Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [2][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a historical presence in the industry for nearly 50 years [15]. - The company has maintained a strong domestic market position, with both sales and market share leading in China [1][15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on lower-priced products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, enhancing its market share in core regions [3][19]. - The company has established a strong presence in North America and Europe, with ongoing channel optimization expected to improve profitability [3][19]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4][19]. - The company is expected to benefit from a long-term upward trend in panel prices, with better cost control due to deep partnerships with panel manufacturers [4][19]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report notes that the supply-demand relationship in the panel market has been a dominant factor, with expectations of a gradual recovery in demand [4][19]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is driving product upgrades, with significant revenue contributions expected from these segments [5][19]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion yuan respectively, with a reasonable market capitalization of 39.2 billion yuan in 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively, driven largely by MiniLED products [5][19].

据多家媒体报道，经海信集团有关人士确认，美的集团原副总裁、空调事业部总裁殷必彤于5月19日晚正式出任海信空气产业（筹）总裁。 截至目前，海信空气产业分属海信家电业务线，负责整合海信旗下的空调业务，包括海信、科龙品牌的家用空调、中央空调，以及海信日立空调等。 殷必彤是家电行业的资深高管，曾在美的集团任职23年，主导过美的空调、小天鹅洗衣机等核心业务，并推动美的空调营收超越格力。此次殷必彤加盟海 信，被视作海信强化空调赛道布局的关键举措。 目前，海信在国内线下空调市场份额为9.76%，排名第四；线上为2.93%，仅排名第九。 此前，空调市场的霸主分别为美的集团、格力、海尔、海信，2025年1-4月，小米空调线上份额达13.44%，同时，其出货量同比增长超50%，跃居空调市场 第三位，而其低价策略和智能生态布局对传统品牌形成的威胁之势又较为猛烈，已经成为了海信空调领域首先要"扳手腕"的对象。 不同于小米，海信所打出的招牌是"新风空调"的技术优势。但美的集团、格力、海尔占据空调市场主导地位，小米空调迅速扩张，海信空调面临的竞争局势 日益激烈，传统渠道与线上新渠道同样面临挑战。 此外，5月7日，海信集团公众号Hisen ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The demand for pool cleaning robots is expected to reach approximately 10.34 million units by 2026, with a market size of around $3.1 billion, based on an average product price of $300 [2][16] - The competitive landscape is concentrated, with the top 10 brands holding over 80% market share, creating opportunities for Chinese brands to gain market share due to a lack of innovation in the industry [3][19] Summary by Sections Section 1: Market Growth - The number of pools globally is projected to grow from 28.88 million in 2021 to 36.92 million by 2026, representing a compound annual growth rate (CAGR) of 5% [1][13] - The U.S. market is particularly significant, with the number of pools increasing from 10.6 million in 2021 to over 19 million in 2022, with private pools accounting for over 70% [1][13] Section 2: Penetration and Demand - By 2026, the penetration rates for pool cleaning robots in the U.S., Europe, and Oceania are expected to reach 39%, 35%, and 34% respectively [2][16] - The projected demand for pool cleaning robots is approximately 10.34 million units by 2026, with a market size of $3.1 billion [2][16] Section 3: Competitive Landscape - The market is dominated by a few brands, with Maytronics experiencing its first double-digit revenue decline in five years, indicating a shift in the competitive dynamics [4][19] - Chinese brands have made significant inroads, occupying five of the top ten positions on major platforms, with a combined market share of 31%, up from 15.9% in 2022 [3][19] Section 4: Product Challenges - Current products face high levels of homogeneity, with common issues including a lack of sensors and low levels of intelligence, which if addressed, could disrupt the industry [4][22] - The main functionalities of pool cleaning robots are limited by the available sensor technology, which poses challenges for manufacturers [4][22]

Core Insights - Hisense Laser TV has launched its annual flagship products, the Exploration X1 series and the Starlight S1 series for 2026, integrating cinema-level projection technology into home settings [1] Product Details - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the 100-inch model is priced at 49,999 yuan [1]

Core Viewpoint - Hisense launched the world's largest and most advanced 116-inch RGB MiniLED TV in Dar es Salaam, Tanzania, showcasing its leadership in global technology and smart home solutions [1][2]. Group 1: Product Launch - The 116UX TV is the first large-sized television equipped with an RGB MiniLED backlight system, representing cutting-edge display technology [1]. - The TV features Hisense's seventh-generation self-developed image processing chip, Hi-View AI Engine X, which utilizes AI perception algorithms and 3D light color coordination to enhance color reproduction, brightness contrast, and energy efficiency [1]. Group 2: Strategic Goals - Hisense aims to become the number one home appliance brand in the Middle East and Africa by 2027, leveraging its advanced display and AI technologies to provide high-quality digital living experiences [1]. - The company emphasizes its commitment to long-term technological accumulation and continuous innovation to meet the needs of African users [1]. Group 3: Regional Development - Since entering the South African market in 1996, Hisense has established a manufacturing base in South Africa and plans to set up its first regional R&D center in Dubai by 2024 [2]. - Hisense's ConnectLife smart home platform integrates AI and IoT to enable interconnectivity among various home appliances, enhancing the smart living experience for African families [2]. Group 4: Corporate Philosophy - Hisense's approach in Africa focuses on a people-oriented strategy, emphasizing product quality, customer care, employee welfare, and social responsibility [2]. - The company aims to create shared value and benefit the Southern African society through its commitment to integrity and high-quality service [2].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [6] Core Viewpoints - The first quarter results for home appliances generally exceeded expectations, with domestic sales expected to benefit from policy support. There is a notable performance differentiation in high-end positioning and cost-effectiveness. The air conditioning peak season is anticipated to benefit from higher temperatures and lower inventory levels, making the demand for home appliances in the second quarter promising [4][9] - In April, the export of white goods showed steady growth, indicating potential in emerging markets. The disruptions in exports to the U.S. are also expected to ease [4][9] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on quality white goods leaders that benefit from ongoing domestic policies and proactive overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [4] - It recommends companies that are reshaping their market share in mature overseas markets and have short-term global supply chain advantages, such as Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [4] - The report also highlights small appliance companies that are expected to benefit from national subsidy policies in the short term and enjoy demand dividends from emerging appliance categories in the medium to long term, recommending Stone Technology (688169, Buy) and Bear Electric (002959, Overweight) [4] Market Trends - Since May, many regions have experienced average maximum temperatures higher than in previous years, positively impacting air conditioning sales. The demand for air conditioning is closely related to temperature, with a significant increase in sales expected during the peak season from April to July [9] - In April, air conditioning exports reached 7.51 million units, a year-on-year increase of 12.1%, while washing machine exports grew by 10.9%. The export of refrigerators saw a slight decline [9][20] - The report indicates that the risk of a price war in the air conditioning market is manageable, with efficiency improvements and high-end upgrades occurring simultaneously. The average prices for air conditioners in April were 2,609 yuan online and 4,418 yuan offline, showing a slight decrease and increase respectively [9]

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The global pool count is expected to increase from 28.88 million in 2021 to 36.92 million by 2026, with a compound annual growth rate (CAGR) of 5% [1][16] - The market size for pool cleaning robots is projected to reach approximately $3.1 billion by 2026, based on an estimated demand of 10.34 million units at an average price of $300 [2][16] Summary by Sections Market Growth - The demand for pool cleaning robots is driven by the increasing number of pools globally, particularly in the U.S., where the number of pools rose from 10.6 million in 2021 to over 19 million in 2022 [1][15] - The U.S. market is expected to lead in penetration rates, with projections of 39% by 2026 [2][16] Competitive Landscape - The market is highly concentrated, with the top 10 brands holding over 80% market share as of 2023, primarily dominated by brands like Dolphin, Polaris, BWT, and Hayward [3][19] - Chinese brands have gained significant market share, increasing from 15.9% in 2022 to 31% in 2023 on major platforms [3][19] Product Challenges - Current products face high levels of homogeneity, with common issues such as a lack of sensors and low levels of automation, which presents opportunities for innovation [4][22] - The leading manufacturer, Maytronics, has reported a double-digit revenue decline for the first time in five years, indicating a shift in the competitive landscape [4][25] Investment Recommendations - Recommended stocks include major appliance manufacturers such as Gree Electric, Midea Group, Hisense, and Haier, as well as smaller appliance companies like Ecovacs and Roborock [5]

Core Viewpoint - Hisense has been recognized for four consecutive years in the Fortune China ESG Impact List due to its outstanding performance in environmental improvement, employee protection, and community support [1] Group 1: ESG Commitment - Hisense has elevated ESG to a group strategy, establishing an ESG committee to oversee its implementation and has committed to achieving peak carbon emissions by 2026 and carbon neutrality by 2050 [1] - The company emphasizes long-termism in its operations, focusing on product quality, employee welfare, and social responsibility [1] Group 2: Green Innovation and Technology - Hisense prioritizes research and development of green technologies, integrating AI algorithms to enhance energy efficiency, with over 70% of its smart home appliances achieving first-level energy efficiency [2] - The company is expanding into smart buildings, energy management, and automotive electronics, contributing to a 30% reduction in energy consumption for ECO-B smart buildings [2] Group 3: Sustainable Manufacturing - Hisense has implemented measures to enhance environmental management and optimize production processes, resulting in a 17.3% reduction in comprehensive energy consumption per unit of output since 2020 [3] - The company has established a global "lighthouse factory," four zero-carbon factories, and 17 national-level green factories, with 21% of energy in domestic manufacturing bases coming from green electricity [3] Group 4: Circular Economy and Recycling - Hisense actively promotes green consumption through its appliance recycling program, conducting over 40,000 exchange events in 2024 and recovering approximately 2.21 million old appliances [3] - The company collaborates with over 30 recyclers to ensure resource reuse and lifecycle management of old appliances [3] Group 5: Supply Chain Collaboration - As a leading enterprise, Hisense encourages its suppliers to set carbon reduction targets, aiming to include 50% of suppliers in carbon emission management by 2025 [4] - The company is focused on the research and application of recycled and bio-based materials in collaboration with its suppliers [4] Group 6: Social Responsibility and Community Engagement - Hisense has invested over 400 million yuan in social welfare and donations, supporting educational initiatives and community development [4] - The company has established "Hisense Global Charity Day" on October 19, where employees participate in charitable activities [5] Group 7: Global Presence and Impact - Hisense operates 36 industrial parks and production bases globally, with 31 R&D institutions and 66 overseas offices, actively engaging in community development [5] - The company collaborates with local communities, such as opening a cultural museum in South Africa to enhance understanding of China [5]

Core Insights - Hisense is entering a period of explosive growth with advancements in RGB three-color backlight technology, AI image quality chips, and strategic collaborations with competitors like Midea Group in AI applications and smart logistics [1] - The launch of the new laser television, the Exploration X1, aims to bring cinema-level projection technology into homes, featuring high-end components typically found in expensive cinema equipment [1] - Hisense has developed the Nano Spectrum Selective Screen Pro, achieving a stable brightness of 1000 nits and an environmental light blocking rate of 87%, significantly outperforming traditional LCD TVs [3] Product Developments - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the base model, Exploration X1 92-inch, starts at 21,999 yuan, with additional discounts available [3] - Hisense plans to release larger versions of the Exploration X1, including 139-inch and 150-inch models, with the latter being comparable in size to half a standard badminton court [3] Market Positioning - Hisense emphasizes emotional connections in its marketing, promoting the idea that its laser televisions can create a warm and memorable family environment [4] - The company's television activation rate is 1.43 times the industry average, and the engagement with movie content is 1.81 times higher than the industry average [5]

Core Viewpoint - Hisense has launched the 2026 models of its laser TVs, focusing on enhancing the home cinema experience by integrating professional cinema-level technology into home environments [1][5]. Group 1: Product Features - The Exploration X1 series incorporates four major innovations, utilizing core components from professional cinemas, with the flagship model featuring dual MCL39 laser engines and a 14.5° SST architecture DMD chip, achieving cinema-standard picture quality and improved dynamic performance [2]. - The Nano Spectrum Selection Screen Pro, developed over five years, offers a stable brightness of 1000 nits and an environmental light blocking rate of 87%, with a foldable design for easy installation [2]. - The Exploration X1 Ultra introduces a 9.1.4 channel sound system and screen sound technology, enhancing the audio experience with Hi-Res Audio certification and support for multiple formats including HDR10+ and Dolby Vision [3]. Group 2: Health and Design - The Starry S1 series emphasizes a balance between eye health and cinema-quality visuals, featuring three models with a design that enhances product aesthetics and allows for easy integration into high-end home environments [4]. - The Starry S1 Pro model uses MCL39 laser engines and SST architecture DMD chips, achieving 110% BT.2020 color coverage and meeting five health standards for prolonged viewing [4]. Group 3: Market Position and Future Plans - Hisense's laser TVs have an operating rate 1.5 times higher than the industry average, indicating strong consumer demand for home cinema solutions [5]. - The company plans to drive industry technology iterations with larger sizes, higher quality, and lower energy consumption to meet the ongoing pursuit of immersive viewing experiences by consumers [5].