海信视像（ [Table_StockNameRptType] 600060） 公司点评 拐点确立盈利超预期 ——海信视像 24 年报点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-03-31 | [Table_BaseData] 收盘价（元） | 23.03 | | --- | --- | | 近 12 个月最高/最低（元） | 29.24/14.28 | | 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） | 301 | | 流通市值（亿元） | 298 | [公司价格与沪深 Table_Chart] 300 走势比较 -45% -26% -6% 14% 33% 4/24 7/24 10/24 1/25 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 [Table_Company ...

投资要点： 24 年公司收入、业绩符合预期。海信视像2024 年实现总营收585.30 亿元，同比增加9%；实现归母净利 润22.46 亿元，同比增加7%；实现扣非归母净利润18.17 亿元，同比增加5%。其中，2024 年Q4 公司实 现营收178.80 亿元，同比增加24%；实现归母净利润9.36亿元，同比增加100%；实现扣非归母净利润 8.30 亿元，同比增加122%。同时，公司拟向全体股东每10 股派发现金红利人民币8.80 元（含税），合 计拟派发现金红利11.48 亿元，占2024 年归母净利润的51.12%。公司24 年收入、业绩符合市场预期。 内外销市场稳步发展，产业结构持续优化。国内市场方面，公司电视产品的高端化、大屏化优势显著。 奥维云网数据显示，中国内地线下高端电视市场，2024 年海信系零售额市占率为40.97%，Mini LED 产 品零售量与零售额占有率分别达34.91%（同比+5.67pp）和35.85%（同比+5.72pp），线上高端额占有率 29.68%（同比+4.44pp），持续领跑行业；在大屏领域，百吋及以上产品，海信系电视零售量与零售额 占有率分别达41.05%和46 ...

Investment Rating - The investment rating for Hisense Visual (600060) is "Outperform" [1] Core Insights - The company's revenue and performance for 2024 met market expectations, with total revenue of 58.53 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 2.25 billion yuan, a year-on-year increase of 7% [6] - The domestic trade-in policy has driven revenue growth, and the company has raised its profit forecast for 2025-2026, expecting net profits of 2.50 billion yuan and 2.76 billion yuan respectively, with corresponding P/E ratios of 12x and 11x [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 53.62 billion yuan - 2024: 58.53 billion yuan - 2025E: 64.18 billion yuan - 2026E: 68.40 billion yuan - 2027E: 73.02 billion yuan - Net profit attributable to shareholders forecast for the same period: - 2023: 2.10 billion yuan - 2024: 2.25 billion yuan - 2025E: 2.50 billion yuan - 2026E: 2.76 billion yuan - 2027E: 3.01 billion yuan [5][8]

Group 1: Financial Performance - In 2024, the company achieved revenue of 58.53 billion, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 2.25 billion, up 7.2% year-on-year [1] - For Q4 2024, the company reported revenue of 17.88 billion, a significant year-on-year increase of 24.3%, and a net profit attributable to shareholders of 0.94 billion, up 100.1% year-on-year [1] - The overall gross margin for 2024 was 15.7%, a decrease of 0.6 percentage points year-on-year, while Q4 gross margin improved to 16.4%, a year-on-year decrease of 0.3 percentage points [2] Group 2: Business Segments - The television segment generated revenue of 46.63 billion in 2024, reflecting a year-on-year growth of 13.0%, with the company maintaining a leading position in the market [1] - The new display business reported revenue of 6.77 billion, a year-on-year increase of 3.9%, with significant growth in overseas markets, where revenue increased by 63% year-on-year [1] Group 3: Market Position and Strategy - The company holds a market share of 29.8% in domestic sales and 26.3% in volume, leading the industry, with notable increases in Mini LED retail market share [1] - The company is expected to benefit from national subsidies and major sporting events, which will drive channel expansion and market share growth [2] Group 4: Future Outlook - The company forecasts net profit attributable to shareholders of 2.63 billion, 2.93 billion, and 3.26 billion for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 16.9%, 11.6%, and 11.1% [2] - The current stock price corresponds to a PE valuation of 11, 10, and 9 times for the years 2024, 2025, and 2026 [2]

Group 1: Company Performance - Jin Sanjiang achieved a revenue of 386 million yuan in 2024, a year-on-year increase of 30.96%, with a net profit of 53.38 million yuan, up 52.54% [1] - Zhongqi Co. reported a revenue of 2.422 billion yuan in 2024, a slight increase of 1.35%, but a net profit decline of 93.88% to 11.72 million yuan [1][2] - Xizi Clean Energy's revenue was 6.437 billion yuan, down 20.33%, while net profit surged 705.74% to 440 million yuan [3] - Shensi Electronics reported a revenue of 912 million yuan, up 119.86%, with a net profit of 16.30 million yuan, an increase of 123.51% [4] - Yong'an Forestry faced a revenue drop of 53.39% to 323 million yuan, resulting in a net loss of 85.04 million yuan [6] - Yangjie Technology achieved a revenue of 6.033 billion yuan, up 11.53%, with a net profit of 1.002 billion yuan, an increase of 8.50% [8] - Yayi Technology's revenue was 296 million yuan, up 87.22%, but net profit fell 40.49% to 1.12 million yuan [10] - Xiaosong Co. reported a revenue of 1.529 billion yuan, down 4.70%, with a net loss of 225 million yuan [11] - Wantong Expressway achieved a revenue of 7.092 billion yuan, up 6.94%, with a net profit of 1.669 billion yuan, an increase of 0.55% [13] - Hisense Visual reported a revenue of 58.53 billion yuan, up 9.17%, with a net profit of 2.246 billion yuan, an increase of 7.17% [14] - Heng Rui Medicine achieved a revenue of 27.985 billion yuan, up 22.63%, with a net profit of 6.337 billion yuan, an increase of 47.28% [15] - Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30%, with a net profit of 4.345 billion yuan, an increase of 1.81% [17] - Aikodi achieved a revenue of 6.746 billion yuan, up 13.24%, with a net profit of 940 million yuan, an increase of 2.86% [18] - Sifang Co. reported a revenue of 6.951 billion yuan, up 20.86%, with a net profit of 716 million yuan, an increase of 14.09% [19] - China Petroleum achieved a revenue of 2.94 trillion yuan, down 2.5%, with a net profit of 164.684 billion yuan, an increase of 2.0% [19] - Xinyaqiang reported a revenue of 721 million yuan, up 6.71%, but a net profit decline of 7.36% to 114 million yuan [20] Group 2: Dividend Proposals - Jin Sanjiang proposed a cash dividend of 1.70 yuan per 10 shares [1] - Zhongqi Co. proposed a cash dividend of 0.50 yuan per 10 shares [1] - Xizi Clean Energy proposed a cash dividend of 2.00 yuan per 10 shares [3] - Shensi Electronics did not specify a dividend proposal [4] - Yong'an Forestry did not specify a dividend proposal [6] - Yangjie Technology proposed a cash dividend of 4.00 yuan per 10 shares [8] - Yayi Technology proposed a cash dividend of 5.00 yuan per 10 shares and a capital reserve increase of 3 shares for every 10 shares [10] - Xiaosong Co. did not specify a dividend proposal [11] - Wantong Expressway proposed a cash dividend of 6.04 yuan per 10 shares [13] - Hisense Visual proposed a cash dividend of 8.80 yuan per 10 shares [14] - Heng Rui Medicine proposed a cash dividend of 2.00 yuan per 10 shares [15] - Qingdao Beer proposed a cash dividend of 2.20 yuan per share [17] - Aikodi proposed a cash dividend of 3.00 yuan per 10 shares [18] - Sifang Co. proposed a cash dividend of 7.20 yuan per 10 shares [19] - China Petroleum proposed a cash dividend of 0.25 yuan per share [19] - Xinyaqiang proposed a cash dividend of 0.40 yuan per share [20]

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 27.80 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 58.53 billion CNY for 2024, representing a year-over-year increase of 9.2%. The net profit attributable to shareholders was 2.25 billion CNY, up 7.2% year-over-year. In Q4 alone, the company achieved a revenue of 17.88 billion CNY, a significant increase of 24.3% year-over-year, and a net profit of 0.94 billion CNY, which is a remarkable growth of 100.1% year-over-year [1][2][3]. Summary by Sections Financial Performance - In Q4, Hisense's domestic television sales increased by 14% year-over-year, driven by the "old-for-new" policy stimulating demand in the television industry. The company's global market share for television shipments reached 13.9%, an increase of 1.0 percentage points year-over-year [2]. - The net profit margin for Q4 was 5.2%, reflecting a year-over-year increase of 2.0 percentage points, primarily due to improved gross margins from high-end products and stable panel costs [2][3]. Cash Flow - The operating cash flow for Q4 increased by 100 million CNY year-over-year, attributed to rapid revenue growth. Cash received from sales and services rose by 340 million CNY year-over-year [3]. Future Outlook - The company is expected to benefit from ongoing product structure optimization and rapid growth in new display businesses, which include laser display, commercial display, cloud services, and chip businesses. EPS forecasts for 2025, 2026, and 2027 are 1.99 CNY, 2.19 CNY, and 2.45 CNY, respectively [3][4].

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-006 海信视像科技股份有限公司 第十届监事会第七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 海信视像科技股份有限公司（以下简称"公司"）第十届监事会第七次会议 （以下简称"会议"或"本次会议"）于2025年3月27日以现场结合通讯方式召 开。本次会议由监事会主席陈彩霞女士召集并主持，应出席监事3人，实际出席 监事3人。本次会议的召集和召开符合《中华人民共和国公司法》《海信视像科 技股份有限公司章程》等法律法规及相关文件的规定，形成的决议合法有效。 二、监事会会议审议情况 （一）审议通过了《关于公司 2024 年年度报告及其摘要的议案》 同意公司《2024 年年度报告》及其摘要，该等报告的内容能够真实、准 确、完整地反映公司的实际情况。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 具体内容详见公司于本公告同日在上海证券交易所网站（www.sse.com.cn） 披露的《2024 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-007 海信视像科技股份有限公司 关于公司2024年度利润分配方案的公告 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。 重要内容提示： 经信永中和会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 公司母公司报表中期末未分配利润为人民币 12,421,544,043.88 元，公司 2024 年度 实现归属于上市公司股东的净利润为人民币 2,246,217,303.19 元。经董事会决议， 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发 现金红利 8.80 元（含税），不进行公积金转增股本，不送红股。 截至 2024 年 12 月 31 日，公司总股本为 1,304,972,254 股，以此计算合计拟派 发 现 金 红 利 1,148,375,583.52 元 （ 含 税 ）。 本 年 度 公 司 现 金 分 红 总 额 为 本年度公司以现金为对价，采用集中竞价方式已实施的股份回购金额 为 公司股东净利润的 ...

赵曙明，1952 年 12 月出生，美国克莱蒙特研究生大学管理学博士、南京大 学人文社会科学资深教授、博士生导师，主要研究方向为人力资源管理、企业跨 国经营等。赵曙明教授长期在南京大学任教，现任南京大学人文社会科学资深教 授、商学院名誉院长、行知书院院长等职务。2015 年 7 月至今，担任金雨茂物 投资管理股份有限公司董事；2020 年 5 月至今，担任江苏联发纺织股份有限公 司独立董事；2021 年 6 月至今，担任本公司独立董事。 海信视像科技股份有限公司 2024 年度独立董事述职报告 作为海信视像科技股份有限公司（以下简称"公司"或 "本公司"）独立董 事，本人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司治理准则》《上市公司独立董事管理办法》等法律法规、规范性文件以及《海 信视像科技股份有限公司章程》（以下简称"《公司章程》"）、《海信视像科技股 份有限公司独立董事工作制度》等规定，基于客观、公正、独立的原则，勤勉尽 责，积极出席相关会议，认真审议各项议案，在董事会中充分发挥参与决策、监 督制衡、专业咨询作用，运用自身专业知识，为公司的科学决策提出意见和建议， 维护公司及全体 ...