Group 1 - Hisense has officially integrated DeepSeek, becoming the first TV brand in the industry to feature a deep thinking AI agent [1] - The upgrade for Hisense TVs is currently underway, with plans to support DeepSeek across all models equipped with the AI agent [1] - The upcoming Hisense 2025 models will deeply integrate DeepSeek's capabilities to enhance user interaction experience [1] Group 2 - Users can easily access DeepSeek through the Hisense TV remote's AI button or by voice command, allowing for a seamless conversational experience [1]

公司点评报告 | 家用电器 证券研究报告 | 报告日期 | 2025 | 年 01 月 | 21 | 日 | | | --- | --- | --- | --- | --- | --- | | 公司评级 | | 增持（维持） | | | 海信视像(600060.SH) | | 01 | 月 | 20 | 日收盘价（元） | 22.23 | 总市值（亿元） | 290.10 | | --- | --- | --- | --- | --- | --- | --- | | 总股本（亿股） | 13.05 | 来源：聚源，兴业证券经济与金融研究院整理 | | | | | 相关研究 【兴证家电】海信视像：拐点已至，价值 重归-2025.01.05 【兴证家电】海信视像 2024 年三季报点 评：Q3 外销表现亮眼，静待 Q4 经营拐点 -2024.10.30 【兴证家电】海信视像（600060.SH）2024 压力致盈利短期承压-2024.08.25 S0190521020002 yanxiaoqing@xyzq.com.cn S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S01 ...

Investment Rating - The investment rating for Hisense Visual Technology is maintained at "Buy" [2][6][15] Core Views - The company is expected to achieve revenue between 52 billion to 60 billion yuan and a net profit attributable to shareholders between 2 billion to 2.3 billion yuan for the year 2024, with a significant recovery in profitability driven by the domestic trade-in policy and improved cost pressures [6][7] - The report anticipates a notable recovery in profitability for Q4 2024, with revenue projected between 113 billion to 193 billion yuan and net profit attributable to shareholders expected to grow by 47% to 112% year-on-year [6][7] - The report highlights the positive impact of the trade-in policy on domestic sales, particularly in the mid-to-high-end product segments, and expects continued growth in overseas markets due to inventory destocking and improved panel costs [6][8] Summary by Sections Financial Performance - Revenue for 2022 was 45.738 billion yuan, with a year-on-year decline of 2.3%, while 2023 saw a recovery with a 17.2% increase to 53.616 billion yuan. The forecast for 2024 is a modest growth of 5.5% to 56.559 billion yuan [9][11] - The net profit attributable to shareholders for 2022 was 1.679 billion yuan, increasing to 2.096 billion yuan in 2023, with a slight expected increase to 2.117 billion yuan in 2024 [9][11] - The report projects earnings per share (EPS) of 1.62 yuan for 2024, with a P/E ratio of 14.5 times [9][11] Market Dynamics - The domestic market is experiencing a dual increase in volume and price due to the trade-in policy, with online retail sales of televisions in Q4 2024 showing a year-on-year increase of 20% in volume and 12% in average price [7] - The report notes significant growth in large-size and MiniLED televisions, with retail volume for 70-79 inch, 80-89 inch, and 90 inch televisions increasing by 23%, 85%, and 166% respectively [7] - The export market continues to show growth, with a year-on-year increase in digital television exports of 25% in Q4 2024, supported by inventory destocking and improved panel pricing [8] Cost and Profitability - The report indicates a slight decline in panel prices in Q4 2024, with expectations of a small increase in large-size panel prices due to strong mid-to-high-end demand and pre-holiday stocking [8] - The company's profitability is expected to improve significantly due to the combination of domestic policy support and favorable cost conditions, leading to an optimistic outlook for profit recovery [6][8]

2025 年 1 月 20 日公司发布业绩预告，公司 2024 年实现营收 520.0 亿至 600.0 亿，同比-3.0%~+11.9%，实现归母净利润 20.0 亿至 23.0 亿，同比-4.6%~+9.7%，实现扣非归母净利润 16~19 亿元，同 比-7.7%~+9.6%。单季度看，公司 24Q4 实现营收 113.5 亿至 193.5 亿，同比-21%~+34%，实现归母净利润 6.9 亿至 9.9 亿，同比 +47%~+112%，实现扣非归母净利润 6.1 亿至 9.1 亿，同比 +63.5%~+143.5%。 营收端：受益于国补拉动及产品结构升级，单季度营收增长提速。 内销方面，国补拉动下黑电内销量价齐升，据奥维云网，24 年 9- 12 月电视线上销量、均价同比分别+20%、+12%，我们预计海信 Q4 内销有望实现双位数以上增长；外销方面，海外渠道库存去化效果 良好，海外出货增速逐季提升，据奥维睿沃，海信 24Q1、24H1、 24Q1-3 海外出货同比分别+4.2%、+9.3%、+11.4%，份额持续提升 下预计 Q4 海外出货延续高增。 利润端：国补拉动下内销电视出货结构显著提升，海信份 ...

Financial Projections - The company expects 2024 annual revenue to be between CNY 52.0 billion and CNY 60.0 billion, representing a year-on-year change of -CNY 16.2 billion to CNY 63.8 billion, with a fluctuation range of -3.0% to 11.9%[3] - The projected net profit attributable to shareholders for 2024 is estimated to be between CNY 2.0 billion and CNY 2.3 billion, reflecting a year-on-year change of -CNY 1.0 billion to CNY 2.0 billion, with a fluctuation range of -4.6% to 9.7%[3] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 to be between CNY 1.6 billion and CNY 1.9 billion, with a year-on-year change of -CNY 1.3 billion to CNY 1.7 billion, and a fluctuation range of -7.7% to 9.6%[3] - In 2023, the company achieved a revenue of CNY 53.62 billion[4] - The net profit attributable to shareholders in 2023 was CNY 2.1 billion[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was CNY 1.73 billion[5] - The performance forecast is based on preliminary estimates and has not been audited by certified public accountants[7] Strategic Focus - The company is committed to a globalization strategy, enhancing brand power through major global sports events and increasing overseas sales[6] - The company is focusing on high-end product transformation and technological innovation in areas such as LCD displays and artificial intelligence[6] - The company is advancing digital transformation to optimize business processes and improve operational efficiency[6]

Investment Rating - The report maintains a "Buy" rating for Hisense Visual (600060 CH) with a target price of RMB 27.30 [1][8] Core Views - Hisense Visual is expected to benefit from the "old-for-new" policy, driving domestic sales recovery and market share growth in 24Q4 [1] - The company's MiniLED products have shown strong performance, with online/offline retail sales of MiniLED TVs accounting for 65.88%/53.87% of total sales in 24Q4, up 47.94pct/35.97pct YoY [2] - Overseas demand remains robust, with 24Q3 overseas TV revenue reaching RMB 8.181 billion, up 16.38% YoY, and further growth expected in 24Q4 [3] - The company's product mix upgrade is expected to improve gross margins in 24Q4, despite a 1.68pct YoY decline in gross margin to 15.31% in 2024Q1-Q3 [4] - The EPS forecasts for 2024-2026 are maintained at RMB 1.59, 1.82, and 2.16, respectively, with a target PE of 15x for 2025 [5] Domestic Market Performance - 24Q4 domestic TV sales showed strong recovery, with online/offline retail sales increasing by 34.25%/68.11% YoY [2] - Hisense's domestic market share rebounded, with online/offline retail sales growing by 43.37%/87.87% YoY, and market share increasing by 3.3pct/1.3pct [2] - The average retail price of Hisense TVs increased by 18.14%/18.15% online/offline, driven by the premiumization of MiniLED products [2] Overseas Market Performance - 24Q3 overseas TV revenue reached RMB 8.181 billion, up 16.38% YoY, with strong growth in the US and Europe markets (24.6%/29.3% YoY growth in shipment value) [3] - The company is expected to maintain growth in 24Q4, with further market share expansion potential in overseas markets [3] Financial Forecasts - Revenue is expected to grow from RMB 53.616 billion in 2023 to RMB 64.652 billion in 2026, with a CAGR of 5.56%-8.05% [7] - Net profit attributable to shareholders is forecasted to increase from RMB 2.096 billion in 2023 to RMB 2.813 billion in 2026 [7] - ROE is projected to improve from 10.11% in 2023 to 11.00% in 2026 [7] - The PE ratio is expected to decline from 13.60x in 2023 to 10.13x in 2026, indicating potential undervaluation [7]

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" [1]. Core Views - The report highlights that the domestic color TV market is experiencing a recovery driven by national subsidies, with Hisense maintaining its leading position in market share. The company is expected to benefit from the continuation of these subsidies and the introduction of new products under the Vidda brand [3][9]. - The penetration of Mini LED technology is accelerating, which is expected to enhance profit margins. Hisense is actively expanding its Mini LED product offerings, leading to a significant increase in sales and market share [3][13]. - The report anticipates a positive trend in both domestic and international sales, with a focus on high-end product upgrades and channel expansion, particularly in emerging markets [21][27]. Summary by Sections 1. National Subsidies and Product Completeness - The national subsidy policy has significantly boosted domestic color TV sales, with online and offline sales increasing by 18% and 38% respectively in Q4 2024. Hisense's market share has improved, with online and offline sales share reaching 30.1% and 34.2% respectively [9][10]. - The introduction of new Vidda products has expanded the brand's price range and improved market share, particularly in the Mini LED segment [17][19]. 2. Global Channel Upgrades - The global TV market remains stable, with overseas markets growing faster than domestic ones. Hisense is narrowing the gap with leading competitors like Samsung, with a 4 percentage point difference in global shipment share [21][23]. - The upcoming CES 2025 will showcase Hisense's new AI picture quality chip, aimed at enhancing product performance and increasing brand visibility in international markets [21][27]. 3. Panel Price Stability - The report notes a decline in LCD panel prices in Q4 2024, which is expected to alleviate cost pressures for Hisense. Prices for various sizes of panels have decreased by 4.2% to 2.1% year-on-year [25][26]. 4. Profit Forecast and Rating - Hisense is projected to see continued growth in domestic sales and improved profitability due to the ongoing national subsidies and product enhancements. The EPS forecasts for 2024-2026 are adjusted to 1.46, 1.74, and 1.97 yuan respectively, with a dynamic PE of 13.5x, 11.3x, and 9.9x [27][28].

本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2024 年 12 月 23 日 （二）股东大会召开的地点：山东省青岛市崂山区香港东路 88 号海信国际 中心 A 座公司会议室 （三）出席会议的普通股股东及其持有股份情况： 证券代码：600060 证券简称：海信视像 公告编号：2024-084 海信视像科技股份有限公司 2024年第三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： （一）非累积投票议案 1. 议案名称：《关于 2025 年度日常关联交易额度的议案》 审议结果：通过 表决情况： | 股东类型 | | 同意 | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例 | 票数 | 比例 | 票数 | 比例 | | | | （%） | | （%） | | （%） | | 股 A | | 403,947,698 99.9689 | 65,303 | 0.0162 | ...

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 关于海信视像科技股份有限公司 2024 年第三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 2024 年第三次临时股东大会（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正本 材料或原件完全一致，各文 ...