海信视像（ [Table_StockNameRptType] 600060） 公司点评 结构和盈利改善如期兑现 ——海信视像 25Q2 业绩点评 | | | 报告日期： 2025-08-26 | [Table_BaseData] 收盘价（元） | 21.71 | | --- | --- | | 近 12 个月最高/最低（元） | 25.88/14.28 | | 总股本（百万股） | 1,305 | | 流通股本（百万股） | 1,295 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 283 | | 流通市值（亿元） | 281 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 9% 32% 56% 79% 8/24 11/24 2/25 5/25 海信视像 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观点： [⚫Table_Summary] 公司发布 202 ...

从资金流向上来看，当日黑色家电板块主力资金净流出4.26亿元，游资资金净流入6105.46万元，散户资 金净流入3.65亿元。黑色家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002429 | 非驰股份 | | 7310.66万 | 7.69% | -4255.24万 | -4.48% | -3055.42万 | -3.21% | | 000801 | 四川九洲 | | 5254.75万 | 7.35% | 3434.46万 | 4.80% | -8689.22万 | -12.15% | | 600060 | 海信视像 | | 2237.86万 | 4.54% | -3594.37万 | -7.29% | 1356.51万 | 2.75% | | 688696 极米科技 | | | 1719.52万 | 7.48% | -1109.74万 | -4.83% | -60 ...

2025 年 8 月 25 日，海信视像发布半年报。2025H1 公司实现营业收入 272.3 亿元，同比+7.0%；归母净利润 10.6 亿元，同比+26.6%。2025Q2，公司实 现营业收入 138.6 亿元，同比+8.6%；归母净利润 5 亿元，同比+36.8%。 公司报告 | 半年报点评 海信视像（600060） 证券研究报告 份额稳步提升，结构持续优化 事件： 投资建议：公司是全球显示行业龙头企业之一，在行业竞争格局持续优化 的背景下，公司全球化发展能力持续提升，多元品牌矩阵运营能力及经营 效率有效提高，产品结构进一步升级。同时，公司持续深耕高效协同、独 立发展的"1+（4+N）"产业布局，在 MiniLED、MicroLED、虚拟现实显示 及 AIGC 等新技术方面加快研发和产品推广，持续夯实在显示行业的引领地 位。我们看好公司中长期平稳向好发展，预计 25-27 年归母净利润 25.7/28.9/32.9 亿元，对应 25-27 年动态 PE 分别为 11.0x/9.8x/8.6x，维持"买 入"评级。 风险提示：国际贸易不确定性风险、面板价格剧烈波动影响利润率的风险、 新显示业务发展不及预期 ...

| 编纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] 行使與否而定) | | --- | | [編纂]數目 :[編纂]股股份(可予[編纂]) | | [編纂]數目 :[编纂]股股份(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂]:每股股份[編纂],另加[編纂]([編纂]》 | | 港元[編纂],多繳款項可予退還) | | 面值 : 每股股份0.02美元 | | [編纂] : [編纂] | 瑞财经 吴文婷8月25日，纳真科技公司（以下简称"纳真科技"）在港交所递交招股书，花旗和中信证券为其联席保荐人。 纳真科技是光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品，同时其亦是全球少数同时拥有光模块和光芯片研发及量产 能力的企业之一。 根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，公司在全球所有专业光模块厂商中排名第五；按中国光模块收入计，公司在全球所有专业光模 块厂商中排名第三。 据招股书，2022年-2024年，纳真科技实现收入分别为50.43亿元、42.39亿元、50.87亿元；年内溢利分别为4.29亿元、2.16亿元、8949万元。 2 ...

市场调研数据显示，2025年上半年，海信在全球百吋及以上电视市场的出货量份额高达47.7%，激光电 视全球出货量占有率70.0%，均居全球第一。奥维云网全渠道监测数据显示，海信系电视中国内地零售 额和零售量市占率分别为29.96%和25.73%，均稳居中国内地市场第一。 2025年上半年，公司坚定不移推进全球化布局与高端化战略，全面推进数字化转型，逐步构建具有国际 竞争力的全球化运营体系。报告期内，公司在RGB-Mini LED、激光显示、芯片等显示核心技术领域取 得重大突破，助力海信实现稳健增长，巩固在高端市场的全球领导地位。 中证报中证网讯（记者 张鹏飞）8月25日晚间，海信视像（600060）披露2025年半年度报告，公司实现 营业收入272.31亿元，同比增长6.95%；归母净利润10.56亿元，同比增长26.63%。加权平均净资产收益 率同比增加0.84个百分点，经营活动现金流量净额同比增长48.59%至18.02亿元，公司市场份额与运营 效率稳步提升。 报告期内，公司成功攻克了RGB-Mini LED产业化中光色同控芯片与算法、高光效与高可靠性LED发光 芯片的"两芯"难题，实现液晶显示从传统单色 ...

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 27.231 billion RMB in H1 2025, representing a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion RMB, up 26.6% year-on-year. The second quarter saw revenue growth of 8.59% and net profit growth of 36.72%, indicating continuous improvement in profitability [1][7] - The company is expected to maintain its competitive edge in the industry through product upgrades, diversification into new businesses, and global capacity expansion [1] Summary by Sections Television Business - The company's television business remains robust, holding the largest retail market share in China. The brand's price index has improved, indicating competitiveness in mid-to-high-end products. In Q3, online and offline retail sales showed year-on-year increases of 20.3% and 6.89%, respectively, with retail prices rising by 12.5% and 17.4% [2] - Despite a 5% year-on-year decline in the domestic television export value in H1 2025, the company has mitigated this through capacity adjustments in Mexico and Vietnam, as well as a focus on large-screen products. The export decline has narrowed to 0.5% in July 2025, with signs of recovery in Europe and Oceania [2] New Display and New Business - In H1 2025, the new display business generated revenue of 3.434 billion RMB, a year-on-year increase of 7.43%. The laser display applications are expanding into commercial and automotive sectors, showing potential for new growth. Overseas revenue from commercial displays grew by 43% year-on-year, highlighting global expansion potential [3] - The company is also advancing in cloud services and AI-related products, with plans to launch AI smart headphones and lightweight AI glasses [3] Profitability and Financial Metrics - The gross margin for H1 2025 was 16.37%, up 1.01 percentage points year-on-year, benefiting from an increased proportion of Mini LED products and stable panel prices. Despite rising marketing expenses, the net profit margin improved by 0.6 percentage points year-on-year [4] - The report forecasts net profits of 2.59 billion RMB, 2.89 billion RMB, and 3.23 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.99 RMB, 2.22 RMB, and 2.48 RMB [5]

分红方面，海信视像A股上市后累计派现69.70亿元。近三年，累计派现30.39亿元。 机构持仓方面，截止2025年6月30日，海信视像十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5670.45万股，相比上期减少242.10万股。嘉实价值精选股票A（005267）位居第八大流通 股东，持股1217.97万股，相比上期减少214.46万股。南方中证500ETF（510500）位居第九大流通股 东，持股1159.78万股，为新进股东。嘉实价值长青混合A（010273）位居第十大流通股东，持股 1123.82万股，相比上期减少132.01万股。 8月26日，海信视像盘中上涨2.03%，截至13:35，报22.15元/股，成交3.25亿元，换手率1.14%，总市值 289.05亿元。 资金流向方面，主力资金净流入2732.85万元，特大单买入1964.88万元，占比6.05%，卖出717.18万元， 占比2.21%；大单买入8587.13万元，占比26.46%，卖出7101.98万元，占比21.88%。 海信视像今年以来股价涨16.21%，近5个交易日涨5.53%，近20日跌1.90%，近60日跌2. ...

业绩简评 内销方面，Mi大ni尺 L寸ED拉+ 动下海信结构有望持续优化；海外方面， 体育赛事有望加速渠道突破 及份额提升。预计公司2025/2026/2027 年实现营收621.2/662.5/707.1 亿元，同比分别+6.1%/6.6%/6.7%， 实现归母净利润25.3/28.7/32.7 亿元，同比分别+12.5%/+13.5%/14.0% ， 当前股价对应PE 估值为 12.8/10.5/8.7 倍，维持"买入"评级。 风险提示 面板价格波动；海外需求不及预期。 国补拉动下预计内销延续较好增长。内销方面，据奥维云网，2025年上半年彩电市场销量达1375 万 台，同比增长1.8%，销额561 亿元，同比增长7.5%，海信作为黑电龙头充分受益于国补环境，2025年上 半年海信系电视中国内地零售额市占率为29.96%，零售量市占率为25.73%，均位居中国内地市场第一 名。海外方面，关税等不确定性因素扰动下公司经营韧性凸显，海信在欧美等成熟市场价格指数进一步 提升，据Circana、NIQ GFK 及奥维睿沃数据，海信系电视在北美市场品牌价格指数同比提升7.4、在欧 洲市场品牌价格指数同比提升8。 M ...

Core Viewpoint - The global display industry has reached a significant turning point in 2025 with the mass adoption of RGB-Mini LED technology, initiated by Hisense, marking a new era in LCD display technology [1][12]. Group 1: Technology Breakthrough - Hisense's RGB-Mini LED technology is distinguished by its proprietary "two-chip" system, which includes the AI picture quality chip H7 and a high-performance RGB-Mini LED backlight chip, enabling a shift from traditional single-color backlighting to RGB three-color backlighting [2][8]. - The technology enhances color control by allowing independent adjustment of red, green, and blue light sources, improving brightness and color richness without the need for quantum dots or other fluorescent materials [4][10]. Group 2: User Experience Improvements - The RGB-Mini LED technology achieves a color gamut coverage of 97% of the BT.2020 ultra-high color space, surpassing QD-OLED by over 6% and QD-Mini LED by over 16%, allowing for a broader range of colors [4][6]. - The color volume is enhanced by over 20% compared to QD-Mini LED, significantly improving the depth and dimensionality of images, particularly in dynamic scenes like sports and movies [6][10]. - Color accuracy has reached new heights with 108 bits gray scale adjustment and 15,680-point high-precision color control, improving detail presentation in both dark and bright areas by 430% compared to standard SOC chips [6][10]. - Energy efficiency is improved by over 20% compared to QD-OLED and traditional Mini LED TVs, promoting environmental sustainability [6][10]. Group 3: Market Dynamics and Competitive Advantage - Following Hisense's announcement of mass production, major players like Samsung and Sony have entered the RGB-Mini LED market, indicating the technology's potential and market demand [7][12]. - Hisense emphasizes its competitive edge through comprehensive R&D and a complete supply chain, addressing key challenges in the RGB-Mini LED production process that competitors lack [7][8]. - The AI picture quality chip H7 is specifically designed for RGB-Mini LED technology, providing real-time AI analysis and high-precision color control for each frame [8][10]. - Hisense's focus on energy optimization and product stability, along with superior performance metrics in color coverage and accuracy, positions it favorably against competitors [10][12]. Group 4: Future Outlook - The successful mass production of RGB-Mini LED technology by Hisense is expected to stimulate growth across the supply chain, including chip suppliers and panel manufacturers, enhancing the global standing of Chinese enterprises in the display industry [12]. - Hisense aims to expand market penetration and consumer awareness of RGB-Mini LED technology, fostering a collaborative environment among Chinese companies to enhance the industry's overall growth [12].

上 市 公 司 家用电器 2025 年 08 月 26 日 海信视像 (600060) ——2025 年中报点评：Q2 业绩符合预期，盈利能力稳 步提升 | 报告原因：有业绩公布需要点评 | | --- | | 增持（维持） | | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 21.71 | | 一年内最高/最低（元） | 25.88/14.28 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 4.05 | | 流通 A 股市值（百万元） | 28,116 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 15.17 | | 资产负债率% | | 42.07 | | 总股本/流通 A 股（百万） | 1,305/1,295 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 08-26 09- ...