Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" with a target price of 32.30 CNY, down from the previous target of 35.00 CNY [1][2]. Core Views - The company's sales of color TVs are expected to continue growing, with panel prices increasing year-on-year, maintaining resilience in profit margins [1][2]. - The earnings forecast has been revised downwards, with expected EPS for 2023-2025 at 1.59, 1.90, and 2.28 CNY respectively, reflecting a decrease of 9%, 14%, and 15% [1][2]. - The company anticipates revenue for Q4 2023 to be between 53.115 and 53.650 billion CNY, representing a year-on-year growth of 16.13% to 17.30% [1][2]. Summary by Sections Sales and Revenue - The company expects continued growth in both domestic and international sales of color TVs, with a projected total sales volume of 26.54 million units for the year [1]. - Q4 revenue is expected to be between 13.889 and 14.424 billion CNY, with a year-on-year increase of approximately 5% [1][2]. Profitability - The net profit attributable to shareholders for 2023 is projected to be between 2.047 and 2.105 billion CNY, reflecting a year-on-year increase of 21.92% [1]. - The Q4 net profit is expected to be between 419 and 477 million CNY, showing a decline of 26.75% to 16.61% year-on-year [1]. Financial Metrics - The company’s total market capitalization is 33.288 billion CNY, with a circulating share ratio of 99% [1][2]. - The projected PE ratio for 2023 is 17x, with a PB ratio of 1.8x [1][2]. Cash Flow and Dividends - The company plans to increase cash dividends, reflecting its commitment to shareholder returns [1][2]. - The cash flow from operations is expected to be robust, with a projected increase in free cash flow for 2024 [2].

Investment Rating - The report maintains a "Recommended" rating for Hisense Visual (600060.SH) with a current price of 25.77 CNY [4][5]. Core Views - Hisense is expected to achieve a revenue of 531.2 to 536.5 billion CNY in 2023, representing a year-on-year increase of 16.1% to 17.3%. The net profit attributable to shareholders is projected to be between 20.5 to 21.1 billion CNY, reflecting a growth of 21.9% to 25.4% [1]. - The company is focusing on sustainable development and shareholder returns, with plans to increase the total cash dividend for 2023 [3]. - Hisense's global market share in television reached 13.2% in 2023, an increase of 1.17 percentage points year-on-year, while its market share in China's retail market rose to 29.1%, up by 3.43 percentage points [2]. Summary by Sections Financial Performance - For 2023, Hisense is expected to generate revenue of approximately 53,212 million CNY, with a growth rate of 16.3%. The net profit attributable to shareholders is forecasted at 2,061 million CNY, marking a growth of 22.7% [5][8]. - The company reported a net cash flow from operations of 2,380 million CNY in the first three quarters of 2023, with total cash and cash equivalents amounting to 13,420 million CNY as of Q3 2023 [3]. Market Position - Hisense is recognized as a leading player in the black goods sector, with a strong brand influence that is expected to drive further growth in both domestic and international markets [2]. - The company anticipates a boost in demand for large-screen display products due to major sporting events in 2024, such as the Olympics and the European Championship [4]. Future Projections - Revenue projections for 2023 to 2025 are 532.1 billion CNY, 603.2 billion CNY, and 668.8 billion CNY, respectively, with corresponding net profits of 20.6 billion CNY, 24.7 billion CNY, and 28.3 billion CNY [4][5].

Investment Rating - The investment rating for Hisense Visual (600060.SH) is maintained at "Buy" [2][6] Core Views - The company is expected to achieve revenue of approximately 531.15 to 536.5 billion yuan in 2023, representing a year-on-year increase of 16.13% to 17.3%. The net profit attributable to shareholders is projected to be between 20.47 and 21.05 billion yuan, reflecting a year-on-year growth of 21.92% to 25.37% [6] - In Q4 2023, the company is anticipated to generate revenue of 138.89 to 144.24 billion yuan, with a year-on-year increase of 5% to 9%. However, the net profit is expected to decline by 16.7% to 26.8% due to rising panel costs [6][7] - Despite short-term cost pressures, the long-term competitive advantage remains strong, with expectations for market share growth driven by core supply chain advantages and technological accumulation [6][7] Summary by Sections Financial Performance - The company’s revenue for 2023 is projected to be 531.15 to 536.5 billion yuan, with a year-on-year increase of 16.13% to 17.3%. The net profit is expected to be 20.47 to 21.05 billion yuan, a growth of 21.92% to 25.37% [6] - For Q4 2023, revenue is expected to be 138.89 to 144.24 billion yuan, with a year-on-year increase of 5% to 9%, while net profit is projected to decline by 16.7% to 26.8% [6][7] Market Dynamics - Domestic and international TV demand is expected to weaken sequentially in Q4 2023, but the company is still anticipated to outperform the industry. The domestic market saw a 25.2% year-on-year decline in online retail volume for color TVs, while Hisense's retail volume decreased by 23% [7] - Globally, TV shipments are projected to decline by 3.5% year-on-year in 2023, with Hisense's global shipments increasing by 6.1%, indicating strong competitive positioning [7] Strategic Outlook - The company has committed to not reducing shareholdings for six months starting March 4, 2024, and plans to increase the total cash dividend for 2023, reflecting confidence in long-term development [8] - The upcoming major sports events in 2024 are expected to catalyze demand recovery, supporting the long-term outlook for market share growth [7]

Investment Rating - The report assigns an "Accumulate" rating to Hisense Visual Technology [4]. Core Views - Hisense Visual Technology is expected to achieve operating revenue of 531.13 to 536.50 billion yuan in 2023, representing a year-on-year increase of 16.1% to 17.3%. The main business revenue is projected to be between 478.23 and 484.45 billion yuan, with a year-on-year growth of 17.9% to 19.5%. The net profit attributable to shareholders is estimated to be between 20.47 and 21.05 billion yuan, reflecting a year-on-year increase of 21.9% to 25.4% [2]. - Despite a contraction in the global TV market, Hisense's market share continues to rise, with a global shipment market share of 13.23% and a retail market share of 29.05% [2]. - The company plans to enhance shareholder returns by increasing the total cash dividend for 2023 compared to 2022 [2]. - Profit forecasts indicate net profits of 21.0 billion, 24.8 billion, and 28.3 billion yuan for 2023 to 2025, with corresponding growth rates of 24.9%, 18.4%, and 14.0% [2]. Financial Summary - The projected operating revenue for 2023 is 53,652 million yuan, with a growth rate of 17.3% [3]. - The expected net profit for 2023 is 2,097 million yuan, with a growth rate of 24.9% [3]. - The earnings per share (EPS) for 2023 is estimated at 1.61 yuan, with a price-to-earnings (P/E) ratio of 16.04 [3]. - The return on equity (ROE) is projected to be 11.2% in 2023 [3].

证券研究报告 公 2024年03月04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（首次） 司 2023 年经营情况公告点评： 当前价格： 25.57元 点 评 蝉联全球出货第二，短期波动不改前景 目标价格： 29.50元 研 事件： 究 基本数据 海信视像发布 2023 年经营情况暨“提质增效重回报”行动方案：2023 年 总股本/流通股本(百万股) 1,305.40/1,289.08 公司实现总营收 531.2-536.5 亿元，同比+16.1%至+17.3%，主营 478.2- 流通A股市值(百万元) 32,961.81 484.5亿元，同比+17.9%至+19.5%，归母净利润20.5-21.1亿元，同比+21.9% 每股净资产(元) 14.14 至+25.4%；其中，2023年四季度实现总营收138.9-144.2亿元，同比+5.0% 资产负债率(%) 42.41 至+9.0%，主营124.5-130.7亿元，同比+10.0%至+15.5%，归母净利润4.2- 一年内最高/最低(元) 26.68/15.49 4.8亿元，同比-26.8%至-16.7 ...

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。 为践行以"以投资者为本"的上市公司发展理念，切实维护海信 视像科技股份有限公司（以下简称"公司"）全体股东的利益，公司 将积极通过提升经营质量，增强全球市场竞争力等方式，开展"提质 增效重回报"相关工作。 一、2023 年经营情况回顾 公司业绩及电视市场份额稳步提高，经营质量及全球竞争力持续 加强。 2023 年，根据 Omdia1及奥维睿沃2数据，海信系电视出货量蝉联 全球第二；根据公司财务销售数据，公司智慧显示终端产品（不含激 光电视及商用显示产品）的销量为 2,654 万台。 2023 年，根据奥维睿沃数据，海信系电视出货量全球市占率 13.23%，同比提升 1.17 个百分点；根据奥维云网3数据，海信系电视 零售额市占率为 29.05%，同比提升 3.43 个百分点。 证券代码：600060 证券简称：海信视像 公告编号：临 2024-001 海信视像科技股份有限公司 2023 年经营情况 暨"提质增效重回报"行动方案 1 / 3 基于对公司未来发展的信心及价值判断，为维 ...

(四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 海信视像科技股份有限公司（本公告中简称"公司"）2023 年第二次临时股东大 会由公司董事会召集，采用现场投票和网络投票相结合的表决方式。公司董事长于 芝涛先生主持现场会议。会议的召开及表决方式符合《中华人民共和国公司法》和 《公司章程》等的相关规定。 2023 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 80 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 874,337,445 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 67.1832 | | 比例（%） | | 证券代码：600060 证券简称：海信视像 公告编号：2023-069 海信视像科技股份有限公司 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 8 人，出席 8 ...

青岛市崂山区香港东路 195 号 3 号楼 青岛上实中心 1401、1402、1403 单元 邮编：266071 电话：（86-532）6869-5000 传真：（86-532）6869-5010 北京市君合（青岛）律师事务所 关于海信视像科技股份有限公司 2023 年第二次临时股东大会的法律意见书 致：海信视像科技股份有限公司 北京市君合（青岛）律师事务所（以下简称"本所"）受海信视像科技股份 有限公司（以下简称"贵公司"）的委托，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等法律、法规、规章及《海信视像科技股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，就贵公司 2023 年第二次临时股东大会（以下简称"本次股 东大会"）有关事宜出具本法律意见书。 为出具本法律意见书，本所审查了贵公司提供的有关文件及其复印件，核对 了其中相关文件的原件，并取得贵公司向本所作出的如下保证：贵公司已向本所 提供了出具本法律意见书所必须的、真实、完整的原始书面材料、副本材料、复 印件或口头证言，不存在任何遗漏或隐瞒；其所提供的副本材料或复印件与 ...

海信视像科技股份有限公司 2023 年第二次临时股东大会会议资料 二〇二三年十二月 2023 年第二次临时股东大会会议议程 一、会议召开基本情况 （一）会议召开时间：2023 年 12 月 28 日（星期四）上午 11 点 00 分 （二）网络投票时间： 1 目录 | 海信视像科技股份有限公司 2023 年第二次临时股东大会会议议程 3 | | | --- | --- | | 议案一、关于 年度日常关联交易额度的议案 5 | 2024 | | 议案二、关于 年度以闲置自有资金进行委托理财的议案 6 | 2024 | | 议案三、关于公司与海信集团财务有限公司签订金融服务协议及开展 2024 年度 | | | 关联交易的议案 7 | | | 议案四、关于 年度公司及子公司提供担保的议案 8 | 2024 | | 议案五、关于向子公司提供担保的议案 9 | | | 议案六、关于乾照光电与其子公司提供担保的议案 10 | | 2 海信视像科技股份有限公司 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 9:15-9:25,9:30-11:30，13:00-15:0 ...

独立董事经认真审阅相关协议等文件后认为：本次与关联方共同出资设立合 资公司有利于推进本公司全球化发展战略，共同拓展东盟区业务发展和品牌建设， 借助海信全品类优势在东盟区协同发展，促进产品套系化高端化升级，提升当地 市场占有率。本次成立合资公司遵循公允、合理的原则，不存在损害本公司及本 公司股东，特别是中小股东利益的情形，未影响公司独立性。本事项不会导致本 公司合并报表范围发生变更，不会对公司财务状况、经营成果造成不利影响。 2023年12月19日 独立董事关于第九届董事会第三十五次会议相关事项的事前认可意见 公司于事前就《关于与关联方共同出资设立合资公司的议案》相关事项与全 体独立董事进行了充分沟通，并提供了详实的相关资料。全体独立董事就该议案 发表事前认可意见如下： 全体独立董事一致同意该议案，并同意将该议案提交公司董事会审议。 海信视像科技股份有限公司全体独立董事 海信视像科技股份有限公司独立董事 关于第九届董事会第三十五次会议相关事项的事前认可意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》等法 律、法规和规范性文件的相关规定，海信视像科技股份有限公司（简称"公司"） 全体独立董事对 ...