上 市 公 司 家用电器 2024 年03月 31 日 海信视像 (600060) 公 司 研 究 ——2023 年年报点评：全球份额稳步提升，大屏化拉动 / 公 司 产品结构升级 点 评 报告原因：有业绩公布需要点评 增持 事件：2024年3月29日，公司发布2023年年报，2023年公司实现营收536.16亿元，同比 （维持） 增长17%；实现归母净利润20.96亿元，同比增长25%；实现扣非归母净利润17.33亿元，同 证 比增长21%。 券 研 市场数据： 2024年03月29日 投资要点： 究 收盘价（元） 23.91 报 一年内最高/最低（元） 26.68/17.8  2023年收入符合预期。海信视像2023年实现营收536.16亿元，同比增长17%；实现归 告 市净率 1.7 息率（分红/股价） - 母净利润20.96亿元，同比增长25%；实现扣非归母净利润17.33亿元，同比增长21%。 流通A股市值（百万元） 30822 其中，Q4单季度实现营收143.89亿元，同比增长9%；实现归母净利润4.68亿元，同比 上证指数/深证成指 3041.17/9400.85 降低18%；实现扣非归母净利 ...

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[海ITnaf 信bol]e 视_Ti像tle]( 600060) [评Tab级le_：Inv est] 增持 上次评级： 增持 彩电内外销市占率提升，盈利端在面板压力下保持韧性 目标价格： 32.30 上次预测： 32.30 公 ——海信视像23 年年报点评 当前价格： 23.91 司 蔡雯娟(分析师) 田平川(研究助理) 李汉颖(研究助理) 2024.04.01 更 021-38031654 021-38676666 010-83939833 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c tianpingchuan026740@gtjas.com lihanying026725@gtjas.com 报 证书编号 oSm08 80521050002 S0880122070069 S0880122070046 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 17.97 3- 12 ,5 2. 190 2 告 本报告导读： 总股本/流通A股（百万股） ...

证券研究报告 公 2024年03月31日 司 报 告 海信视像(600060) 行 业： 家用电器/黑色家电 │ 公 投资评级： 买入（维持） 司 当前价格： 23.91元 欧美实现较快增长，期待体育大年表现 年 目标价格： 27.85元 报 点 事件： 评 基本数据 海信视像披露 2023 年年报：2023 年公司实现营收 536.16 亿元，同比 总股本/流通股本(百万股) 1,305.40/1,289.08 +17.22%，实现归母净利润20.96亿元，同比+24.82%，实现扣非净利润17.33 流通A股市值(百万元) 30,821.93 亿元，同比+21.19%；其中Q4实现营收143.89亿元，同比+8.79%，实现归 每股净资产(元) 14.47 母净利润 4.68 亿元，同比-18.25%，实现扣非净利润 3.75 亿元，同比- 资产负债率(%) 44.06 35.26%。拟派发现金股利0.8元/股，总金额10.51亿元，分红率50.16%。 一年内最高/最低(元) 26.68/17.80 ➢ 海内外份额齐升，欧美实现较快增长 全球彩电需求弱复苏背景下，公司全球出货量份额同比+1.2pct至1 ...

[Table_Title] 证券研究报告 Q4 业绩短期承压，全球市占率稳健增长 公司研究 [Table_ReportDate] 2024年03月31日 [Table_ReportType] 公司点评报告 [T事ab件le：_ 2S 0um 2m 3a年ry公] 司实现营业收入536.16亿元，同比+17.22%，实现归母净 [海Ta信bl视e_像Sto（ck6A0n0d0R6an0k）] 利润20.96亿元，同比+24.82%，实现扣非后归母净利润17.33亿元，同比 +21.19%。若剔除合并乾照光电的影响，23 年归母净利润同比+22.04%， 扣非后归母净利润+23.69%。 Q4公司实现营业收入143.89亿元，同比+8.79%，实现归母净利润4.68亿 元，同比-18.25%，实现扣非后归母净利润3.75亿元，同比-35.26%。 [罗Ta岸b阳le _ A u t h o家r]电 行业首席分析师 执业编号：S1500520070002 点评： 邮 箱：luoanyang@cindasc.com ➢ 海信系电视市占率稳步提升，新显示新业务增长表现出色。 尹圣迪 家电行业分析师 23年公司智慧显示终 ...

Dividend Policy and Share Repurchase - The company plans to distribute a cash dividend of RMB 0.8053 per share (tax included) for the 2023 fiscal year, with a total cash dividend of RMB 1,051,239,469.59 (tax included) based on the total shares of 1,305,401,055 as of March 28, 2024. The cash dividend ratio for 2023 is 50.16%[4] - The company has announced a share repurchase plan on March 12, 2024, with the purpose of implementing equity incentives or employee stock ownership plans. The exact number of shares in the repurchase account on the equity distribution record date is still unclear[4] - The company maintains a stable dividend policy, intending to keep the per-share distribution amount unchanged even if the total number of shares changes due to convertible bond conversions, share repurchases, or other reasons. Adjustments to the total distribution amount will be made accordingly[4] - Implemented a cash dividend policy with a cash dividend ratio of 50.00%, distributing a total of RMB 839,554,306.16 (including tax) for the 2022 fiscal year[120] - For the 2023 fiscal year, the company plans to distribute a cash dividend of RMB 0.8053 per share (including tax), totaling RMB 1,051,239,469.59 (including tax), with a cash dividend ratio of 50.16%[121] - The company's total share capital as of March 28, 2024, is 1,305,401,055 shares[121] - The company has a clear and transparent dividend policy, with well-defined standards and ratios, and a complete decision-making process and mechanism[122] Financial Performance - Revenue for 2023 reached 53.62 billion RMB, a 17.22% increase compared to 2022[19] - Net profit attributable to shareholders in 2023 was 2.10 billion RMB, up 24.82% year-over-year[19] - Operating cash flow decreased by 41.51% to 2.93 billion RMB in 2023, primarily due to changes in sales timing[19] - Total assets grew by 26.14% to 45.11 billion RMB at the end of 2023[19] - Basic earnings per share increased by 26.32% to 1.622 RMB in 2023[20] - Weighted average return on equity (ROE) rose to 11.41% in 2023, up 1.41 percentage points from 2022[20] - Q4 2023 revenue was 14.39 billion RMB, the highest among all quarters[21] - Revenue increased by 17.22% year-over-year, with main business revenue up by 19.34%, and net profit attributable to shareholders rose by 24.82%[29] - Net profit margin attributable to shareholders increased by 0.24 percentage points, and weighted average return on equity rose by 1.41 percentage points[29] - Revenue increased by 17.22% to 5,361,555.87 million yuan, driven by higher TV product sales and average prices, as well as the consolidation of Qianzhao Optoelectronics[56] - Operating costs rose by 19.07% to 4,453,402.21 million yuan, primarily due to increased TV product sales, higher raw material costs, and the consolidation of Qianzhao Optoelectronics[56] - Gross margin for the display industry decreased by 1.63 percentage points to 18.22%, with a 19.34% increase in revenue and a 21.77% increase in costs[58] - Smart display terminal revenue grew by 17.01% to 4,125,692.27 million yuan, with a 15.99% gross margin, down 1.36 percentage points[58] - New display and new business revenue surged by 40.60% to 651,665.81 million yuan, but gross margin dropped by 6.54 percentage points to 31.68%[58] - Domestic revenue increased by 18.20% to 2,364,278.95 million yuan, while overseas revenue grew by 20.45% to 2,474,658.86 million yuan[58] - Direct sales revenue rose by 28.80% to 762,198.66 million yuan, but gross margin decreased by 9.44 percentage points to 25.86%[58] - Display product production increased by 6.24% to 2,744.19 million units, with sales up 5.22% to 2,729.26 million units[60] - Raw material costs accounted for 92.99% of total costs, increasing by 17.81% to 3,679,749.71 million yuan[61] - R&D expenses increased by 14.39% to 2,378,988,378.50 yuan, with R&D investment accounting for 4.47% of total revenue[66][67] - Operating cash flow decreased by 41.51% to 2,927,595,665.61 yuan[70] - Trading financial assets increased by 42.04% to 12,534,593,663.86 yuan, accounting for 27.79% of total assets[71] - Accounts receivable increased by 32.34% to 4,621,589,700.21 yuan, accounting for 10.25% of total assets[71] - Inventory increased by 39.20% to 5,831,227,294.02 yuan, accounting for 12.93% of total assets[71] - Fixed assets increased by 237.15% to 4,464,226,914.14 yuan, accounting for 9.90% of total assets[71] - Short-term loans increased by 58.06% to 703,437,798.96 yuan, accounting for 1.56% of total assets[71] - The company's total equity investment (including investments in wholly-owned subsidiaries) amounted to 374 million yuan, a year-on-year decrease of 74.84%[75] - The company increased its equity stake in Qianzhao Optoelectronics from 20.00% at the beginning of the reporting period to 22.64% at the end, with a cumulative investment of 183 million yuan during the period[75] - The company invested 159.15 million yuan in a joint venture with Hisense Home Appliances, holding a 50% stake in the newly established Qingdao Hisense Huanya Holding Co., Ltd[75] - The cumulative investment in Qianzhao Optoelectronics since the initial investment reached 1.605 billion yuan, with a net profit impact of -13 million yuan on the company's consolidated financials[76][77] - The company's subsidiary, Laser Company, established Qingdao Haifei New Materials Co., Ltd., with an investment of 31.22 million yuan and a 53.62% stake[75] - The company's subsidiary, Commercial Display Company, established a wholly-owned subsidiary, Qingdao Hisense Intelligent Display Technology Co., Ltd., with an investment of 500,000 yuan[75] - The company established a wholly-owned subsidiary, Tianjin Hisense Zhixing Automotive Electronics Co., Ltd., with a registered capital of 10 million yuan[75] - The company's investment in the VCSEL and high-end LED chip R&D and production project reached 199 million yuan, with a progress rate of 13.68%[79] - The company's investment in the Mini/Micro and high-efficiency LED chip R&D and manufacturing project reached 96 million yuan, with a progress rate of 6.90%[79] - The total amount of funds raised through the issuance of stocks to specific objects is RMB 150,000 million, with a net amount of RMB 147,923.62 million after deducting issuance expenses[177] - As of the reporting period, the cumulative investment in the raised funds is RMB 46,435.33 million, accounting for 31.39% of the total committed investment[177] - The annual investment in the raised funds for the year is RMB 9,289.69 million, representing 6.19% of the total committed investment[177] - The Mini/Micro and high-efficiency LED chip R&D and manufacturing project has a committed investment of RMB 115,000 million, with an annual investment of RMB 3,782.18 million and a cumulative investment of RMB 8,004.20 million, accounting for 10.67% of the total[178] - The Hisense Ganhao Jiangxi Semiconductor Base Project (Phase I) has a committed investment of RMB 40,000 million, with an annual investment of RMB 5,507.51 million and a cumulative investment of RMB 5,507.51 million, accounting for 13.77% of the total[179] - The company used RMB 50,000 million of idle raised funds to temporarily supplement working capital, with the funds returned to the raised funds special account by January 30, 2024[182] - The company's cash management balance at the end of the reporting period is RMB 42,000 million, with an authorized limit of RMB 70,000 million[183] Market Performance and Sales - Global shipments of smart display terminals reached 2.654 million units, a 5.21% increase year-over-year, with a global market share of 13.23% for TV shipments, up by 1.17 percentage points[31] - ULED X and ULED TV sales reached 1.57 million units, a 54% increase year-over-year, with sales revenue up by 66%[33] - Global sales of 100-inch and larger TVs increased by 152.68%, with sales revenue up by 115.88%, and a global market share of 44.75% in this segment[34] - Overseas main business revenue reached 24.747 billion yuan, a 20.45% increase year-over-year, accounting for 51.14% of total revenue[36] - In the North American market, Hisense TV retail sales market share reached 12.76%, with retail sales market share in the US increasing by 1.1 percentage points[37] - In the Japanese market, Hisense TV retail sales market share reached 33.54%, an increase of 0.7 percentage points year-over-year[38] - In the Southeast Asian market, Hisense TV retail sales market share in Malaysia and Thailand reached 11.25% and 14.03%, respectively[38] - New display and new business accounted for 13.47% of the company's main business revenue, an increase of 2.04 percentage points year-on-year, enhancing long-term growth momentum[39] - Hisense's global market share of laser TV shipments reached 49.49% in 2023, maintaining its position as the world leader[39] - The company launched the world's first 8K ultra-high-definition laser TV in 2023, setting a new benchmark for home laser display quality[39] - Vidda's market share in China's online 4K home smart projector market reached 15.96% in 2023, ranking third[41] - Commercial laser projector sales increased by 59.7% year-on-year during the reporting period[41] - The company completed the development of the world's first laser holographic AR-HUD prototype and in-car full-scene laser projection display prototype in 2023[41] - The company's laser display technology has accumulated 2,414 domestic and international patent applications, with 1,157 patents granted, leading the industry[42] - Overseas revenue from commercial display products increased by 40.6% year-on-year during the reporting period[44] - The global average TV size in 2023 was 49.7 inches, with China's average size reaching 57.7 inches, significantly larger than other markets[47] - The global laser display product shipment volume in 2023 was 1.841 million units, a year-on-year increase of 26.7%[51] - The global TV industry is expected to grow continuously from 2024 to 2027, with trends towards larger screens, higher-end products, and AI integration[82] - The global shipment of laser display products is predicted to reach 2.402 million units in 2024, a year-on-year increase of 30.5%[83] - The company will continue to launch 110-inch and 120-inch laser TV products, aligning with the trend of larger screens[83] - The company plans to enhance the global market share and leverage its partnership as the official sponsor of the 2024 UEFA European Championship to upgrade the Hisense brand globally[85] - The company will focus on technological innovation and user experience to provide leading product competitiveness and scenario-based solutions[85] - The company will expand into emerging industries and build advantages in the display industry chain[85] - The company will utilize digital transformation to improve operational efficiency and enhance the globalization of the supply chain[85] - The company will continue to promote the development of laser display technology, including advancements in core components, lens projection ratios, and screen performance[83] - The company will explore new applications for laser display technology, including in-vehicle full-scene laser projection displays[83] - The company will enhance the green and environmental performance of its products by improving light efficiency and screen gain[83] - The company will face risks such as global economic pressure, uncertain international trade environments, and currency exchange rate fluctuations, and will implement strategies to mitigate these risks[86] Corporate Governance and Leadership - Chairman Cheng Kaixun reduced his shareholding by 100,000 shares, from 400,000 shares at the beginning of the year to 300,000 shares at the end of the year[92] - Director Yu Zhitao received a pre-tax remuneration of 543,200 yuan, with no change in his shareholding of 1,450,000 shares[92] - Director Li Wei received a pre-tax remuneration of 2,748,300 yuan, with no change in his shareholding of 450,000 shares[92] - Independent directors Wang Aiguo, Zhao Shuming, and Gao Sumei each received a pre-tax remuneration of 180,000 yuan[92] - Vice President Jin Zhangyu received a pre-tax remuneration of 1,310,700 yuan[93] - CFO Wang Hui received a pre-tax remuneration of 1,686,900 yuan[93] - Board Secretary Liu Shasha received a pre-tax remuneration of 787,200 yuan, with no change in her shareholding of 100,000 shares[93] - The total pre-tax remuneration for all directors, supervisors, and senior management was 8,182,100 yuan[93] - The total shareholding of directors, supervisors, and senior management decreased by 100,000 shares, from 2,779,380 shares at the beginning of the year to 2,679,380 shares at the end of the year[93] - The total actual remuneration received by all directors, supervisors, and senior management at the end of the reporting period was 8.1821 million yuan[100] - The company elected Yu Zhitao as the new chairman, replacing Cheng Kaixun who retired due to reaching retirement age[101] - Li Wei was appointed as the new president, replacing Yu Zhitao who stepped down due to work adjustments[101] - Dai Huizhong left his position as a director due to work adjustments[101] - Zhu Dan and Li Wei were elected as new directors by the shareholders' meeting[101] - Jin Zhangyu was appointed as vice president to promote strategic synergy with Qianzhao Optoelectronics[101] - The company's senior management remuneration principles were approved by the Remuneration and Assessment Committee, deemed compliant with market and enterprise development needs[100] - The decision-making process for directors' and supervisors' remuneration involves shareholder meetings, while senior management remuneration is decided by the board of directors[100] - The remuneration for senior management is determined based on industry and regional standards, combined with individual performance evaluations and company operating results[100] - The company's independent directors provided opinions on senior management remuneration, stating it did not harm the interests of the company or shareholders[100] - The company plans to spin off its subsidiary Qingdao Xinxin Microelectronics Technology Co., Ltd. for a separate listing on the STAR Market[103][104] - The company approved the 2023 annual report and related financial reports, including the 2022 annual audit report and internal control evaluation report[103] - The company approved the 2023 first-quarter report and the 2023 semi-annual report[104] - The company adjusted the 2021 restricted stock incentive plan and approved the 2021 performance assessment report for the incentive objects[104] - The company approved the 2023 third-quarter report[104] - The company approved the 2024 annual daily related-party transaction quota and the use of idle self-owned funds for entrusted wealth management[104] - The company approved the establishment of a joint venture with related parties[104] - The company held 13 board meetings in 2023, with 7 conducted via telecommunication and 6 via a combination of on-site and telecommunication[106] - The board of directors has four specialized committees: Audit Committee, Nomination Committee, Compensation and Evaluation Committee, and Strategy Committee[108] - The company held a total of 10 audit committee meetings during the reporting period, focusing on various financial and governance matters[109] - The company's total number of employees at the end of the reporting period was 18,038, with 5,389 in the parent company and 12,649 in major subsidiaries[116] - The company's employee composition includes 7,193 production personnel, 6,228 sales personnel, and 3,813 technical personnel[116] - The company's educational background of employees includes 2,104 with a master's degree or higher, 6,909 with a bachelor's degree or college diploma, and 9,025 with a high school diploma or below[116] - The company approved the 2023 Q1, Q3, and semi-annual reports, along with various financial and risk management proposals[110] - The company approved the 2024 annual plan for daily related transactions, idle fund management, and foreign exchange transactions[110] - The company approved the establishment of a joint venture with related parties[110] - The company approved the spin-off and listing of its subsidiary Qingdao Xinxin Microelectronics Technology Co., Ltd. on the STAR Market[114] - The company adjusted the 2021 restricted stock incentive plan and approved the performance assessment report for the second unlocking period[113] - The company approved the appointment of a new president and vice president, as well as the replacement of a director[111][112] Environmental and Social Responsibility - The company reduced carbon dioxide equivalent emissions by 8,396.32 tons through various measures, including the use of clean energy and carbon reduction technologies[148] - New photovoltaic installations of 11MW generated 12 million kWh annually, reducing CO2 emissions by 6,839 tons[149] - Winter natural cooling reduced CO

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股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[海ITnaf 信bol]e 视_Ti像tle]( 600060) [评Tab级le_：Inv est] 增持 上次评级： 增持 ULED X开启全场景 AI应用，激光电视主打入户便捷 目标价格： 32.30 上次预测： 32.30 公 ——海信视像全场景显示新品发布会点评 当前价格： 24.51 司 蔡雯娟(分析师) 田平川(研究助理) 樊夏俐(分析师) 2024.03.18 更 021-38031654 021-38676666 021-38676666 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c tianpingchuan026740@gtjas.com fanxiali@gtjas.com 证书编号 oSm08 80521050002 S0880122070069 S0880523090006 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 16.73 3- 12 ,5 9. 990 报 5 告 本报告导读： 总股本/流通A股（百万股） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.74 yuan [4] Core Views - The company plans to repurchase shares for an employee stock ownership plan, with a maximum repurchase amount of 753 million yuan and a maximum repurchase price of 30 yuan per share, expected to repurchase no more than 25.114 million shares [1] - The employee stock ownership plan will be granted to 459 employees, including 8 senior executives, with a grant price of 12.27 yuan per share and a total of no more than 29.094 million shares, accounting for 2.2% of the company's total shares [1] - The company's performance unlock assessment targets a growth rate of no less than 35.83%/49.94%/66.41% from 2024 to 2026, with trigger values of no less than 22.25%/34.95%/49.77% [1] - The company's global market share in TV shipments has steadily increased, with a global market share of 13.23% in 2023, up 1.17 percentage points year-on-year [2] - The company's retail sales market share in TVs reached 29.05% in 2023, up 3.43 percentage points year-on-year [2] - The company plans to increase its 2023 annual cash dividend compared to 2022, with a dividend of 840 million yuan in 2022 and a dividend ratio of 50% [2] Financial Data and Valuation - The company's revenue is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E, with growth rates of 16.71%, 12.18%, and 11.27% respectively [3] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E, with growth rates of 23.64%, 19.06%, and 16.15% respectively [3] - EPS is expected to increase from 1.59 yuan in 2023E to 2.20 yuan in 2025E [3] - The P/E ratio is expected to decrease from 15.56x in 2023E to 11.25x in 2025E [3] - The P/B ratio is expected to decrease from 1.69x in 2023E to 1.42x in 2025E [3] Industry and Market Position - The company is a global leader in the display industry, with a strong product and brand matrix, a tiered pricing strategy, and forward-looking technology layout [2] - The company has strengthened its global leadership in laser display, achieved initial results in commercial display brand building and overseas market expansion, and expanded its chip product categories [2] - The company has enhanced its capabilities in virtual reality display and AIGC [2] Financial Forecast - The company's operating income is expected to grow from 53.3825 billion yuan in 2023E to 66.63625 billion yuan in 2025E [6] - Net profit attributable to the parent company is expected to grow from 2.076 billion yuan in 2023E to 2.87101 billion yuan in 2025E [6] - The company's cash flow from operating activities is expected to be -2.10632 billion yuan in 2023E, 8.28246 billion yuan in 2024E, and -2.24162 billion yuan in 2025E [8]

家用电器/黑色家电 公 司 研 海信视像（600060.SH） 员工持股计划落地，继续看好全球份额及盈利提升 究 2024年03月13日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 林文隆（联系人） lvming@kysec.cn zhoujiale@kysec.cn linwenlong@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070043 日期 2024/3/12 当前股价(元) 24.59  员工持股计划落地，继续看好长期全球份额及盈利提升，维持“买入”评级 公 一年最高最低(元) 26.68/15.49 公司发布2024年员工持股计划，本次持股计划相较2021年激励计划激励对象更 司 广且覆盖更多高管领导，利益绑定深入有望提振长期发展信心。2024 年年初零 信 总市值(亿元) 321.00 售及出货数据环比改善，短期大型赛事催化有望带动全年需求回暖，面板成本压 息 流通市值(亿元) 316.99 力或逐季度改善，长期看好竞争力延续带动全球份额持续提升，我们维持盈利预 更 总股本 ...

股 票 研 究 [Table_industryInfo] 家用电器业/可选消费品 [ Table_Main[海ITnaf 信bol]e 视_Ti像tle]( 600060) [评Tab级le_：Inv est] 增持 上次评级： 增持 员工持股计划草案落地，业绩层面考核目标稳健 目标价格： 32.30 上次预测： 32.30 公 ——海信视像员工持股计划点评 当前价格： 24.59 司 蔡雯娟(分析师) 田平川(研究助理) 李汉颖(研究助理) 2024.03.13 更 021-38031654 021-38676666 010-83939833 [交Ta易bl数e_M据a rket] 新 caiwenjuan024354@gtjas.c tianpingchuan026740@gtjas.com lihanying026725@gtjas.com 证书编号 oSm08 80521050002 S0880122070069 S0880122070046 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 15.67 3- 22 ,5 1. 090 报 0 告 本报告导读： 总股本/流通A股（百万股） 1, ...