在家电补贴政策带动下，2024Q4 公司营收同比+24%，其中智慧显示终端同比+30%，环比提速。分内 外销看，Omdia 显示Q4 公司TV 内外销出货量分别同比+22%/+32%，内销转正、外销提速，奥维云网 显示Q4 公司中国境内线上/线下零售均价均同比+20%以上，我们预计公司Q4 内销同比量价齐升，外销 量增贡献为主。公司非彩电业务2024Q4 合计收入同比+6%。分产品来看，2024 年公司MiniLED/75 英 寸以上/85 英寸以上产品的收入占比分别+11.77/+6.91/+7.17pct，产品结构显著升级。 公司事件 海信视像披露2024 年报： 2024 年营收585.30 亿，同比+9.17%，归母净利润22.46亿，同比+7.17%，扣 非净利润18.17 亿，同比+4.88%；其中2024Q4 营收178.80亿，同比+24.26%，归母净利润9.36 亿，同比 +100.14%，扣非净利润8.30 亿，同比+121.56%。公司拟每10 股派现8.8 元（含税），分红总额11.5 亿，分红率51%。 国补带动TV 提速，产品结构显著升级 海信视像坚持高端化、全球化战略，一方面在 ...

Group 1: Sanlipu - In 2024, Sanlipu achieved a total sales volume of polarizers of 33.07 million square meters, a year-on-year increase of 30.40% [1] - The company reported operating revenue of 2,589,692,805.31 yuan, up 25.25% from the previous year [2] - Net profit attributable to shareholders reached 68,091,111.50 yuan, reflecting a significant growth of 59.07% year-on-year [2] - The company’s cash flow from operating activities was 42,211,248.57 yuan, a slight increase of 1.70% compared to the previous year [2] - Sanlipu's gross profit margin improved, with the third and fourth quarters achieving record high revenues [1][2] Group 2: Business Expansion and R&D - Sanlipu's OLED product series continued to grow, with accelerated domestic substitution [3] - The company is advancing the construction of its second phase of production capacity in Hefei, focusing on trial production, yield improvement, and customer certification [3] - In 2024, Sanlipu submitted 29 new patent applications, including 19 invention patents and 10 utility model patents, and obtained 25 new authorized patents [3] Group 3: Hisense Visual - In 2024, Hisense Visual achieved operating revenue of 58.53 billion yuan, a year-on-year increase of 9.17% [4] - The net profit attributable to shareholders was 2.25 billion yuan, up 7.17% from the previous year [5] - The net cash flow from operating activities was 3.59 billion yuan, reflecting a growth of 22.79% year-on-year [5] Group 4: Technology and Product Development - Hisense Visual is focusing on three core display technologies: ULED, Micro LED, and laser display, accelerating platform innovation [5] - The company has seen growth in the shipment of Mini LED backlight TV products across various domestic and international markets [6] - In the AR field, Hisense Visual successfully completed the assembly of Micro LED ultra-small optical modules, achieving significant reductions in size and improvements in performance [6]

Group 1: Market Overview - The bond market has experienced fluctuations since December 2024, with liquidity pressures easing marginally, indicating a shift in the central bank's target function [10] - The first quarter of 2025 is expected to see a high overall economic sentiment, driven by domestic demand, while external pressures may arise from trade policies [10] - The second quarter may witness a return to monetary and fiscal cooperation, with potential for bond purchases and interest rate cuts [10] Group 2: Gold Market Insights - Gold has the highest risk-reward ratio among domestic asset classes, with its low correlation to other asset categories making it an attractive option for institutional investors [9][11] - The correlation between gold prices and U.S. Treasury yields has evolved, with recent trends indicating a weak correlation, suggesting gold's role as a hedge against market volatility [11] Group 3: Convertible Bond Market - The median price of convertible bonds fell to 121 yuan in March, with high-priced bonds declining by 2% while low-priced bonds remained stable [14] - The convertible bond market is facing a unique environment, with strong demand from fixed-income investors despite supply constraints [14] - The first quarter of 2025 may see an increase in the number of companies receiving attention from rating agencies due to performance issues, impacting bond prices [14] Group 4: Company-Specific Performance - Laopu Gold (6181.HK) reported a significant revenue increase of 167.5% year-on-year, reaching 8.51 billion yuan, with net profit soaring by 253.9% [13][15] - The brand's recognition has improved, leading to a substantial increase in store revenue, with an average sales figure of 328 million yuan per store [15] - The company plans to expand its presence internationally, with a new store opening in Singapore, enhancing its global brand strategy [15] Group 5: Industry Trends - The consumer battery sector is experiencing a golden development phase, with significant growth in both consumer and energy storage applications [21][23] - The insulated cup market remains robust, with exports to the U.S. increasing by 20.3% year-on-year, indicating sustained demand [24][26] - The company is focusing on diversifying its supply chain and enhancing production efficiency to mitigate tariff impacts and improve profitability [26]

家用电器/黑色家电 海信视像（600060.SH） 业绩接近预告上限，继续看好 2025 年盈利修复弹性 2025 年 04 月 01 日 以及长期海外营收增长 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 24.82 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 323.89 | | 流通市值(亿元) | 321.44 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 62.99 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 海信视像 沪深300 相关研究报告 《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—公司信息更新报告》 -2024.11.1 《2024Q2 成本扰 ...

Core Viewpoint - Hisense Group's home appliance subsidiaries, Hisense Home Appliances and Hisense Visual Technology, reported strong financial performance for 2024, driven by government subsidy policies and effective sports marketing strategies, particularly in overseas markets [1][2][5]. Financial Performance - Hisense Home Appliances achieved revenue of 92.746 billion yuan, a year-on-year increase of 8.35%, and a net profit of 3.348 billion yuan, up 17.99% [1]. - Hisense Visual Technology reported revenue of 58.530 billion yuan, a 9.17% increase, and a net profit of 2.246 billion yuan, up 7.17% [1]. - The fourth quarter of 2024 showed significant growth for both companies, with Hisense Home Appliances' revenue reaching 22.167 billion yuan, a 7.08% increase, and a net profit of 555 million yuan, up 34.91% [1]. Market Analysis - Domestic revenue for Hisense Home Appliances declined by 2.12%, while overseas revenue surged by 27.59%, accounting for nearly 40% of total revenue [1]. - The overall market for central air conditioning in China saw a 12.5% decline, indicating ongoing pressure in the domestic market despite some recovery in the fourth quarter [2][3]. Strategic Initiatives - The implementation of the "trade-in for new" policy has helped stabilize the domestic market, although challenges remain [2]. - Hisense's focus on sports marketing has enhanced brand recognition and sales in overseas markets, with a reported global TV market share of 13.95%, an increase of 0.99 percentage points [5][6]. Product Development - Hisense has made significant advancements in product categories, with a 72% year-on-year revenue growth in kitchen appliances and a 58% market share in large-screen TVs [3][5]. - The company is also investing in smart home technology, launching its self-developed AI solutions to enhance its product offerings [3]. Future Outlook - Continued government subsidies and the recovery of public construction orders are expected to support revenue stabilization in the domestic market [4]. - The transition of sports marketing from brand recognition to brand reinforcement will be crucial for improving overseas market margins and enhancing high-end product sales [7].

3月底，海信系两家家电上市公司相继披露2024年业绩报告。海信视像、海信家电营收与归母净利润都 实现正增长。 海信视像经历2024年前三季度归母净利润压力后，全年力挽狂澜实现正增长，电视营收超466亿元；海 信家电归母净利润增速好于营收，暖通业务突破400亿元。 | | 海信视像 | | (电视业务) | | 海信家电 | | (暖通业务) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 585.30亿元 | | 466.34亿元 | | 927.46亿元 | | 402.84亿元 | | | 同比涨跌 | | 9.17% | | 13.03% | | 8.35% | | 4.22% | | 归母净利润 | 22.46亿元 | | | | 33.48亿元 | | | | | 同比涨跌 | | 7.17% | | | | 17.99% | | | 海信视像、海信家电2024年业绩对比。新京报贝壳财经记者制图 2024年，海信视像北美市场，公司聚焦高端与大屏市场，在北美市场出货中Mini LED机型占比达 7.5%，同比提升 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is expected to achieve a revenue of 58.53 billion yuan in 2024, representing a year-on-year growth of 9.17%, and a net profit attributable to shareholders of 2.25 billion yuan, up 7.17% year-on-year [1]. - The company continues to enhance its global market share, with a 13.95% share in global TV shipments, maintaining the second position worldwide, and a leading position in the Chinese market with a retail market share of 29.83% [1]. - The product structure is improving, with significant growth in large and high-end products, including a 206.5% increase in shipments of 98-inch and larger screens [2]. - The company is advancing in technology with the development of RGB-Mini LED modules and AI-driven quality enhancement chips, positioning itself as a leader in the display industry [3]. - The company is expected to maintain stable long-term growth, with projected net profits of 2.66 billion yuan, 3.04 billion yuan, and 3.39 billion yuan for 2025, 2026, and 2027 respectively [4]. Financial Summary - In 2024, the company is projected to have an EBITDA of 6.15 billion yuan and a net profit of 2.25 billion yuan, with an EPS of 1.72 yuan per share [5][11]. - The overall gross margin for 2024 is expected to be 15.66%, slightly down by 0.6 percentage points year-on-year, primarily due to panel cost pressures [2]. - The company’s total assets are projected to reach 49.01 billion yuan by 2025, with a debt-to-asset ratio of 44.48% [12].

本报告导读： 事件：公司2024 年实现营业收入585.3 亿元，同比+9.17%，归母净利润22.46 亿元，同比+7.17%，扣非 归母净利润18.17 亿元，同比+4.88%。剔除股权激励管理费用后，归母净利润高于2024 年员工持股计划 业绩目标净利润20.54 亿元。其中2024Q4 实现营业收入178.8亿元，同比+24.26%，归母净利润9.36 亿 元，同比+100.14%，扣非归母净利润8.3 亿元，同比+121.56%。公司拟每10 股派息8.80 元（含税）， 分红总额11.48 亿元，分红率51%，股息率3.82%。 智慧显示业务国内受益以旧换新，海外增长具韧性。分区域看：智慧显示终端业务2024 年全球收入466 亿元, 同比+18%；其中境外收入 264 亿元，同比+ 20%左右；国内收入201 亿元，同比+12%左右。对应 2024 年Q4，智慧显示终端业务全球收入143 亿元, 同比大幅+40%以上。受益公司在欧美市场积极进行 体育赛事营销和渠道优化、提升渠道覆盖率，境外收入57 亿元，同比+20%左右；国内受益国补带来的 需求驱动以及销售结构改善，量价齐升，Q4 国内收入70 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Hisense Visual Technology [3][6] Core Views - The company reported a revenue of 58.53 billion yuan for 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of 2.25 billion yuan, up 7% year-on-year [6][2] - The fourth quarter saw a revenue increase of 24% and a net profit that doubled year-on-year, indicating strong performance close to the upper limit of previous forecasts [6][2] - The company is focusing on structural upgrades, with significant growth in high-end products driven by domestic subsidies and a notable increase in MiniLED market share both domestically and internationally [6][2] Financial Data and Valuation - Total revenue projections for 2025-2027 are 66.78 billion yuan, 74.05 billion yuan, and 81.11 billion yuan, with year-on-year growth rates of 14%, 11%, and 10% respectively [2][6] - Expected net profits for the same period are 2.51 billion yuan, 2.77 billion yuan, and 3.01 billion yuan, with growth rates of 12%, 10%, and 9% respectively [2][6] - The company's PE ratios for 2025, 2026, and 2027 are projected to be 12.9, 11.7, and 10.8 respectively, indicating a favorable valuation trend [2][6] Business Performance - The company achieved a 36% market share in offline MiniLED TV retail in China, a 5.7 percentage point increase year-on-year [6][2] - Internationally, MiniLED sales grew by 163%, with North America and Europe showing significant increases in market share [6][2] - The company is advancing its technology integration across the display value chain, launching innovative products such as the world's first 136-inch consumer-grade MicroLED TV [6][2]

海信视像 (600060 CH) 证券研究报告 业绩超预期，高端产品驱动盈利改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 31 日│中国内地 | 视听器材 | 公司公布 2024 年业绩：收入 585.3 亿元，同比+9.17%；归母净利 22.46 亿元，同比+7.17%。其中，24Q4 营收同比+24.26%，归母净利同比 +100.14%。24 年业绩好于我们预期（预期归母净利 20.7 亿元），主要得益 于 24Q4 换新推动内销积极修复。公司在 Mini LED 等高能效产品上有较强 竞争力，25 年国补红利有望继续推动产品结构升级、改善盈利水平。公司 也着力布局 AI+，在 AI 赋能显示产品已有建树，同时在 AI/AR 眼镜上也有 技术积累，端侧产品有望 25 年推出。公司年报每股分红 0.88 元（含税）， 股利支付率小幅提升至 51%。维持"增持"评级。 国补推动电视产品结构升级成效显著 24 年电视收入同比+13%，主要受益于国补，24Q4 单季海信/Vidda 线上零 售量分别同比+21.4%/+2.7 ...