Core Viewpoint - TCL Smart Home is expanding its production capacity to meet market demand and optimize its global production layout by establishing a new manufacturing base in Thailand, which will enhance its competitive advantage and risk resilience [1] Group 1: Production Capacity - The company's current production capacity is primarily located in Zhongshan and Hefei, with a high utilization rate [1] - The new production base in Thailand is expected to add 1.4 million units of refrigerator capacity and 300,000 units of freezer capacity [1] Group 2: Market Strategy - The establishment of the Thailand production base is part of the company's strategy to strengthen its competitive position in the market [1] - The completion of the Hefei home appliance supporting factory aligns with the company's efforts to enhance its manufacturing capabilities [1] Group 3: Industry Context - The announcement follows the upcoming full production of the high-end wind-cooled refrigerator smart manufacturing project by Oma, which is set to produce 2.8 million units annually starting in the first half of 2025 [1]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [11] Core Insights - The home appliance sector shows strong profitability resilience despite challenges from domestic subsidy reductions and external tariff impacts. The overall valuation remains at a reasonable low level, suggesting opportunities for growth in high-performing leaders and stable value recovery in established companies [2][10] Overall Industry Summary - The home appliance industry achieved a revenue growth of 7.52% year-on-year in the first three quarters of 2025, with quarterly growth rates of +13.97%, +5.46%, and +3.59% respectively. The growth trend is expected to slow down due to subsidy reductions and diminishing marginal effects [4][21] - The gross profit margin for the industry in Q3 2025 was 24.75%, reflecting a slight year-on-year decrease of 0.54 percentage points, while the gross sales difference improved by 0.64 percentage points to 16.35% [31][39] - The net profit attributable to shareholders for the first three quarters of 2025 reached 1,048.77 billion, marking a year-on-year increase of 9.76%, with Q3 net profit growing by 4.22% [38][44] White Goods - The white goods sector reported a revenue growth of 9.06% year-on-year in the first three quarters of 2025, with Q3 growth at 5.29%. The sector benefits from a reduction in domestic price competition, leading to a recovery in gross profit margins [5][27] - The net profit for the white goods sector increased by 11.32% year-on-year in the first three quarters, with Q3 showing a growth of 3.50% [43][44] Black Goods - The black goods sector experienced a revenue growth of 3.09% year-on-year in the first three quarters, but Q3 saw a decline of 2.64%. The sector's performance is influenced by a low base effect and increased non-recurring gains [6][24] - The net profit for the black goods sector surged by 37.26% in Q3, reflecting a strong recovery [42][43] Kitchen Appliances and Post-Cycle - The kitchen appliance sector faced a revenue decline of 4.09% in Q3 2025, attributed to a downturn in the real estate market and cautious consumer spending [7][25] - The net profit for the kitchen appliance sector decreased by 12.73% year-on-year in Q3 [42][43] Small Appliances - The small appliances sector achieved a revenue growth of 5.92% in Q3 2025, with the cleaning segment showing a remarkable growth of 30.70% [8][24] - The net profit for the small appliances sector increased by 16.52% year-on-year in Q3 [42][43] Upstream Components - The upstream components sector reported a revenue growth of 8.13% year-on-year in the first three quarters, with Q3 growth at 3.31%. The sector's profitability significantly improved due to order and business structure optimization [9][26] - The net profit for the upstream components sector grew by 30.29% in Q3 [42][43] Investment Recommendations - The report suggests focusing on high-growth leaders with strong organizational, technological, and brand capabilities, such as Anker Innovations, Roborock, and Ninebot. Additionally, it recommends paying attention to stable leaders like Midea Group, Haier Smart Home, and Gree Electric for value recovery opportunities [10]

Summary of Hisense Visual's Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Consumer Electronics, specifically focusing on display technologies such as Mini LED and laser displays Key Points and Arguments Financial Performance and Growth Projections - Hisense Visual expects a **double-digit growth** in overall performance for 2025, targeting over **10%** growth, with a potential increase to **15%** in 2026, although these projections may be adjusted due to uncertainties in domestic and overseas markets and economic conditions [2][23] - The company anticipates that the **Mini LED TV penetration rate** in China will exceed **30%** by 2025, despite the impact of declining government subsidies [2][5] Market Dynamics - The **domestic market** faced a **double-digit decline** in sales in October due to a high base from the previous year, while the **overseas market** continued to show strong growth, achieving double-digit increases [3] - The **export volume** for the third quarter of 2025 is projected to be close to **16 million units**, with North America being the largest market, followed by Europe [2][18] Product Development and Innovation - Hisense Visual is enhancing its competitiveness through **technological innovation**, including the launch of the **RGB Mini LED TV** and the integration of **AI** in its products [4][25] - The company has seen a **30% revenue growth** in its new display business in the third quarter, driven by advancements in laser technology and commercial display solutions [12] Cost Management and Profitability - The cost of **Mini LED technology** has decreased by over **50%** in the past two to three years, with an expected annual cost reduction potential of about **10%** moving forward [6] - The company aims to improve profitability through increased **gross margins** and reduced expense ratios, focusing on high-value products like large screens and Mini LED displays [22] Market Challenges and Responses - The **geopolitical situation** has negatively impacted the Middle East market, but recovery is expected once these issues are resolved [10] - Hisense Visual is addressing the decline in domestic sales due to subsidy reductions by rapidly upgrading products and offering targeted subsidies to maintain consumer interest [12] Strategic Initiatives - The company is implementing **digital reforms** and optimizing its organizational structure to enhance operational efficiency [24] - Hisense Visual is also expanding its product line to include new display terminals such as **smart headphones** and **smart glasses**, which are expected to contribute positively to overall profitability [26] Competitive Landscape - Hisense Visual is competing effectively against international rivals like **Samsung** and **LG** by focusing on high-end product offerings and technological advancements [25] Future Outlook - The company anticipates that the **2026 World Cup** will positively influence marketing expenses and overall sales performance, with a focus on optimizing channel structures [21] Additional Important Insights - The **online sales** channel accounted for **70%** of domestic revenue, while offline sales made up **30%** in the first three quarters [17] - The **panel prices** are expected to remain stable, with minor fluctuations not significantly affecting profitability [22]

Core Insights - The Chinese air conditioning industry has shown significant growth in the 2025 cooling year, with domestic sales reaching 102 million units, a year-on-year increase of 8.7%, and exports totaling 93.63 million units, up 14.7% [1] - A profound industry transformation is underway, shifting the focus from traditional price and parameter competition to value competition based on user scenarios [1][3] - The transition from air conditioning to comprehensive air management solutions represents a major opportunity, integrating various energy sources for enhanced comfort in homes and commercial spaces [3] Industry Trends - Companies are enhancing their core advantages to seize market opportunities, with Hisense leading the way by focusing on user demands for healthy air and differentiating itself in the fresh air segment [3][5] - Hisense has pioneered innovations such as the first fresh air air conditioner in China in 2008 and continues to evolve its product offerings to meet user needs [3] - The integration of technology, scenarios, and ecosystems will be crucial in determining the future landscape of the air conditioning industry [5] Future Outlook - The air conditioning industry is expected to undergo significant changes as companies strive to convert "good air" into tangible value for users, emphasizing the importance of technological innovation and user-centric solutions [5] - The leading companies in the future will not necessarily be the largest but will be those that best understand and meet user needs [5] - As the 2026 cooling year approaches, the true transformation of the air conditioning industry will begin, driven by companies that can navigate the evolving landscape effectively [5]

Core Viewpoint - Hisense Visual Technology Co., Ltd. has shown significant stock performance with a year-to-date increase of 38.98% and a recent 9.69% rise over the last five trading days, indicating strong market interest and potential growth in the consumer electronics sector [1][2]. Financial Performance - For the period from January to September 2025, Hisense Visual reported a revenue of 42.83 billion yuan, reflecting a year-on-year growth of 5.36%. The net profit attributable to shareholders was 1.63 billion yuan, marking a 24.28% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.97 billion yuan, with 3.04 billion yuan distributed over the last three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 5.38% to 34,600, while the average number of circulating shares per person decreased by 4.73% to 37,614 shares [2]. - The stock's trading activity showed a net outflow of 6.95 million yuan from major funds, with significant buying and selling from large orders [1]. Business Overview - Hisense Visual, established on April 17, 1997, specializes in manufacturing and selling televisions, broadcasting equipment, refrigerators, communication products, and various electronic devices. The main revenue sources include smart display terminals (79.68%), new display businesses (11.57%), and other segments [1]. - The company is categorized under the home appliance industry, specifically in the black home appliance sector focusing on color TVs [1].

Group 1 - The report indicates that going global has become a "second growth curve" for Chinese companies, driven by pressures in the domestic market and rising external tariff barriers [8][19]. - The "Going Global TOP 100 Index" shows that the average return of these companies in 2024 is 32.65%, significantly higher than other main board stocks by 10 percentage points [9][31]. - The structure of companies going global has shifted from traditional industries to technology-intensive sectors like consumer electronics, which now account for 13% of the TOP 100 [10][41]. Group 2 - Chinese companies are climbing the value chain along the "rabbit ear curve," extending towards R&D design and high-end manufacturing, as well as branding and services [11][45]. - The strategic shift from "product export" to "capacity export" is evident, although direct foreign investment remains significantly lower than goods exports [12][19]. - Geopolitical risks are identified as the primary challenge for companies, including sanctions and local regulatory requirements [13][19]. Group 3 - Hong Kong is positioned as a "bridgehead" for companies going global, serving as a crucial financing platform and a connection between the mainland and global markets [15][19]. - Successful case studies include companies like Anker Innovations, TCL, and Weichai Power, which have leveraged localization, technology acquisitions, and full industry chain layouts [19][48]. - The report emphasizes the importance of "soft capabilities" such as understanding regulations, compliance governance, localization, and ecological collaboration for successful international expansion [19][48]. Group 4 - The report highlights that 90.6% of industries have higher gross profit margins overseas compared to domestic markets, with significant differences in sectors like computer equipment and logistics [22][24]. - The performance of companies that expand overseas is often linked to their high return on invested capital (ROIC) in domestic markets, indicating a selection effect where only the best companies venture abroad [26][30]. - The report notes that the growth in overseas revenue has become a key driver for performance, accounting for 38.2% of the growth in mid-year earnings for 2025 [25][30]. Group 5 - The report identifies a significant trend of consumer electronics companies expanding globally, with a notable rise in their representation in the TOP 100 list compared to traditional industries [41][45]. - Companies like Lenovo and Luxshare Precision are highlighted for their technological advancements and their roles as key suppliers in the global market [45][47]. - The report concludes that Chinese consumer electronics firms are transitioning from "Made in China" to "Created in China" and "Brand from China," enhancing their global presence [45][46].

Core Viewpoint - Xiaomi and Hisense, long-time competitors in the TV market, have formed a partnership by co-founding a new company called "Zhi Ping Shi Jie" in Hangzhou, marking a significant shift in their relationship after years of rivalry [1][5]. Group 1: Background of Rivalry - The rivalry between Xiaomi and Hisense dates back to 2015, when Xiaomi claimed to be the top smart TV brand in terms of sales, prompting a rebuttal from Hisense [2][3]. - The competition escalated over the years, with both companies engaging in various disputes, including a three-year legal battle where Hisense was ordered to pay Xiaomi 500,000 yuan and issue a public apology [4]. Group 2: Formation of New Company - The new company "Zhi Ping Shi Jie" has significant backing, with Xiaomi holding an 18% stake through "Hanxing Chuangye" and Hisense holding 15% through "Ju Haokan" [1]. - The CEO of TV Taobao, Wang Lei, is identified as the actual controller of the new company, indicating a strategic move to foster collaboration in a challenging market [5]. Group 3: Market Conditions - The TV market has seen a drastic decline, with TV usage rates dropping from 70% in 2016 to below 30% in 2022, and sales volume decreasing by 8.3% year-on-year in the first half of 2025, alongside a 6.1% drop in sales revenue [6][7]. - The current market conditions have prompted major players in the home appliance sector to seek partnerships, as exemplified by recent collaborations between Haier and Xiaomi, and Hisense and Midea [7].

证券之星消息，11月13日黑色家电板块较上一交易日下跌0.28%，海信视像领跌。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600060 | 海信视像 | 1435.15万 | 3.69% | 2497.01万 | 6.42% | -3932.16万 | -10.11% | | 301578 辰奕智能 | | 336.48万 | 11.77% | -203.90万 | -7.13% | -132.57万 | -4.64% | | 688696 极米科技 | | 129.80万 | 0.61% | 363.39万 | 1.72% | - - 493.19万 | -2.33% | | 002848 | *ST高斯 | -261.14万 | -8.20% | -98.37万 | -3.09% ...

Core Insights - Hisense Visual Technology Co., Ltd. has been recognized as a national manufacturing single champion for its high-definition LCD television products, marking a significant achievement in the field of intelligent and advanced manufacturing [2] - Hisense Group now has five national manufacturing single champion enterprises, showcasing its leading position in the industry [2] Group 1: Industry Recognition - The national manufacturing single champion title, established in 2016 by the Ministry of Industry and Information Technology, is one of the highest honors in China's manufacturing sector, aimed at recognizing companies that excel in niche markets and possess core technologies [2] - Hisense has been deeply involved in the LCD display field for over 20 years, having launched China's first self-developed digital video processing chip and established the country's first LCD television module production line [4] Group 2: Technological Advancements - This year, Hisense developed RGB three-dimensional color control LCD display technology, breaking the monopoly of foreign brands in the high-end market and enabling a leap from "catching up" to "leading" in China's LCD display industry [4] - Hisense has integrated artificial intelligence and other new technologies into its manufacturing processes, establishing two lighthouse factories, four zero-carbon factories, four national 5G factories, and 17 national green factories [5] Group 3: Operational Efficiency - The company's self-developed AI machine vision technology has been implemented across six global production bases, resulting in a 240% increase in AOI detection efficiency and a 25% improvement in first-pass delivery rates [5] - Hisense Laser, Qian Zhao Optoelectronics, and Hisense Hitachi are among the five manufacturing single champion enterprises, representing the leading standards of China's manufacturing industry in their respective niches [5]

Market Overview - The black home appliance sector experienced a slight increase of 0.02% on November 12, with Hisense leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Hisense Visual (600060) closed at 26.46, up 3.76% with a trading volume of 214,300 shares and a turnover of 562 million yuan [1] - Other notable stocks include: - XGIMI Technology (688696) at 117.80, up 3.44% [1] - Skyworth Digital (000810) at 12.54, down 0.71% [1] - Sichuan Changhong (600839) at 9.96, down 0.80% [1] Capital Flow - The black home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 127 million yuan [1] - The detailed capital flow for key stocks includes: - Hisense Visual had a net outflow of 46.48 million yuan from institutional investors [2] - XGIMI Technology experienced a net outflow of 24.99 million yuan from institutional investors [2] - Sichuan Changhong faced a significant net outflow of 102 million yuan from institutional investors [2]