公司点评 · 家用电器行业 商业航天影子龙头，控股乾照光电 2026 年 01 月 11 日 核心观点 | 主要财务指标预测 | | | | | | --- | --- | --- | --- | --- | | | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 58,530 | 61,641 | 69,213 | 75,926 | | 收入增长率% | 9.17 | 5.31 | 12.28 | 9.70 | | 归母净利润(百万元) | 2,246 | 2,677 | 2,997 | 3,413 | | 利润增长率% | 7.17 | 19.20 | 11.93 | 13.88 | | 摊薄 EPS(元) | 1.72 | 2.05 | 2.30 | 2.62 | | PE | 14.12 | 11.84 | 10.58 | 9.29 | 资料来源：公司公告，中国银河证券研究院（注：收盘价为 2026 年 1 月 9 日） 海信视像（股票代码：600060） 推荐 维持评级 分析师 何伟 ：hewei_yj@chinastock.com.cn 分析师登记编码： ...

Core Viewpoint - The article emphasizes the importance of selecting high-quality large-screen TVs, particularly highlighting the advantages of the new RGB-Mini LED technology, which offers superior color accuracy, brightness control, and energy efficiency compared to traditional technologies [1][3][4]. Group 1: RGB-Mini LED Technology - RGB-Mini LED technology is defined as a next-generation display technology that features independent backlighting for red, green, and blue colors, allowing for precise color and brightness control without secondary color conversion [1][4]. - The technology is reported to achieve a color gamut of 110% BT.2020 and a color control precision of 134 bits, significantly reducing harmful blue light by 60% compared to QD-OLED and 75% compared to traditional QD-Mini LED [4]. Group 2: Product Recommendations - The Hisense UX series is recommended as a top choice for luxury homes, featuring the world's first RGB-Mini LED TV with a peak brightness of 8000 nits and 10752 independent light control zones, priced at 25,999 yuan for 85 inches, 47,999 yuan for 100 inches, and 97,999 yuan for 116 inches [6]. - The Hisense U7S Pro is highlighted as the best choice for cinephiles, with features such as a custom black crystal screen and dual certification for color accuracy, priced at 13,999 yuan for 75 inches, 17,999 yuan for 85 inches, and 26,999 yuan for 100 inches [8]. - The Hisense E8S Pro is positioned as a gaming flagship with 9360 light control zones and a peak brightness of 6200 nits, priced at 14,599 yuan for 75 inches, 18,999 yuan for 85 inches, and 27,999 yuan for 100 inches [10]. - The Hisense E8S, a new model for 2026, features a dual-chip design for pixel-level light and color synchronization, with prices set at 9,999 yuan for 75 inches, 14,999 yuan for 85 inches, and 21,999 yuan for 100 inches [12].

Group 1 - The 2026 Consumer Electronics Show (CES) in Las Vegas will take place from January 6 to 9, showcasing "Chinese manufacturing" with higher innovation density and clearer technological pathways, advancing towards international competition [1] - Visitors at CES are interacting with various robotic technologies, highlighting the growing presence of robotics in consumer electronics [3] - Shenzhen Zhongqing Robot Technology Co., as well as other companies, are exhibiting their robotic innovations at the event, indicating a strong focus on automation and robotics in the industry [5][7] Group 2 - Attendees are experiencing various products, including ice cream robots and smart glasses, which reflect the diversity of technological advancements being presented at CES [9][11] - Companies like TCL and Hisense are showcasing their latest innovations, such as smart glasses and RGB-Mini LED large screen televisions, emphasizing the trend towards enhanced visual technology [11][13] - The presence of electric bicycles at the event indicates a growing interest in sustainable transportation solutions within the consumer electronics sector [15]

Core Insights - CES 2026 showcased over 4,112 companies from more than 150 countries, with a significant focus on technology that is tangible and experiential, particularly in the display industry [1] Group 1: Company Innovations - Hisense launched a new generation of RGB-Mini LED display technology, achieving a color gamut of 110% BT.2020 and a color precision of 134 bits, marking a significant advancement in display technology [3][6] - The introduction of the innovative "Linglong 4-chip" architecture by Hisense further enhances color range and detail, challenging the limits of display technology [4] - Hisense's RGB-Mini LED technology has captured 50% of the high-end large-screen market within eight months of its launch, with Hisense holding nearly 90% of that share [7] Group 2: Market Trends - The global shipment of RGB-Mini LED displays is expected to surge to 500,000 units in 2026, indicating a strong growth trajectory for this technology [10] - The CES 2026 highlighted a shift in the display industry, with Chinese companies, particularly Hisense, taking a leading role in technological advancements, previously dominated by overseas manufacturers [12] Group 3: Strategic Focus - Hisense emphasizes a commitment to innovation, investing 5% of its revenue annually in product technology development, and has secured 179 core patents in the display field [14] - The company is strategically expanding its product lineup across various sizes, from 75 to 116 inches, to solidify its market position in the mid-to-high-end segment [14]

Core Viewpoint - The optical imaging industry is experiencing a wave of capital operations characterized by mergers, acquisitions, and financing, driven by the promising market prospects in emerging technologies such as automotive lenses, AR/VR optics, and machine vision [2][14]. Company Summary - Hisense Visual Technology has engaged in multiple asset acquisitions and sales, primarily involving related parties within the Hisense group, without extending into new fields through external mergers [2][3]. - In 2025, Hisense Visual's revenue growth is nearly stagnant, with a year-on-year increase of only 5.36%, yet the company has made consecutive acquisitions of related party assets to expand production capacity [6][18]. - The company sold a 26% stake in its kitchen and bath business just three years after acquiring it, citing a focus on core business development [7][19]. Financial Performance - Hisense Visual's sales expense ratio has consistently exceeded 6%, significantly higher than the approximately 4% R&D expense ratio and far above comparable companies like Sichuan Changhong and TCL Technology [9][21]. - In 2023 and 2024, the company reported net profits of 2.096 billion and 2.246 billion, respectively, with approximately 42.9% and 35.2% of net profits derived from tax refunds, government subsidies, and various investment income, indicating a diminished actual profitability from core operations [11][23]. Strategic Focus - The company is accelerating the application of new business areas such as commercial displays, cloud services, and chips, while actively laying out plans in artificial intelligence and AR/VR to create new growth engines for the future [8][20].

Market Overview - The black home appliance sector increased by 1.82% on January 9, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with Tongzhou Electronics closing at 13.56, up 5.53% on a trading volume of 527,100 shares and a transaction value of 713 million [1] - Other notable performers included *ST Gauss, which rose by 5.01% to 10.27, and Jiulian Technology, which increased by 3.42% to 10.59 [1] Capital Flow - The black home appliance sector saw a net inflow of 81.44 million in main funds, while retail funds experienced a net outflow of 104 million [1] - Retail investors contributed a net inflow of 22.16 million, indicating a mixed sentiment among different investor types [1] Detailed Capital Flow Analysis - Non-Chi Holdings had a main fund net inflow of 10.9 million, but retail funds saw a significant outflow of 78.86 million [2] - Tongzhou Electronics experienced a main fund net inflow of 19.50 million, while retail funds had a net outflow of 1.20 million [2] - Hisense Visual had a main fund net inflow of 14.99 million, with retail funds showing a net inflow of 0.43 million [2]

Core Insights - "Chinese manufacturing" is making significant strides at the CES, showcasing higher innovation density and clearer technological pathways, positioning itself at the forefront of international competition [1] Group 1: Industry Participation - Over a thousand Chinese companies participated in CES, including industry leaders like TCL, Hisense, BOE, and Lenovo, as well as numerous startups [1] - Several Chinese companies received "CES Innovation Awards," highlighting global recognition of their innovative capabilities [1] Group 2: Display Technology - Chinese companies are leading in the display technology sector, shifting focus from single product parameters to AI-supported full-scene application revolutions [2] - TCL had the largest and most diverse exhibition space, showcasing innovations in television screens, electronic writing pads, and AR glasses [2] - Hisense presented next-generation large-screen display solutions, emphasizing color space enhancement and system optimization for eye protection [2] - The Chinese display industry has evolved from a technology follower to a global leader, particularly in LCD and OLED technologies [2] Group 3: Robotics Innovation - AI and robotics were major highlights at CES, with Chinese companies dominating the humanoid robot and related sectors, demonstrating rapid iteration and scalability [3] - Various robots showcased capabilities such as emotional companionship, autonomous lawn maintenance, and advanced coffee-making, emphasizing real-world application [3] - The focus has shifted from conceptual displays to tangible intelligent products that adapt to real environments [3] Group 4: Smart Home Solutions - Smart home technology has become a key area for Chinese companies to demonstrate systemic innovation and lifestyle solutions [4] - Solutions showcased include AI and IoT applications that create intelligent systems capable of perceiving, learning, and interacting [4][5] - Products like smart air conditioners and refrigerators exhibit advanced features such as dynamic energy management and food preservation [5] Group 5: Intelligent Mobility - Intelligent mobility was a focal point, with Chinese automotive companies showcasing innovations in smart cockpits and AI integration [6] - Geely's WAM model enhances understanding of complex driving scenarios, improving overall driving experiences [6] - Chinese companies are transitioning from cost and scale advantages to focusing on user experience, system integration, and technological maturity in the smart mobility sector [6] Group 6: Global Impact - CES serves as a platform for international collaboration and industry dialogue, with China recognized as a key driver of global technological advancement [6] - Chinese consumer electronics companies are accelerating their smart upgrades, becoming pioneers in global AI development [6] - "Chinese manufacturing" continues to navigate the waves of global technological change, contributing to the formation of a new international tech landscape through innovation and application [6]

Group 1: Core Themes of CES 2026 - The main theme of CES 2026 is "human-centered" AI applications, marking a shift from traditional consumer electronics to AI-centric technological transformations [1] - Chinese companies are increasingly taking center stage at CES, with 942 exhibitors, accounting for approximately 22% of the total, maintaining their position as the second-largest exhibiting nation [1] - In specific sectors, Chinese firms dominate, with 55% of humanoid robot exhibitors and nearly 70% of AI glasses brands coming from China [1] Group 2: Robotics and AI Innovations - Chinese manufacturers are expected to continue leading in cost reduction and efficiency improvements in humanoid robots, showcasing their capabilities in unstructured environments [2] - Notable products include the Unitree H1 humanoid robot with advanced sensing capabilities and the latest generation of the "绝影" series robotic dogs, which excel in indoor navigation [4][11] - The "Care-bot" humanoid robot by Fourier demonstrates embodied intelligence in real-life interaction scenarios [7] Group 3: Consumer Electronics and Smart Devices - Over 80% of global smart glasses supply chain manufacturers are from China, with 16 Chinese companies showcasing their products at CES [15] - Innovations in smart home devices include the AI-driven "安安" companion robot designed for elderly and cognitively impaired individuals [16] - Companies like Alibaba and XREAL are launching advanced AI glasses, with features such as ultra-lightweight designs and integration with various AI services [19][20] Group 4: Automotive and AI Integration - The automotive industry is transitioning from "software-defined" to "AI-defined" vehicles, with companies like Geely and Great Wall showcasing new technologies [28] - Geely's G-ASD smart driving solution and Great Wall's focus on new energy technologies highlight the industry's shift towards AI integration [30][32] - New products like the AI-driven logistics solutions from New Stone and advanced lidar technology from Hesai demonstrate the growing importance of AI in transportation [34][35] Group 5: Home Appliances and AI - Hisense introduced new RGB-Mini LED display technology and AI-controlled smart refrigerators, showcasing the integration of AI in home appliances [41] - TCL's innovations in display technology, including the world's first printed OLED car screen, reflect advancements in consumer electronics [43][44] - Companies are increasingly focusing on AI capabilities in home security and smart home management systems [51][49] Group 6: Overall Impact of AI - CES 2026 emphasizes the profound impact of AI on the consumer electronics industry, with expectations for AI user numbers to grow significantly [59] - The event serves as a platform for global tech companies to set the foundation for future technological development and transformation [59] - The integration of AI into various sectors, including robotics, automotive, and consumer electronics, indicates a trend towards deeper AI adoption in everyday life [59]

Core Insights - The CES 2026 marks a pivotal shift in AI technology from conceptual showcases to practical applications in everyday scenarios, with Hisense leading the way in display technology and AI advancements [1] - Hisense's long-term investments in AI algorithms, hardware development, and scene adaptation have positioned the company to capitalize on the current breakthroughs in embodied intelligence [1][8] - Hisense's products create a dual adaptation system between technology and scenarios, indicating a strong alignment with national strategic directions and industry trends [1] Group 1: Display Technology Innovations - Hisense unveiled the world's first 116-inch next-generation RGB-Mini LED TV at CES 2026, establishing a new standard for immersive visual experiences [2] - The company has transitioned from being a technology follower to a rule-maker in the display industry, achieving over 90% market share in the high-end 85-inch TV segment during the 2025 Double 11 shopping festival [2][3] - Hisense's RGB technology, which includes self-developed RGB light-emitting chips and AI picture quality chips, has led to significant advantages in color accuracy, brightness, and energy efficiency [2][3] Group 2: AI and Smart Ecosystem Development - Hisense is not only focusing on hardware but is also deeply exploring software ecosystems and scene experiences, evolving televisions into indispensable companions that understand user intentions [4][5] - The company is leveraging its role as the official sponsor of the 2026 FIFA World Cup to launch customized products that integrate cutting-edge technology into fans' daily lives, enhancing the overall experience [5][6] - Hisense aims to create a comprehensive smart home ecosystem powered by AI, integrating various appliances and technologies to enhance user experience across different household scenarios [6] Group 3: Embodied Intelligence and Future Growth - Hisense is actively developing embodied intelligence, showcasing robots that serve as companions in homes and efficient employees in commercial settings, marking a significant step towards practical applications of AI [7][8] - The company’s experience in display technology and home appliances provides a solid foundation for the development of embodied intelligence, emphasizing both technological advancement and practical applicability [8] - Hisense's exploration in this field positions it as a key player in the smart home and smart city sectors, opening up new avenues for future growth [8][9]

Core Viewpoint - Hisense showcases its technological leadership in the display sector at CES 2026, emphasizing its dominance in the RGB-Mini LED television market and its role in the globalization of Chinese technology [1][3][13] Group 1: Market Position and Product Innovation - Hisense holds over 90% market share in the RGB-Mini LED television segment, with 9 out of every 10 RGB-Mini LED TVs sold globally being from Hisense [3][5] - The new 116-inch RGB-Mini LED television UX highlights Hisense's technological advancements and competitive edge in the market [3][4] - Hisense has applied for 179 patents related to RGB-Mini LED technology, reinforcing its innovation capabilities [3] Group 2: Technological Advancements - The latest RGB-Mini LED televisions feature a self-developed RGB light-emitting chip and an AI image quality chip, achieving high precision and color accuracy [4] - Hisense's RGB technology encompasses a full technical matrix, including RGB-Mini LED, RGB-Micro LED, and RGB three-color laser displays [5] - The company predicts a 25-fold increase in global RGB-Mini LED television shipments in 2026, reaching 500,000 units [4] Group 3: Strategic Partnerships and Marketing - Hisense has been an official sponsor of the FIFA World Cup for the third time, enhancing its brand visibility and market presence [5][6] - The company's sports marketing strategy has led to a 70% increase in overall revenue and a 156% rise in brand value since 2018 [6] - Customized products for the World Cup, including RGB-Mini LED TVs and AI-enabled appliances, enhance the viewing experience for fans [6][9] Group 4: AI and Smart Home Integration - Hisense has developed an integrated AI capability system that connects various home devices, enhancing user experience and interaction [10][11] - The company’s AI solutions include smart air conditioning and washing machines that adapt to user needs, showcasing the evolution of home technology [11] - The projected growth of the AI market from 321.9 billion yuan in 2025 to 1.22 trillion yuan by 2029 indicates a significant opportunity for Hisense in this sector [13] Group 5: Globalization and Future Outlook - Hisense's advancements in RGB technology and AI solutions position it as a leader in the high-end consumer electronics market [13] - The company's evolution from a participant in global events to a provider of high-end viewing experiences reflects its commitment to innovation and market leadership [13] - The ongoing development of RGB technology and AI ecosystems is expected to drive further growth for Chinese brands on the global stage [13]