Core Insights - The advertising machine industry in China is experiencing steady growth, with market size projected to reach 64.94 billion in 2023 and approximately 76.7 billion in 2024, driven by urbanization and consumption upgrades [1][10] - The industry is characterized by a comprehensive supply chain, including upstream raw materials, midstream manufacturing, and downstream applications across various sectors such as retail, transportation, and education [4][10] Industry Definition and Classification - Advertising machines are electronic devices that integrate display technology, multimedia playback, and network transmission capabilities, primarily used for displaying advertisements and information in public spaces [2] Industry Development History - The advertising machine industry in China has evolved through three stages: initial emergence in the 1990s, rapid development in the early 2000s with advancements in LCD technology, and the current phase of smart and diversified applications driven by AI and big data [6][7] Upstream Analysis - China has a significant advantage in the production of LED displays, with a market size of approximately 537 billion in 2023, growing by 8.9% year-on-year [9] - The integration of LED technology into advertising machines enhances display quality and expands application scenarios, including outdoor advertising and transportation hubs [9] Current Industry Status - The advertising machine market in China is projected to grow from 49.41 billion in 2022 to 64.94 billion in 2023, with increasing demand driven by competitive business environments and the construction of new public spaces [10][13] Downstream Analysis - The advertising industry in China is also growing, with business revenue expected to exceed 1.5 trillion in 2024, marking a 17.9% increase from the previous year, which in turn boosts demand for advertising machines [13] Key Enterprises Analysis - The competitive landscape of the advertising machine industry is diverse, with key players like AOTO Electronics, Neusoft Group, and Konka Group leveraging their strengths in technology and market experience to capture different segments [15][18][19] Future Development Trends - High resolution and refresh rates are becoming essential in advertising machines, enhancing visual appeal and advertising effectiveness [21] - The industry is moving towards greater intelligence, with advertising machines evolving into interactive platforms capable of remote management and personalized content delivery [22][23] - Industry consolidation and standardization are anticipated, with stronger companies likely to emerge through mergers and acquisitions, leading to a healthier market environment [24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company continues to show an improving trend in profitability, with Q1 2025 revenue reaching 13.375 billion yuan, a year-on-year increase of 5.31%, and net profit attributable to shareholders at 554 million yuan, up 18.61% [7][8] - The company is expected to benefit from the "trade-in" policy, which is driving growth in mid-to-high-end products, and the domestic sales are showing a good growth trend [7][8] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.546 billion, 2.844 billion, and 3.151 billion yuan respectively, with corresponding EPS of 1.95, 2.18, and 2.41 yuan [7][10] Financial Summary - As of Q1 2025, the company's gross margin is 15.93%, reflecting a year-on-year increase of 0.60 percentage points, while the net profit margin is 4.14%, up 0.46 percentage points [9] - The company’s total market capitalization is 30.406 billion yuan, with a current stock price of 23.30 yuan [3][7] - The projected revenue growth rates for 2025-2027 are 10.1%, 9.2%, and 9.0% respectively, with net profit growth rates of 13.3%, 11.7%, and 10.8% [10][12]

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025.1.22 《2024Q3 境外持续增长，产品结构升 级趋势延续— ...

Core Viewpoint - The company reported a Q1 earnings report with single-digit revenue growth and double-digit profit growth, meeting expectations, driven by both domestic and international sales increases [1][2] Revenue Analysis - In Q1 2025, the company achieved operating revenue of 13.375 billion yuan (YOY +5.31%) and net profit attributable to shareholders of 554 million yuan (YOY +18.61%) [2] - Domestic sales of televisions showed stable growth, with the company's leading position maintained, while external sales faced slight declines due to inventory adjustments and fluctuating demand in the U.S. market [3] - The average selling price (ASP) for televisions increased significantly, with online and offline prices rising by 15% and 6% respectively [3] - New display business revenue grew by approximately 5%, with significant increases in laser product sales and a 20%+ increase in chip revenue [4] Profitability Analysis - The gross margin for Q1 2025 was 15.93%, an increase of 0.17 percentage points year-on-year, with improvements in both domestic and international sales margins [5] - The company’s high-end product strategy is yielding results, with the market share of MiniLED products increasing significantly [5] - Operating expenses increased slightly, with a period expense ratio of 12.57%, up 0.75 percentage points year-on-year [6][7] - The net profit margin for Q1 was 4.14%, reflecting a year-on-year increase of 0.46 percentage points, with expectations for continued profit margin improvement [8] Future Outlook - The company is expected to benefit from ongoing national subsidy policies and improved production capacity in Mexico, which will enhance its competitive edge in the U.S. market [1][8] - Forecasts suggest that the company will achieve net profits of 2.663 billion, 3.059 billion, and 3.457 billion yuan for 2025-2027, with corresponding EPS of 2.04, 2.34, and 2.65 yuan [8]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - In Q1 2025, the home appliance export continued to show double-digit growth, with a notable recovery in export growth in March despite the impact of US tariffs. The export volume maintained a high growth rate of +20%, while the average export price in RMB showed a year-on-year decline of -5% [1][12][16] - The global manufacturing PMI averaged 49.9% in Q1 2025, indicating resilience in international market demand, with exports to over 170 countries and regions achieving growth [1][16] - The North American channel replenishment is expected to support the improvement of domestic home appliance companies' export data [2][25] Summary by Sections Export Data - In March 2025, the domestic home appliance export value was 642 billion RMB, up 14% year-on-year, and 9 billion USD, up 13% year-on-year. In Q1 2025, the export value was 1736 billion RMB, up 10% year-on-year, and 242 billion USD, up 9% year-on-year [1][12] Category Performance - In Q1 2025, major categories such as white goods, kitchen appliances, small appliances, and color TVs maintained positive growth, with white goods leading at a growth rate of 23% [2][20] - In the US, white goods export growth reached 15%, while in Latin America, white goods and small appliances saw impressive growth rates of 46% and 18% respectively [2][22] Inventory and Orders - US durable goods inventory has been declining since Q3 2021, with a year-on-year decrease of about 5% as of Q4 2024, indicating a relatively low inventory level [2][25] Market Trends - The home appliance sector showed a positive performance in the stock market, with the home appliance index rising by 1.89% during the week of April 21-25, 2025 [3][29] - The report suggests that the upcoming peak season for air conditioning and the 618 shopping festival in May will further strengthen retail sales [3][4] Investment Recommendations - Recommended stocks include major appliances like Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances, as well as small appliances like Supor and Feike Electric [4]

证券代码：600060 证券简称：海信视像 公告编号：2025-015 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 一、担保情况概述 2024 年 12 月 6 日，公司第十届董事会第八次会议审议通过《关于公司及子公 司 2025 年度担保额度预计的议案》，同意基于相关子公司经营发展需要及经营资 1 / 6 被担保人：厦门乾照光电科技有限公司（以下简称"乾照科技"）以及江 西乾照光电有限公司（以下简称"江西乾照"），均为海信视像科技股份有 限公司（以下简称"公司"）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"）的全资子公司。 本次担保金额及实际担保余额：（1）本次乾照光电为乾照科技提供 1 项最 高额保证担保，被担保的主债权本金余额在债权确定期间内最高不超过人 民币 24,400 万元；（2）本次乾照光电为江西乾照提供 2 项最高额保证担 保，被担保的主债权本金余额在债权确定期间内分别最高不超过人民币 10,000 万元、15,000 ...

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 30.46 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 13.38 billion CNY in Q1 2025, representing a year-over-year increase of 5.3%, and a net profit attributable to shareholders of 0.55 billion CNY, up 18.6% year-over-year [2][3]. - The company is expected to continue improving its profitability due to product structure optimization and rapid growth in new display businesses [2]. - The domestic market is benefiting from the old-for-new policy, which stimulates demand for television upgrades, while the overseas market is seeing stable performance due to enhanced brand recognition through sports marketing [2][3]. Financial Performance Summary - Q1 2025 saw a net profit margin increase of 0.5 percentage points year-over-year, attributed to higher sales of mid-to-high-end products and a slight increase in overall gross margin by 0.2 percentage points [3]. - The operating cash flow for Q1 increased by 0.87 billion CNY year-over-year, driven by steady revenue growth [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.03 CNY, 2.28 CNY, and 2.52 CNY respectively, indicating a positive growth trajectory [4][10]. Financial Forecasts - Revenue forecasts for Hisense Visual are projected to grow from 53.62 billion CNY in 2023 to 77.55 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][10]. - Net profit is expected to increase from 2.10 billion CNY in 2023 to 3.29 billion CNY in 2027, reflecting a consistent growth pattern [4][10]. - The company’s net profit margin is projected to stabilize around 4.2% by 2027, with a return on equity (ROE) expected to reach 13.5% [4][10].

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]