Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [12]. Core Views - The company's revenue and profit are under short-term pressure, but the long-term growth logic remains unchanged. The expected revenue for 2025 is projected at 62,496 million yuan, with a year-on-year growth rate of 7% [3][8]. - The first quarter of 2025 showed a revenue of 13.4 billion yuan, a 5% increase year-on-year, and a net profit attributable to shareholders of 554 million yuan, a 19% increase, aligning with expectations [4][9]. - The company anticipates a recovery in export sales in Q2, driven by improved demand in Europe and emerging markets, despite a subdued performance in North America [5][6]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 58,530 million yuan in 2024, 62,496 million yuan in 2025, 67,048 million yuan in 2026, and 72,752 million yuan in 2027, with respective growth rates of 9%, 7%, 7%, and 9% [3]. - The net profit attributable to shareholders is expected to grow from 2,246 million yuan in 2024 to 3,206 million yuan in 2027, with growth rates of 7%, 13%, 12%, and 12% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 1.72 yuan in 2024 to 2.46 yuan in 2027 [3][8]. Profitability and Margin Analysis - The gross margin for Q1 2025 was reported at 15.93%, with an expected improvement in profit margins due to government subsidies boosting domestic sales prices [6][8]. - The net profit margin for Q1 2025 was 4.1%, slightly lower than the peak of 5.2% in Q4 2024, but still at a historically high level [7][8]. - The report indicates that the company is focusing on structural upgrades to enhance profitability in the long term, with expectations of higher net profit growth in Q2 and Q3 of 2025 [8].

Core Viewpoint - Hisense Group and Midea Group have signed a strategic cooperation agreement to collaborate in areas such as AI applications, advanced manufacturing, and smart logistics, marking a significant partnership between two major players in the Chinese home appliance market [1][2][3]. Group 1: Strategic Cooperation Details - The cooperation will focus on digitalization and AI application platform development, green factories, industrial internet, and global capacity layout [1][2]. - Both companies aim to enhance supply chain collaboration and operational efficiency through this partnership, addressing the challenges of a saturated home appliance market [8][9]. Group 2: Leadership and Management - Key executives from both companies, including the chairmen and vice presidents, have extensive experience in market management and financial operations, indicating a strong focus on operational efficiency and supply chain optimization [4][5][6]. - The financial leaders of both companies have successfully implemented significant cost control measures and supply chain improvements in their respective organizations [5][6]. Group 3: Market Context and Competition - This strategic partnership is notable as it occurs amidst direct market competition between Hisense and Midea in various product categories, reflecting a complex competitive landscape in the home appliance industry [2][12]. - The collaboration is seen as a response to the need for both companies to adapt to changing market dynamics and to leverage each other's strengths in supply chain and logistics [8][15]. Group 4: Globalization and Future Prospects - The partnership will also explore global capacity layout and technological innovation, aiming to enhance international competitiveness and address global economic challenges [13][14]. - Future collaboration may include capital cooperation and deeper global strategies, particularly in response to trade risks and supply chain uncertainties [14][15].

Core Viewpoint - Hisense Group and Midea Group have signed a strategic cooperation agreement to collaborate in areas such as AI applications, advanced global manufacturing, and smart logistics, marking a significant partnership in the Chinese home appliance market [1][2] Group 1: Strategic Cooperation Details - The cooperation will focus on the development of digital and AI application platforms, green factories, industrial internet, and global capacity layout [1][8] - Both companies aim to enhance supply chain efficiency and user satisfaction through collaborative logistics and inventory optimization [6][11] - The partnership reflects a complex competitive relationship in the home appliance sector, where both companies are seeking to leverage each other's strengths while still competing in certain product categories [2][11] Group 2: Leadership and Management - The signing was attended by top executives from both companies, including Hisense's Chairman Jia Shaoqian and Midea's Chairman and CEO Fang Hongbo, indicating strong leadership commitment to the partnership [2][3] - The executives responsible for the signing, including Hisense's Vice President Gao Yuling and Midea's CFO Zhong Zheng, have significant experience in financial management and operational efficiency [3][4] Group 3: Market Context and Implications - The partnership is seen as a response to the saturated home appliance market in China, where both companies face challenges from increasing competition and changing consumer preferences [5][11] - By collaborating, Hisense and Midea aim to reduce operational costs and enhance innovation, moving away from traditional price wars and channel competition [11] - The cooperation is expected to strengthen their global presence and improve their competitive edge against international brands amid rising trade barriers and geopolitical challenges [10][11]

Core Insights - Hisense Group and Midea Group have signed a strategic cooperation agreement to deepen collaboration in AI applications, advanced manufacturing, and smart logistics [1][3] - The partnership aims to enhance digital transformation through the development of a shared digital platform and AI application ecosystem, improving operational efficiency for both companies [3] Group 1: Strategic Collaboration - The cooperation will focus on the deep application of AI in manufacturing and logistics, aiming to boost market competitiveness and provide digital empowerment to upstream and downstream partners [3] - Key areas of collaboration include green factory construction, industrial internet applications, and global capacity layout, promoting a shift from "Made in China" to "Created in China" [3] Group 2: Consumer Benefits - The partnership is expected to yield tangible benefits for consumers by creating a more efficient warehousing network and delivery system in the smart logistics sector, enhancing production logistics coordination and supply chain optimization [3] - Improved product delivery efficiency and customer satisfaction are anticipated outcomes of this collaboration [3] Group 3: Industry Impact - The collaboration aims to build a more resilient and innovative industrial ecosystem by leveraging each company's strengths in technology research and development, market channels, and supply chain management [3] - This initiative is positioned to drive high-quality development in the Chinese home appliance industry [3]

Core Viewpoint - Changes in tariff policies and geopolitical tensions are expected to significantly alter the competitive landscape of the U.S. television market, potentially benefiting Korean brands like Samsung and LG at the expense of Chinese brands such as Hisense and TCL [1] Group 1: Market Dynamics - U.S. domestic television brands were initially projected to see strong shipment growth by 2025, but this outlook is now being challenged by external factors [1] - The competitive landscape is undergoing dramatic adjustments due to geopolitical tensions and tariff policy changes [1] Group 2: Company Performance - Samsung and LG are anticipated to gain market share in the U.S. due to their large-scale manufacturing capabilities in Mexico [1] - In contrast, Hisense and TCL may face growth challenges due to their limited production capacity in Mexico [1]

Group 1 - Hisense and Midea have signed a strategic cooperation agreement to collaborate in areas such as AI applications, advanced manufacturing, and smart logistics [1] - The partnership is notable as both companies are leading players in the Chinese home appliance industry, competing with brands like Gree, Haier, and TCL [1] - The collaboration is driven by the rapid development of innovative technologies, particularly AIGC, which presents new opportunities for the home appliance sector [1] Group 2 - Hisense's projected revenue for 2024 is 214.3 billion yuan, with core businesses including traditional appliances and new ventures in smart transportation and precision medicine [2] - Midea's total revenue for 2024 is expected to reach 409.08 billion yuan, with a focus on consumer electronics, HVAC, robotics, and smart supply chains [2] - The combined revenue of both companies exceeds 600 billion yuan, indicating a potential shift in the home appliance industry from competition to collaborative coexistence, which could transform the trillion-yuan market [2]

Core Viewpoint - Hisense Group and Midea Group have signed a strategic cooperation agreement to collaborate in areas such as AI applications, advanced global manufacturing, and smart logistics, aiming for resource sharing and mutual benefits [1][3] Group 1: Strategic Cooperation - The cooperation will focus on developing digital and AI application platforms based on each company's digital practices, particularly in manufacturing and logistics [3] - Both companies aim to enhance their digital operational capabilities while empowering ecosystem partners through AI applications across various business scenarios [3] Group 2: Innovation and Development - Hisense and Midea will collaborate on green factories, industrial internet, and global capacity layout, addressing new trends and challenges in global economic development [3] - The partnership will also involve joint efforts in core technology breakthroughs, process innovation, and talent cultivation to improve production quality and efficiency [3] Group 3: Customer Satisfaction - A shared goal of both companies is to continuously enhance user satisfaction, particularly in the smart logistics sector, by optimizing production logistics and building intelligent warehouse networks [3] - The ultimate aim is to improve end-to-end supply chain operational efficiency and inventory layout, leading to higher consumer delivery satisfaction [3] Group 4: Future Collaboration - Hisense and Midea plan to leverage their resource advantages to deepen cooperation in broader fields, continuously innovate business models, and achieve win-win and collaborative development [3]

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 ...

Core Insights - The Chinese smart internet TV industry has entered a mature development stage, with a projected revenue of 53.78 billion yuan in 2024, representing a year-on-year growth of 10.11% [1][14] - Continuous innovation in display technologies and smart features, such as OLED, Mini LED, and voice assistants, has significantly enhanced product value [1][14] - Increasing consumer demand for high-quality and diverse entertainment content has attracted more users to smart internet TVs [1][14] - Government policies have been introduced to encourage the development of smart TVs and smart home products, promoting high-quality industry growth [1][14] Industry Overview - Smart internet TV, also known as OTT TV, integrates internet technology with traditional TV functions, allowing users to access a vast array of online video resources [2] - The industry has evolved through four main stages: exploration (pre-2009), development (2010-2012), acceleration (2013-2016), and standardization (2017-present) [4][5] Industry Development History - The exploration phase saw initial technological research and market surveys by appliance manufacturers [4] - The development phase marked the official entry of smart internet TVs into rapid growth, with the establishment of licensing systems [4] - The acceleration phase involved close collaboration among internet companies, licensees, and terminal manufacturers, leading to explosive growth [4] - The current standardization phase focuses on regulatory improvements and technological innovation to enhance user experience [5][6] Industry Value Chain - The upstream of the smart internet TV industry includes raw materials, components, and technology, while the midstream involves production and manufacturing [8] - The downstream consists of consumers who utilize these smart internet TVs [8] Market Trends - The number of broadband internet users in China is projected to reach 670 million by 2024, with a significant increase in high-speed users [10] - The digital TV user base is expected to grow to 201 million by 2024, indicating a healthy market for smart internet TVs [12] Key Companies - Major players in the industry include TCL Technology, Hisense, Haier, Skyworth, and Xiaomi, with traditional brands competing alongside emerging tech brands [16] - Hisense's revenue is projected to reach 58.53 billion yuan in 2024, with a net profit of 2.25 billion yuan [18] - Skyworth's total revenue is expected to be 65.01 billion yuan in 2024, despite a decline in profit margins [20] Future Development Trends - Large-size and ultra-high-definition TVs are anticipated to dominate the market, driven by consumer demand for enhanced viewing experiences [22] - Smart TVs will evolve into control centers for smart home ecosystems, integrating with various smart devices [23] - The industry will continue to focus on technological innovation and the integration of content services, moving towards a model that combines hardware, content, and services [24]

Core Viewpoint - The liquid crystal display (LCD) panel market is experiencing a decline in shipment volume, while the shipment area is growing due to increased demand for larger sizes. The OLED television market is showing a significant growth trend in shipment volume. LCD Panel Market Analysis - The global LCD television panel shipment volume has been decreasing, with a drop to 226 million units in 2023, but is expected to rise to 237 million units in 2024, reflecting a year-on-year growth of 5.1% [5][7] - Despite the decline in shipment volume, the global LCD television panel shipment area has increased from 162 million square meters in 2019 to an expected 175 million square meters in 2024 [7] OLED Television Market Analysis - The global OLED television shipment volume is on an upward trend, with an expected shipment of 7.09 million units in 2024, representing a substantial year-on-year increase of 34% [10][8] Competitive Landscape - In the OLED market, key players include BOE Technology Group, Visionox, and Huaxing Optoelectronics, with BOE and Visionox being prominent in China's OLED market due to their strong financial capabilities [11] - The TFT-LCD market is led by companies such as BOE, Huike, and Innolux, which have significant production capacity advantages [11]