2025 年 5 月 7 日 证券代码：600060 证券简称：海信视像 公告编号： 2025-016 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（名称：全景财经），或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 12 日（星期一）15:00— 17:00。届时公司高管将以在线交流形式就公司治理、发展战略、经营状况和可 持续发展等投资者关注的问题与投资者进行沟通与交流，欢迎广大投资者踊跃 参与。 特此公告。 海信视像科技股份有限公司董事会 海信视像科技股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，海信视像科技股份有限公司（以下简 称"公司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络 有限公司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.375 billion yuan in Q1 2025, representing a year-on-year growth of 5.31%. The net profit attributable to shareholders was 554 million yuan, up 18.61% year-on-year, while the net profit excluding non-recurring items was 452 million yuan, reflecting a growth of 19.52% year-on-year [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 13.375 billion yuan, a 5.31% increase year-on-year. The net profit attributable to the parent company was 554 million yuan, marking an 18.61% increase year-on-year. The net profit excluding non-recurring items was 452 million yuan, up 19.52% year-on-year [4][8]. Market Dynamics - The domestic market is expected to drive growth, with the company benefiting from the national subsidy policy that has led to an upgrade in product structure. The Mini LED television sales penetration rate has accelerated, reaching 24.4% of the market share in Q1 2025 [8]. Product Performance - The sales of high-end products are on the rise, with the market share of 85-inch televisions increasing by 3 percentage points year-on-year. The sales of 75-inch products maintain a strong position with a market share of 23.6% [8]. Cost and Profitability - The gross margin for Q1 2025 was 15.93%, an increase of 0.60 percentage points year-on-year, primarily due to the upgrade in the domestic product structure. However, the operating profit saw a slight decline of 1.43% year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing trends of large-screen and high-end displays, with projected net profits for 2025, 2026, and 2027 being 2.518 billion, 2.810 billion, and 3.112 billion yuan respectively. The corresponding price-to-earnings ratios are estimated to be 12.07, 10.82, and 9.77 times [8].

Investment Rating - The report maintains a "Strong Buy" investment rating for Hisense Visual Technology [4] Core Views - The company's Q1 2025 performance is impressive, with revenue of 13.4 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 554 million yuan, up 19% year-on-year [1] - Hisense's global layout advantages are highlighted, particularly its production capacity in Mexico, which exceeds 8 million units, effectively covering U.S. demand [8] - The report forecasts revenue growth for 2025-2027 at 14%, 11%, and 10% respectively, with net profit growth of 12%, 10%, and 9% [8] Financial Data and Valuation - Total revenue is projected to reach 66.784 billion yuan in 2025, with a year-on-year growth of 14% [3] - The estimated net profit for 2025 is 2.512 billion yuan, reflecting a 12% increase year-on-year [3] - The report indicates a PE ratio of 12 times for 2025, decreasing to 10.1 times by 2027 [3] Market Position and Competitive Advantage - Hisense's market share in the domestic TV market has improved, with a 28.2% online sales market share and over 32% in offline sales [8] - The company benefits from government subsidies that enhance the sales of energy-efficient products, with significant improvements in market share for these products [8] - The report emphasizes Hisense's ability to mitigate risks from U.S. tariffs due to its diversified manufacturing locations [8]

Core Viewpoint - The company reported a steady growth in its Q1 2025 financial results, with revenue and net profit showing positive year-on-year changes, despite a slowdown in growth rates compared to the previous quarter [1][2]. Financial Performance - Q1 2025 revenue reached 13.375 billion yuan, an increase of 5.31% year-on-year [1]. - The net profit attributable to shareholders was 554 million yuan, reflecting an 18.61% increase year-on-year [1]. - Gross margin for Q1 2025 was 15.9%, showing a slight improvement [2]. - The net profit margin for Q1 2025 was 4.7%, up 0.2 percentage points year-on-year, indicating a strong historical performance [2]. - Operating cash flow was 1.214 billion yuan, with cash collections exceeding profits [2]. - The company's cash and trading financial assets totaled 15.9 billion yuan, approximately 50% of its market capitalization [2]. Market Dynamics - The domestic market for televisions has seen improved competition, with a decrease in demand elasticity due to the long-term continuation of the old-for-new subsidy [1]. - In Q1 2025, the retail sales volume of televisions in China was 6.91 million units, a decrease of 2.2% year-on-year, while retail sales revenue was 26.4 billion yuan, an increase of 3.4% [1]. - The company's strategic partnerships, such as with XREAL for AI glasses, indicate a focus on technological advancements [1]. Global Market Position - Chinese television brands, including Hisense and TCL, have been increasing their global market share since 2016, with Hisense holding a 13.95% market share in 2024, up 0.99 percentage points year-on-year [3]. - Despite uncertainties from U.S. tariff policies, the overall industry trend remains positive, with opportunities arising from competitors' focus on OLED technology [3]. Investment Outlook - The company’s performance aligns with expectations, with revenue forecasts for 2025-2027 projected at 63.968 billion, 69.674 billion, and 75.944 billion yuan, respectively [3]. - Expected net profits for the same period are 2.576 billion, 2.990 billion, and 3.424 billion yuan, with corresponding earnings per share (EPS) of 1.97, 2.29, and 2.62 yuan [3]. - The price-to-earnings (PE) ratios are projected to be 12.5, 10.8, and 9.4 times for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [3].

Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology [5] Core Views - The company's Q1 2025 performance met expectations, with revenue of 13.375 billion yuan, a year-on-year increase of 5.31%, and a net profit of 554 million yuan, up 18.61% year-on-year [1] - The continuation of national subsidies and the growth of the TV industry, particularly in the MiniLED segment, is expected to drive further growth [2] - The company's profit growth is significantly outpacing revenue growth, indicating improved profit elasticity due to product structure upgrades [3] - Hisense has accelerated new product launches in 2025, which are anticipated to enhance sales during peak seasons [4] Financial Summary - Revenue projections for 2025-2027 are 63.932 billion yuan, 69.907 billion yuan, and 76.940 billion yuan, with corresponding growth rates of 9%, 9%, and 10% [5] - Expected net profits for the same period are 2.583 billion yuan, 2.876 billion yuan, and 3.167 billion yuan, with growth rates of 15%, 11%, and 10% [5] - The report provides a detailed financial forecast, including earnings per share (EPS) estimates of 1.98 yuan, 2.20 yuan, and 2.43 yuan for 2025, 2026, and 2027 respectively [7]

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 收/盈利增速向上 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025. ...

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025.1.22 《2024Q3 境外持续增长，产品结构升 级趋势延续— ...

事件 2025 年4 月24 日，海信视像发布2025 年第一季度报告。 公司2025Q1 实现营业收入133.75 亿元（YOY+5.31%），归母净利润5.54 亿元（YOY+18.61%），净利 率为4.14%（YOY+0.46pct）。 简评 一、收入分析：内外销均价提升，电视收入稳健增长2025Q1 实现营业收入133.75 亿元 （YOY+5.31%），预计电视业务和新显示新业务收入均实现个位数增长。 电视内销：销量方面，海信龙头地位保持稳定，根据洛图科技数据，2025Q1 中国传统TOP3（海信、 TCL、创维）合计出货量同比增长11.9%；但受春节靠前导致备货节奏前置，以及2024Q4消费者提前购 买和延期发货的影响，预计内销出货量同比低个位数增长。均价方面，大尺寸和高端化推动ASP 提 升，根据奥维云网数据，2025Q1 海信系线上、线下KA 均价分别同比+15%、+6%，预计出货均价提升 双位数，因此电视内销收入双位数增长。 电视外销：销量方面，公司2024Q4 外销出货较多，根据AVC Revo数据，2025Q1 海信的库存周数相比 2024 年年底提升2 周左右，并且美国行业需求出现波 ...

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 ...

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].