新华财经上海5月27日电（记者高少华）海信第1万家门店——上海品质之家真北店27日在上海开业，标 志着海信专卖店正式步入"万店时代"。海信同时宣布启动"双万计划"，未来五年，海信将以"2万家专卖 店"为目标，通过打造"城市MALL体验店+城县旗舰店+社区服务店"三级网络，加大拓展下沉城镇市 场。海信还将构建七大线下特色业态与抖音、美团等线上平台融合的全域矩阵，实现全品类、全生命周 期服务覆盖。 从青岛一家无线电厂起步，经过数十年发展，海信集团目前已形成海信视像、海信家电、三电控股等五 家上市公司协同发展的产业布局，海信、东芝电视、容声、ASKO 等多元品牌矩阵畅销全球。2024年， 海信集团营收2154亿元，其中海外收入996 亿元，公司实现连续13年营收增长。 2004年，海信在山东滨州成立第一家专卖店。2020年12月27日，海信全国首家"品质之家"门店应运而 生，开启了线下零售体验的新阶段。后来，智享家、璀璨融合店、社区服务店等创新店态也相继涌现。 正是通过丰富的场景与体验，海信不断满足用户对场景化、多元化、个性化的需求。目前，海信1万家 门店已进驻全国341个城市，覆盖2347个区县、6304个乡镇。 ...

（文/张志峰 编辑/周远方） "618"电商节降至，与空调行业往年的价格内卷不同，今年越来越多的企业将精力放在技术革新和品牌升级等方面。 5月25日下午，海信空气产业客户恳谈会在青岛举办，海信空气产业团队与核心合作伙伴进行闭门沟通，包括海信、日立、科龙、约克、璀璨等品牌在内的 海信家用空调、中央空调全新阵容集体亮相。 距离世俱杯开幕还有20天，作为2025FIFA世俱杯全球官方合作伙伴，海信空气产业团队表示，今年海信空气产业将发力消费者对于空调产品的多元和高端 需求。现场展示的全新产品阵容，也表现出海信已经做好"进攻"准备。 5月25日下午，一场名为"海信空气产业山东省VIP客户恳谈会"在青岛举办，这是"海信空气产业"首次正式亮相，海信空气产业团队悉数出席。 观察者网从参会经销商处得知，此次恳谈会现场展示了来自海信工业设计中心的概念产品和未来即将上市海信空调新品，这既是经销商群体首次参加以海信 空气产业名义召开的沟通会，也是几天前刚刚从美的集团加入海信、担任海信空气产业总裁的殷必彤首次与海信旗下全空调品牌阵容和经销商线下碰面。 经销商们与海信空气产业团队围绕产品规划、营销动作以及销售政策等方面，直言不讳地提出 ...

家电行业 行业研究 | 动态跟踪 固本培元，由守转攻可期 ——小家电推荐观点更新 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。建议关注享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议 关注美的集团(000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评 级)；推荐海外成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质 企业，建议关注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受益国 补品类外溢，中长期有望享受新兴家电品类需求红利的优质小家电企业，建议关注石头 科技(688169，买入)、小熊电器(002959，增持)。 风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑；5、行业竞争格局超预期恶化。 报告发布日期 2 ...

家电行业 行业研究 | 动态跟踪 固本培元，由守转攻可期 ——小家电推荐观点更新 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。建议关注享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议 关注美的集团(000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评 级)；推荐海外成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质 企业，建议关注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受益国 补品类外溢，中长期有望享受新兴家电品类需求红利的优质小家电企业，建议关注石头 科技(688169，买入)、小熊电器(002959，增持)。 风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑；5、行业竞争格局超预期恶化。 报告发布日期 2 ...

记者获悉，5月25日下午，海信空气事业部(筹)召开闭门会，海信空气产业团队与核心合作伙伴进行了4 个小时的闭门沟通，包括海信、日立、科龙、约克、璀璨等品牌在内的海信家用空调、中央空调阵容集 体亮相。闭门会传出，各产品条线做好"进攻"准备。根据时间推断，本次闭门会可能是殷必彤入职海信 后的首次大动作。此前，殷必彤在美的集团（000333）担任副总裁，5月19日转投海信担任海信空气事 业部(筹)总裁。(智通财经) ...

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [1][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a strong historical presence in the television market [15]. - The company has maintained a leading position in the domestic market for over a decade and has successfully expanded its international footprint [15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on entry-level products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, focusing on core markets like Asia-Pacific and North America [3][19]. - The company has established a strong presence in North America through partnerships with major retailers [3]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4]. - The company is expected to benefit from a controlled cost structure due to deep ties with panel manufacturers [4]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report anticipates a long-term upward trend in panel prices, albeit with reduced volatility [4]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is enhancing product offerings, with significant revenue contributions expected from these segments [5]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion respectively, with a reasonable market capitalization of 39.2 billion by 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively [5].

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [2][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a historical presence in the industry for nearly 50 years [15]. - The company has maintained a strong domestic market position, with both sales and market share leading in China [1][15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on lower-priced products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, enhancing its market share in core regions [3][19]. - The company has established a strong presence in North America and Europe, with ongoing channel optimization expected to improve profitability [3][19]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4][19]. - The company is expected to benefit from a long-term upward trend in panel prices, with better cost control due to deep partnerships with panel manufacturers [4][19]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report notes that the supply-demand relationship in the panel market has been a dominant factor, with expectations of a gradual recovery in demand [4][19]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is driving product upgrades, with significant revenue contributions expected from these segments [5][19]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion yuan respectively, with a reasonable market capitalization of 39.2 billion yuan in 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively, driven largely by MiniLED products [5][19].

1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑。 国家/地区 中国 行业 家电行业 报告发布日期 2025 年 05 月 23 日 看好（维持） 周振 zhouzhen@orientsec.com.cn 执业证书编号：S0860523070002 家电行业 行业研究 | 动态跟踪 产能布局优势&关税缓解，家电出口链成长 性有望回归 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。 推荐享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关注美的集团 (000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评级)；推荐海外 成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质企业，建议关 注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受 ...

推荐享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关注美的集团 (000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评级)；推荐海外 成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质企业，建议关 注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受益国补品类外溢， 中长期有望享受新兴家电品类需求红利的优质小家电企业，建议关注石头科技(688169， 买入)、小熊电器(002959，增持)。 家电行业 行业研究 | 动态跟踪 产能布局优势&关税缓解，家电出口链成长 性有望回归 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。 风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑。 国家/地区 中国 行业 家电行业 报告发布 ...

据多家媒体报道，经海信集团有关人士确认，美的集团原副总裁、空调事业部总裁殷必彤于5月19日晚正式出任海信空气产业（筹）总裁。 截至目前，海信空气产业分属海信家电业务线，负责整合海信旗下的空调业务，包括海信、科龙品牌的家用空调、中央空调，以及海信日立空调等。 殷必彤是家电行业的资深高管，曾在美的集团任职23年，主导过美的空调、小天鹅洗衣机等核心业务，并推动美的空调营收超越格力。此次殷必彤加盟海 信，被视作海信强化空调赛道布局的关键举措。 目前，海信在国内线下空调市场份额为9.76%，排名第四；线上为2.93%，仅排名第九。 此前，空调市场的霸主分别为美的集团、格力、海尔、海信，2025年1-4月，小米空调线上份额达13.44%，同时，其出货量同比增长超50%，跃居空调市场 第三位，而其低价策略和智能生态布局对传统品牌形成的威胁之势又较为猛烈，已经成为了海信空调领域首先要"扳手腕"的对象。 不同于小米，海信所打出的招牌是"新风空调"的技术优势。但美的集团、格力、海尔占据空调市场主导地位，小米空调迅速扩张，海信空调面临的竞争局势 日益激烈，传统渠道与线上新渠道同样面临挑战。 此外，5月7日，海信集团公众号Hisen ...