Core Viewpoint - The company reported a Q1 earnings report with single-digit revenue growth and double-digit profit growth, meeting expectations, driven by both domestic and international sales increases [1][2] Revenue Analysis - In Q1 2025, the company achieved operating revenue of 13.375 billion yuan (YOY +5.31%) and net profit attributable to shareholders of 554 million yuan (YOY +18.61%) [2] - Domestic sales of televisions showed stable growth, with the company's leading position maintained, while external sales faced slight declines due to inventory adjustments and fluctuating demand in the U.S. market [3] - The average selling price (ASP) for televisions increased significantly, with online and offline prices rising by 15% and 6% respectively [3] - New display business revenue grew by approximately 5%, with significant increases in laser product sales and a 20%+ increase in chip revenue [4] Profitability Analysis - The gross margin for Q1 2025 was 15.93%, an increase of 0.17 percentage points year-on-year, with improvements in both domestic and international sales margins [5] - The company’s high-end product strategy is yielding results, with the market share of MiniLED products increasing significantly [5] - Operating expenses increased slightly, with a period expense ratio of 12.57%, up 0.75 percentage points year-on-year [6][7] - The net profit margin for Q1 was 4.14%, reflecting a year-on-year increase of 0.46 percentage points, with expectations for continued profit margin improvement [8] Future Outlook - The company is expected to benefit from ongoing national subsidy policies and improved production capacity in Mexico, which will enhance its competitive edge in the U.S. market [1][8] - Forecasts suggest that the company will achieve net profits of 2.663 billion, 3.059 billion, and 3.457 billion yuan for 2025-2027, with corresponding EPS of 2.04, 2.34, and 2.65 yuan [8]

行业报告 | 行业研究周报 分区域看：美国地区，一季度白电出口增速达 15%，领先其余品类；欧洲地 区，除彩电品类外 Q1 主要品类出口金额维持较好增长；拉美地区，一季度 核心家电品类出口额均实现较高增速，其中白电/小家电品类增速亮眼，分 别同比+46%/+18%；南亚/东南亚地区，白电、彩电品类一季度增速表现较 好，分别同比+25%/+17%。 库存端：美国耐用消费品库存、订单量方面，自 21Q3 起美国耐用消费品库 存（剔除 CPI 影响）延续同比下滑态势，尽管 24Q4 起因关税担忧或存在抢 出口情况，截至 Q4 末美国耐用消费品库存仍同比下滑约 5%，处相对低 位。北美渠道端，24Q4 北美主要渠道商库销比整体较 23Q4 有所回升，渠 道补库有望支撑国内家电企业外销出货数据改善。 周度家电板块走势：本周（4/21-4/25）沪深 300 指数+0.38%，创业板指数 +1.74%，中小板指数+2.13%，家电板块+1.89%。从细分板块看白电、黑电、 小家电涨跌幅分别为+1.63%、+0.37%、+3.67%。个股中，本周涨幅前五名是 海联金汇、北鼎股份、和晶科技、惠而浦、科沃斯；本周跌幅前五名是星 ...

继高端旗舰U8系列横扫市场后，海信电视再度刷新行业天花板——近日，手机中国爆料海信U8系列新 品U8Q，将以"电视界首款高定电视"的姿态，宣告高端电视进入"高定"时代。 首先，作为海信高端产品线的"技术担当"，U8Q首先在画质领域展现出"高定实力"：搭载新一代"光色 同控"AI画质芯片，该芯片不仅是今年RGB-Mini LED电视的"同款最强芯"，更通过深度算法优化，针对 不同场景智能匹配画质参数——无论是好莱坞大片的暗场细节，还是体育赛事的动态流畅度，均能呈 现"像素级"精准调校。这种"量体裁衣"式的画质定制，让每一位用户都能拥有专属的"视觉私享家"。 其次，在核心硬件层面，U8Q展现出极高层级战略姿态：屏幕方面，联合显示领域龙头京东方定制新一 代黑曜屏Ultra，以行业顶级低反射率(适合大宅客厅强光环境)与极致对比度，打造"零眩光、纯黑境"的 观影体验；音响系统则携手世界殿堂级品牌帝瓦雷，从扬声器单元到声场布局进行全流程定制，实 现"声临其境"的3D环绕音效。这种"强强联合"的高定模式，让U8Q成为全球顶尖技术资源的"集大成 者"。 从行业角度看，U8Q的推出不仅是一次产品升级，更是海信在高端市场构建"技 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-015 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 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： 一、担保情况概述 2024 年 12 月 6 日，公司第十届董事会第八次会议审议通过《关于公司及子公 司 2025 年度担保额度预计的议案》，同意基于相关子公司经营发展需要及经营资 1 / 6 被担保人：厦门乾照光电科技有限公司（以下简称"乾照科技"）以及江 西乾照光电有限公司（以下简称"江西乾照"），均为海信视像科技股份有 限公司（以下简称"公司"）控股子公司厦门乾照光电股份有限公司（以 下简称"乾照光电"）的全资子公司。 本次担保金额及实际担保余额：（1）本次乾照光电为乾照科技提供 1 项最 高额保证担保，被担保的主债权本金余额在债权确定期间内最高不超过人 民币 24,400 万元；（2）本次乾照光电为江西乾照提供 2 项最高额保证担 保，被担保的主债权本金余额在债权确定期间内分别最高不超过人民币 10,000 万元、15,000 ...

304只个股今日获机构买入型评级，电连技术、新凤鸣最新评级被调高，21股机构首次关注。 业绩方面，机构评级买入个股中，有300股已经公布了年度业绩，净利润同比增幅最大的是宋城演艺， 公司年度业绩实现净利润10.49亿元，同比增长1054.18%。净利润同比增幅较高的还有牧原股份、博迁 新材等，净利润同比分别增长519.42%、370.73%。 行业来看，医药生物行业最受青睐，爱尔眼科、仙琚制药等36只个股上榜机构买入评级榜。机械设备、 电子等行业也较受机构关注，分别有33只、27只个股上榜。（数据宝） 机构今日买入型评级个股 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 000729 | 燕京啤酒 | 7 | 2.54 | 55.17 | 食品饮料 | | 600160 | 巨化股份 | 6 | 1.66 | 34.65 | 基础化工 | | 600435 | 北方导航 | 5 | -2.00 | | 国防军工 | | 600060 | 海信视像 | 5 | -5.67 | 13. ...

世研指数 世研消费指南社系列榜单 品牌消费热门指数榜 Vol.31 - 家用电器 | 部 排名 | | 品牌 | 提款 信息浏览 | 环比 | | --- | --- | --- | --- | --- | | 01 | Haier 124 | 海示 | 1.85 | ▲ 2 | | 02 | והו | 川米 | 1.84 | ▲ | | 03 | Midea | 美的 | 1.79 | ا ه | | [04] | GGREEKy | 格力 | 1.75 | | | 05 | HUAWEI | 华为 | 1.67 | NEW | | OR | TCL | TCL | 1.61 | ▲ | | 07 | SAMSUNG | 三星 | 1.43 | NEW | | 08 | SIEMENS | 西门子 | 1.41 | ▲ 7 | | 09 | dyson | 動締 | 1.40 | ▲ 5 | | 10 | | 小天鹅 | 1.39 | ▲ 2 | | 11 | Hisense | 海信 | 1.34 | ▼ 2 | | 12 | PHILIPS | 飞利浦 | 1.33 | ▼ 2 | | (3 | Pa ...

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 30.46 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 13.38 billion CNY in Q1 2025, representing a year-over-year increase of 5.3%, and a net profit attributable to shareholders of 0.55 billion CNY, up 18.6% year-over-year [2][3]. - The company is expected to continue improving its profitability due to product structure optimization and rapid growth in new display businesses [2]. - The domestic market is benefiting from the old-for-new policy, which stimulates demand for television upgrades, while the overseas market is seeing stable performance due to enhanced brand recognition through sports marketing [2][3]. Financial Performance Summary - Q1 2025 saw a net profit margin increase of 0.5 percentage points year-over-year, attributed to higher sales of mid-to-high-end products and a slight increase in overall gross margin by 0.2 percentage points [3]. - The operating cash flow for Q1 increased by 0.87 billion CNY year-over-year, driven by steady revenue growth [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.03 CNY, 2.28 CNY, and 2.52 CNY respectively, indicating a positive growth trajectory [4][10]. Financial Forecasts - Revenue forecasts for Hisense Visual are projected to grow from 53.62 billion CNY in 2023 to 77.55 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][10]. - Net profit is expected to increase from 2.10 billion CNY in 2023 to 3.29 billion CNY in 2027, reflecting a consistent growth pattern [4][10]. - The company’s net profit margin is projected to stabilize around 4.2% by 2027, with a return on equity (ROE) expected to reach 13.5% [4][10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown moderate revenue growth with a 5.3% year-on-year increase in Q1 2025, reaching 13.375 billion yuan, and an 18.6% increase in net profit to 554 million yuan [1][2]. - The company is positioned to capture more market opportunities due to its comprehensive global production capacity, leading display technology, and advantageous supply chain resources [1]. - The trend towards larger and higher-end products continues, with a significant upgrade in product structure, particularly in Mini LED sales, which is expected to enhance domestic TV gross margins [2][3]. Financial Performance - In Q1 2025, the company's gross margin improved by 0.6 percentage points to 15.9%, and the net profit margin increased by 0.5 percentage points to 4.1% [2]. - The company is projected to achieve net profits of 2.65 billion yuan, 3.03 billion yuan, and 3.39 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.2X, 10.6X, and 9.5X [3][4]. - Revenue is expected to grow from 53.62 billion yuan in 2023 to 77.93 billion yuan in 2027, with growth rates of 17.22%, 9.17%, 10.62%, 10.03%, and 9.39% over the respective years [4][11]. Industry Position - The company is recognized as one of the leading enterprises in the global display industry, with continuous improvement in its competitive landscape and global development capabilities [3]. - The company is actively investing in new technologies such as Mini LED, Micro LED, virtual reality displays, and AIGC, reinforcing its leading position in the display industry [3].

Core Viewpoint - The company reported a revenue of 13.375 billion yuan for Q1 2025, a year-on-year increase of 5.31%, and a net profit attributable to shareholders of 554 million yuan, up 18.61%, primarily benefiting from the domestic trade-in policy that boosted the sales of large-screen and MiniLED products [1] Group 1: Revenue and Profit Growth - The company achieved a revenue of 13.375 billion yuan in Q1 2025, reflecting a year-on-year growth of 5.31% [1] - The net profit attributable to shareholders reached 554 million yuan, representing an 18.61% increase year-on-year [1] - The growth was driven by the domestic trade-in policy, which stimulated the sales of large-screen and MiniLED products [1] Group 2: Domestic and International Market Performance - Domestic sales of televisions are expected to grow positively due to the trade-in policy, with Hisense/Vidda's online retail sales increasing by 10.5% and 13.5% respectively in Q1 2025 [2] - The average selling price of MiniLED backlight products increased by 31.4% and 8.5% for Hisense and Vidda respectively [2] - The company is expected to maintain resilience in overseas revenue, with the ability to flexibly allocate production capacity from its Mexico factory to mitigate U.S.-China tariff disruptions [2] Group 3: Gross Margin and Cost Management - The gross margin for Q1 2025 was 15.93%, an increase of 0.6 percentage points year-on-year, mainly due to a higher proportion of high-end products and stable panel costs [3] - The company anticipates continued growth in domestic gross margins in Q2 2025, driven by product upgrades and price increases [3] Group 4: Expense Management - The overall expense ratio for the company increased by 0.97 percentage points year-on-year in Q1 2025, with sales, management, and R&D expense ratios rising by 0.84, 0.28, and 0.03 percentage points respectively [4] - Financial expenses decreased by 0.18 percentage points, potentially due to foreign exchange gains [4] - The company recovered credit impairment losses, contributing 73 million yuan [4] Group 5: Future Outlook and Valuation - The company maintains its net profit expectations for 2025-2027 at 2.59 billion, 2.89 billion, and 3.23 billion yuan respectively, corresponding to EPS of 1.99, 2.22, and 2.48 yuan [5] - The average PE ratio for comparable companies in 2025 is expected to be 12.2x, with the company benefiting from trade-in subsidies and product upgrades leading to a valuation premium [5] - A target price of 29.85 yuan is set based on a 15x PE for 2025 [5]

Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual [2][8] Core Views - The company's Q1 2025 revenue reached 13.375 billion, a year-on-year increase of 5%, with a net profit attributable to shareholders of 554 million, up 19% year-on-year [5][8] - The domestic market shows steady growth, with Hisense holding a significant market share in high-end and large-screen televisions [8] - The company's profitability is steadily improving, with a gross margin of 15.93% in Q1 2025, an increase of 0.17 percentage points year-on-year [8] Financial Data Summary - For Q1 2025, the total revenue was 13.375 billion, with a net profit of 554 million, and a non-recurring net profit of 452 million, reflecting year-on-year growth rates of 5%, 19%, and 20% respectively [5][8] - The projected net profit for 2025-2027 is estimated at 2.5 billion, 2.757 billion, and 3.012 billion, with corresponding year-on-year growth rates of 11.3%, 10.3%, and 9.2% [8][10] - The company's earnings per share for Q1 2025 is 0.42, with a projected increase to 1.92, 2.11, and 2.31 in the following years [7][10]