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]

Financial Performance - The company's operating revenue for Q1 2025 was ¥13,375,476,796.65, representing a 5.31% increase compared to ¥12,701,521,770.12 in the same period last year[4]. - Net profit attributable to shareholders was ¥553,575,026.43, an increase of 18.61% from ¥466,728,081.67 year-on-year[4]. - Basic earnings per share increased to ¥0.424, up 18.11% from ¥0.359 in the same period last year[4]. - Operating profit for Q1 2025 was ¥734.97 million, compared to ¥647.95 million in Q1 2024, representing an increase of 13.4%[18]. - The total profit for the period reached CNY 749,112,717.91, an increase from CNY 646,268,473.44 in the previous year, representing a growth of approximately 15.9%[19]. - Net profit attributable to shareholders was CNY 553,575,026.43, up from CNY 466,728,081.67, indicating a year-over-year increase of about 18.6%[19]. - Basic earnings per share for the period were CNY 0.424, up from CNY 0.359, representing an increase of about 18.1%[19]. Cash Flow - The net cash flow from operating activities surged by 252.46%, reaching ¥1,214,346,070.12, compared to ¥344,531,869.47 in the previous year[4][8]. - The net cash flow from operating activities for Q1 2025 was CNY 1,214,346,070.12, significantly higher than CNY 344,531,869.47 in Q1 2024, marking a growth of approximately 253.5%[21]. - The company reported a net cash outflow from financing activities of -CNY 176,896,071.38, an improvement compared to -CNY 631,320,008.75 in the previous year[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥44,630,200,201.54, a decrease of 4.34% from ¥46,655,339,881.59 at the end of the previous year[5]. - Total assets decreased to ¥44.63 billion from ¥46.66 billion, a reduction of 4.4%[15]. - Total liabilities decreased to ¥18.92 billion from ¥21.66 billion, a decline of 12.7%[15]. - Shareholders' equity increased to ¥25.71 billion from ¥25.00 billion, reflecting a growth of 2.8%[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,880[10]. - The largest shareholder, Hisense Group Holdings Co., Ltd., held 30.08% of the shares[10]. Costs and Expenses - Total operating costs for Q1 2025 were ¥12.97 billion, up from ¥12.27 billion in Q1 2024, reflecting a year-over-year increase of 5.7%[18]. - R&D expenses for Q1 2025 were ¥557.19 million, compared to ¥524.77 million in Q1 2024, an increase of 6.2%[18]. - The company reported a tax expense of CNY 124,039,515.63, which increased from CNY 71,481,713.47 in the previous year, indicating a rise of approximately 73.5%[19]. Other Financial Metrics - The weighted average return on equity rose to 2.79%, an increase of 0.35 percentage points from 2.44%[4]. - The net profit after deducting non-recurring gains and losses was ¥451,990,291.87, reflecting a 19.52% increase from ¥378,173,883.65 year-on-year[4]. - The company reported non-recurring gains totaling ¥101,584,734.56 for the period[7]. - Revenue from sales of goods and services in Q1 2025 was CNY 16,307,052,966.75, compared to CNY 14,096,087,752.99 in Q1 2024, reflecting an increase of about 15.6%[21]. - The total comprehensive income for the period was CNY 664,894,538.35, compared to CNY 547,060,583.64 in the previous year, showing an increase of approximately 21.5%[19]. - Cash and cash equivalents increased to ¥2.93 billion as of March 31, 2025, from ¥2.68 billion at the end of 2024, a growth of 9.2%[14]. - Accounts receivable decreased to ¥4.38 billion from ¥6.14 billion, a decline of 28.5%[14]. - Inventory increased to ¥6.04 billion, up from ¥5.65 billion, indicating a rise of 6.9%[14].

证券代码：600060 证券简称：海信视像 公告编号：2025-014 海信视像科技股份有限公司 第十届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 2025 年 4 月 25 日 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第九次会议 （以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本次 会议由监事会主席陈彩霞女士召集并主持，应出席监事3人，实际出席监事3人。 本次会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限 公司章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、监事会会议审议情况 会议审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完整 地反映公司 2025 年第一季度的实际情况。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www.ss ...

证券代码：600060 证券简称：海信视像 公告编号： 2025-013 海信视像科技股份有限公司 第十届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十二次会 议（以下简称"会议"或"本次会议"）于2025年4月24日以通讯方式召开。本 次会议由董事长于芝涛先生召集并主持，应出席董事8人，实际出席董事8人。 会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限公司 章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、董事会会议审议情况 审议通过了《关于公司 2025 年第一季度报告的议案》 同意公司《2025 年第一季度报告》，该等报告的内容能够真实、准确、完 整地反映公司 2025 年第一季度的实际情况。 本议案事前已经董事会审计委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案无需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www. ...

重要内容提示： 1 / 11 证券代码：600060 证券简称：海信视像 公告编号： 2025-012 海信视像科技股份有限公司 关于控股子公司与关联方共同投资 暨关联交易的公告 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。 （二）海信通信、海信宽带、亿洋投资为公司控股股东海信集团控股直接或 间接控制的其他子公司，铸原基金为亿洋投资管理的私募基金，据此，前述主体 与公司处于海信集团控股同一控制之下，本次交易构成关联交易。 （三）本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 （四）本次交易已经公司第十届董事会审计委员会 2025 年第四次会议、第 2 / 11 截至本次交易，过去 12 个月内，除日常关联交易、已经董事会审议通 过及披露的交易以及本次交易外，公司与海信集团控股及其控制的其他 企业发生的应纳入累计计算范围的交易累计 8 次，累计金额为 2,208.26 万元。截至本次交易，过去 12 个月内，除已经董事会审议通过及披露 的交易外，公司未与其他关联人发生与本次交易类别下标的相关的交易。 截至 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-011 海信视像科技股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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。 乾照光电本次投资符合其长期投资规划，有助于其利用自有资金开展产业 投资，促进产业协同发展及拓展后续业务合作，亦符合公司战略规划。乾照光 电本次投资的资金来源为其自有资金，拟投资金额占乾照光电最近一期经审计 净资产的 2.43%，占公司最近一期经审计净资产的 0.51%，短期内不会对公司 及乾照光电的财务状况和经营成果产生重大不利影响，长期预计将对公司及乾 照光电经营发展产生积极影响。 1 / 2 乾照光电本次与关联方共同投资相关定价遵循公平、合理的原则，各投资 方均以货币形式出资，按所投资金额取得等额合伙企业财产份额，价格一致， 定价公允；执行事务合伙人报酬按市场收费水平确定，不存在向关联方进行利 益输送的情形，未损害公司股东特别是中小股东利益。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 海信视像科技股份有限公司（以 ...

第十届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第十一次会 议（以下简称"会议"或"本次会议"）于2025年4月21日以通讯方式召开。本 次会议由董事长于芝涛先生召集并主持，应出席董事8人，实际出席董事8人。 会议的召集和召开符合《中华人民共和国公司法》《海信视像科技股份有限公司 章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、董事会会议审议情况 证券代码：600060 证券简称：海信视像 公告编号： 2025-010 海信视像科技股份有限公司 本议案无需提交公司股东大会审议。 审议通过了《关于控股子公司与关联方共同投资暨关联交易的议案》 同意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"），与 青岛亿洋创业投资管理有限公司、青岛海信通信有限公司、青岛海信宽带多媒 体技术有限公司、青岛铸原创业投资基金合伙企业（有限合伙）等主体共同投 资设立深圳铸原光电产业投资合伙企业（有限合伙）（暂定名，以工 ...

Core Viewpoint - Hisense Visual (600060) has launched a new television product, the Xiao Mo E5Q Pro, which features five size options ranging from 55 to 100 inches, with retail prices set at 3699 yuan, 4799 yuan, 5999 yuan, 8199 yuan, and 14999 yuan, respectively, and is set to go on sale on April 27 [1] Product Details - The Xiao Mo E5Q Pro is equipped with the industry's first lightweight L3-level intelligent system called "Star Gathering Desktop" [1] - The product integrates 18 major intelligent capabilities through DeepSeek technology [1]