称、持股数量和持股比例情况公告如下： | 序号 | 持有人名称 | 持股数量 | 持股比例（%） | | --- | --- | --- | --- | | 1 | 海信 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.74 yuan [4] Core Views - The company plans to repurchase shares for an employee stock ownership plan, with a maximum repurchase amount of 753 million yuan and a maximum repurchase price of 30 yuan per share, expected to repurchase no more than 25.114 million shares [1] - The employee stock ownership plan will be granted to 459 employees, including 8 senior executives, with a grant price of 12.27 yuan per share and a total of no more than 29.094 million shares, accounting for 2.2% of the company's total shares [1] - The company's performance unlock assessment targets a growth rate of no less than 35.83%/49.94%/66.41% from 2024 to 2026, with trigger values of no less than 22.25%/34.95%/49.77% [1] - The company's global market share in TV shipments has steadily increased, with a global market share of 13.23% in 2023, up 1.17 percentage points year-on-year [2] - The company's retail sales market share in TVs reached 29.05% in 2023, up 3.43 percentage points year-on-year [2] - The company plans to increase its 2023 annual cash dividend compared to 2022, with a dividend of 840 million yuan in 2022 and a dividend ratio of 50% [2] Financial Data and Valuation - The company's revenue is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E, with growth rates of 16.71%, 12.18%, and 11.27% respectively [3] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E, with growth rates of 23.64%, 19.06%, and 16.15% respectively [3] - EPS is expected to increase from 1.59 yuan in 2023E to 2.20 yuan in 2025E [3] - The P/E ratio is expected to decrease from 15.56x in 2023E to 11.25x in 2025E [3] - The P/B ratio is expected to decrease from 1.69x in 2023E to 1.42x in 2025E [3] Industry and Market Position - The company is a global leader in the display industry, with a strong product and brand matrix, a tiered pricing strategy, and forward-looking technology layout [2] - The company has strengthened its global leadership in laser display, achieved initial results in commercial display brand building and overseas market expansion, and expanded its chip product categories [2] - The company has enhanced its capabilities in virtual reality display and AIGC [2] Financial Forecast - The company's operating income is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E [6] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E [6] - The company's cash flow from operating activities is expected to be -2.10632 billion yuan in 2023E, 8.28246 billion yuan in 2024E, and -2.24162 billion yuan in 2025E [8]

Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" with a target price of 32.30 CNY, maintaining the previous rating of "Buy" [1][18]. Core Views - The employee stock ownership plan (ESOP) has a solid performance assessment target, and the scope of incentive objects has been expanded, which helps to bind the interests of core employees and stimulate the company's vitality [1][15]. - The company maintains its profit forecast, expecting EPS of 1.59/1.90/2.28 CNY for 2023-2025, representing year-on-year growth of +24%/+20%/+20% [1][18]. - The total market capitalization of the company is 321 billion CNY, with a PB ratio of 1.7x, and the net cash at the end of Q3 2023 is 11.838 billion CNY [1][18]. Summary by Sections Event - On March 11, 2024, the company announced its 2024 employee stock ownership plan draft, changes to the repurchase of shares, and a plan for share repurchase through centralized bidding [9][10]. Employee Stock Ownership Plan - The ESOP targets company directors, senior management, supervisors, middle management, and core personnel, with a total of up to 459 participants and a fundraising cap of 360 million CNY [10][15]. - The plan allows for the purchase of up to 2,909.38 million shares (2.23%) at a price of 12.27 CNY per share, with a vesting period of 48 months [10][15]. Financial Performance - The company expects a steady growth in revenue, with projected operating income of 53.476 billion CNY for 2023, up from 45.738 billion CNY in 2022 [2][18]. - The net profit attributable to shareholders is forecasted to be 2.075 billion CNY for 2023, reflecting a 24% increase from the previous year [2][18]. Market Position - Hisense maintains a strong position in the domestic TV market, with a market share of over 26% in online sales and 28% in offline sales as of early 2024 [17]. - The company is also a sponsor of the 2024 European Championship, which is expected to enhance its global market presence and increase its export market share [17].

Investment Rating - The investment rating for Hisense Visual (600060.SH) is maintained as "Buy" [2][4]. Core Views - The implementation of the 2024 employee stock ownership plan is expected to enhance long-term development confidence by binding the interests of a broader range of executives [4]. - Retail and shipment data at the beginning of 2024 show a month-on-month improvement, and demand is anticipated to recover throughout the year due to major events [4]. - The report maintains profit forecasts, expecting net profits for 2023-2025 to be 2.08 billion, 2.36 billion, and 2.76 billion yuan respectively, with corresponding EPS of 1.59, 1.81, and 2.11 yuan [4]. Financial Summary - The total revenue for 2023 is estimated at 53.495 billion yuan, with a year-on-year growth of 17.0%. For 2024 and 2025, revenues are projected to be 60.268 billion and 66.403 billion yuan, reflecting growth rates of 12.7% and 10.2% respectively [7]. - The net profit for 2023 is projected at 2.08 billion yuan, with a year-on-year increase of 23.9%. The net profit for 2024 and 2025 is expected to be 2.36 billion and 2.76 billion yuan, with growth rates of 13.4% and 17.0% respectively [7]. - The gross margin is expected to be 17.5% in 2023, improving to 17.7% in 2024 and 18.0% in 2025 [7]. Employee Stock Ownership Plan - The 2024 employee stock ownership plan covers up to 459 individuals, primarily middle management and core personnel, with a broader coverage of senior executives [5]. - The performance targets for net profit growth from 2024 to 2026 are set to be no less than 35.83%, 49.94%, and 66.41% compared to 2022 [5]. - The plan includes a share repurchase of up to 25.11 million shares at a price not exceeding 30.00 yuan per share [5].

证券代码：600060 证券简称：海信视像 公告编号：临 2024-009 海信视像科技股份有限公司 关于以集中竞价交易方式首次回购股份的公告 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。 重要内容提示： 2024 年 3 月 12 日，海信视像科技股份有限公司（以下简称"公司"或"本 公司"）通过上海证券交易所交易系统以集中竞价方式首次回购股份 116.8850 万股，已回购股份占公司总股本的比例为 0.09%，回购成交最高价 为 24.87 元/股，最低价为 24.35 元/股，支付资金总额为人民币 2,868.62 万元（不含印花税、交易佣金等费用）。 一、回购股份基本情况 2024年3月11日，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 额不低于人民币37,670.85万元（含），不超过人民 ...

[Table_Page] 公告点评|家用电器 证券研究报告 [海Table_信Title] 视像（600060.SH） [公Tab司le_I评nves级t] 增持 当前价格 24.98元 员工持股计划出台，增强公司凝聚力 合理价值 28.53元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-12 ⚫ 海信视像发布2024年员工持股计划。公司推出2024年员工持股计划 相[Ta对ble市_Pi场cQu表ote现] 草案，参与员工人数不超过459人，拟认购总数不超过2909.38万股 （约占总股本 2.23%），受让价格为 12.27 元/股，为持股计划草案公 69% 布前1个交易日的公司股票交易均价的50%。考核目标为2024-2026 51% 年度归母净利润较2022年增长分别不低于35.83%/49.94%/66.41%， 33% 即对应归母净利润不低于 22.8/25.2/27.9 亿元，25-26 年复合增速约 15% 11%。若按触发值来看，2024-2026年度归母净利润较2022年增长分 -3% 03/23 05/23 07/23 09/23 11/ ...

Investment Rating - The investment rating for Hisense Visual is "Buy" (maintained) [1] Core Views - The report emphasizes the importance of long-term goals, with a focus on the employee stock ownership plan for 2024, which involves granting 29.09 million shares (2.23% of total shares) at a price of 12.27 yuan per share [1] - The net profit growth targets for 2024-2026 are set at no less than 23 billion, 25 billion, and 28 billion yuan respectively, reflecting a year-on-year increase of 10%, 10%, and 11% [1] - The company plans to repurchase shares for the employee stock ownership plan, with a repurchase amount between 380 million and 750 million yuan, and a maximum repurchase price of 30 yuan per share [1] Financial Performance Summary - Revenue for 2023 is projected at 53.33 billion yuan, with a year-on-year growth of 16.6%, and expected to reach 58.84 billion yuan in 2024 and 64.88 billion yuan in 2025, both with a growth rate of 10.3% [2][3] - The net profit attributable to the parent company is forecasted to be 2.095 billion yuan in 2023, increasing to 2.396 billion yuan in 2024 and 2.947 billion yuan in 2025, with year-on-year growth rates of 24.8%, 14.3%, and 23.0% respectively [2][3] - The gross profit margin is expected to be 17.4% in 2023, 18.0% in 2024, and 18.5% in 2025 [2][5] Cash Flow and Balance Sheet - Operating cash flow for 2024 is estimated at 3.046 billion yuan, increasing to 3.547 billion yuan in 2025 [4] - Total assets are projected to grow from 40.15 billion yuan in 2023 to 50.76 billion yuan in 2025, with total liabilities increasing from 18.30 billion yuan to 21.86 billion yuan over the same period [4][5] - The company’s equity attributable to shareholders is expected to rise from 18.84 billion yuan in 2023 to 24.18 billion yuan in 2025 [4][5]

证券研究报告 公 2024年03月12日 司 报 告 海信视像(600060) 行 业： 家用电器/黑色家电 │ 公 投资评级： 买入（维持） 司 2024 年员工持股计划点评： 当前价格： 24.98元 点 强化利益协同，发展前景可期 目标价格： 29.39元 评 研 事件： dy 究 基本数据 海信视像发布2024年员工持股计划草案：本次员工持股计划拟覆盖董监高 总股本/流通股本(百万股) 1,305.40/1,289.08 8人（430万股）及中层、核心骨干不超451人（2479万股）；预计规模不 流通A股市值(百万元) 32,201.25 超 2909 万股，占总股本 2.23%；业绩考核方面，2024-2026 年公司归母净 每股净资产(元) 14.14 利润（剔除激励所产生费用及可能发生的商誉减值）目标值较2022年增长 资产负债率(%) 42.41 分别不低于35.8%/49.9%/66.4%，触发值分别不低于22.3%/35.0%/49.8%。 一年内最高/最低(元) 26.68/15.49 ➢ 强化利益协同，回购保驾护航 2021年6月公司限制性股票激励计划草案覆盖226人，其中核心骨干22 ...

海信视像（600060.SH）事件点评 发布员工持股计划，提振中长期增长信心 2024 年 03 月 12 日 ➢ 事件： 海信视像 (600060.SH)发布 2024 年员工持股计划（草案），本次员工持股计划 受让价格为 12.27 元/股，计划拟持有不超过 2909.4 万股，约占计划公布当日总 股本的 2.23%。本次持股计划涉及员工不超过 459 人，其中董、监、高共计 8 人，拟持有本次计划总量的 14.78%，中层及核心骨干不超过 451 人，拟持有本 次计划总量的 85.22%。 此外，公司发布股份回购公告，拟以不超过 30.00 元/股的价格回购股份，回购 数量不低于 1255.7 万股（占当前总股本的 0.96%），不超过 2511.4 万股（占 当前总股本的 1.92%）。 ➢ 激励目标稳健、覆盖面广，提振中长期增长信心： 本次激励对象共计 459 人，中层及骨干持股总量 80%以上，覆盖面广，增强核 心员工的企业凝聚力。本次考核 2024-2026 三个会计年度期间归母净利润增速， 剔除股份支付费用后，若较 22 年归母净利润增长 22.25%/34.95%/49.77%则达 到触发值 ...

证券代码：600060 证券简称：海信视像 公告编号：临 2024-003 海信视像科技股份有限公司 第九届监事会第二十五次会议决议公告 （一）审议通过了《关于<海信视像科技股份有限公司2024年员工持股计划 （草案）>及其摘要的议案》 监事会认为：《海信视像科技股份有限公司 2024 年员工持股计划（草案）》 及其摘要的内容符合《中华人民共和国公司法》《中华人民共和国证券法》《关于 上市公司实施员工持股计划试点的指导意见》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》等法律、法规、规范性文件以及《公司章程》的相 关规定，有利于建立和完善劳动者与所有者的利益共享机制，有利于进一步完善 公司治理水平，提高员工凝聚力和公司竞争力，促进公司持续、健康发展，不存 在损害上市公司及全体股东利益的情形。本次员工持股计划由公司自主决定，相 关议案的审议决策程序合法、有效，员工自愿参加，不存在以摊派、强行分配等 方式强制员工参与本次员工持股计划的情形。 具 体 内 容 详 见 与 本 公 告 同 日 于 上 海 证 券 交 易 所 官 方 网 站 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 ...