Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" (maintained) [1] Core Views - Q3 revenue showed a recovery, with expectations for profit margin improvement in Q4 [1] - The overall revenue increased by 6% in Q3, driven by overseas sales growth [1] - The company anticipates a significant improvement in gross margin in Q4 due to cost transmission from panel prices and structural upgrades in domestic sales [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 45,738 million - 2023A: 53,616 million - 2024E: 56,293 million - 2025E: 61,917 million - 2026E: 67,884 million - Year-on-Year Growth Rates: 2023A: 17%, 2024E: 5%, 2025E: 10%, 2026E: 10% [1][2] - **Net Profit Forecasts**: - 2022A: 1,679 million - 2023A: 2,096 million - 2024E: 1,871 million - 2025E: 2,155 million - 2026E: 2,490 million - Year-on-Year Growth Rates: 2023A: 25%, 2024E: -11%, 2025E: 15%, 2026E: 16% [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.29 - 2023A: 1.61 - 2024E: 1.43 - 2025E: 1.65 - 2026E: 1.91 [1][2] - **Gross Margin**: - Q3 gross margin was under pressure but showed improvement in domestic sales due to structural changes [1] Market and Sales Insights - **Sales Breakdown**: - Q3 revenue from overseas sales increased significantly, with expectations for continued growth in North America and Europe [1] - Domestic sales saw a slowdown in decline, with expectations for recovery driven by new product launches [1] - **Market Trends**: - The company expects a recovery in sales volume and pricing in the global TV market, with a projected increase in sales volume by double digits [1] - **Cost Management**: - The company is focusing on cost management strategies to improve profitability, including reducing sales and R&D expense ratios [1][2]

证券代码：600060 证券简称：海信视像 公告编号：临 2024-069 海信视像科技股份有限公司 关于股权激励限制性股票回购注销实施的公告 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： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 428,801 股 | 428,801 | 股 | | 2024 年 | 11 | 月 | 7 日 | 一、本次限制性股票回购注销的决策与信息披露 公司于 2024 年 8 月 29 日召开第十届董事会第五次会议和第十届监事会第四 次会议，同意对部分激励对象持有的已获授但尚未解除限售的 428,801 股限制性 股票进行回购注销（以下简称"本次回购注销"），具体内容详见公司于 2024 年 8 月 30 日在上海证券交易所官方网站（http://www.sse.com.cn/）披露的《关 于回购注销部分激励对象已获授但尚未解除限售的限制性股票的公告 ...

青岛市崂山区香港东路 195 号 3 号楼 青岛上实中心 1401、1402、1403 单元 邮编：266071 电话：（86-532）6869-5000 传真：（86-532）6869-5010 北京市君合（青岛）律师事务所 关于海信视像科技股份有限公司 回购注销部分限制性股票等相关事项的 法律意见书 本法律意见书仅供公司为实施本次回购注销之目的而使用，不得用作任何其 他目的。本所同意公司将本法律意见书作为其本次回购注销的必备文件之一，随 其他材料一起提交上海证券交易所予以公告，并依法对本法律意见书承担相应的 法律责任。本所同意公司在其为本次回购注销所制作的相关文件中依法引用本法 律意见书的相关内容，但该引用不应采取任何可能导致对本所意见的理解出现偏 差的方式进行，否则本所有权对上述相关文件的相应内容进行再次审阅并确认。 海信视像科技股份有限公司： 北京市君合（青岛）律师事务所（以下简称"本所"）为具有从事法律业务 资格的律师事务所。本所接受海信视像科技股份有限公司（以下简称"公司"或 "海信视像"）的委托，委派本所律师以特聘法律顾问的身份，就公司 2021 年限 制性股票激励计划（以下简称"本次激励计划" ...

Investment Rating - The investment rating for Hisense Visual Technology is maintained as "Buy" [1][3]. Core Views - The report highlights that despite pressure on performance in Q3 2024, the overseas market continues to grow, and the trend of product structure upgrading persists. The company has experienced a revenue increase of 3.6% year-on-year for the first three quarters of 2024, with a notable 5.8% increase in Q3 revenue [3][4]. Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue reached 406.5 billion yuan, with main business income at 378.5 billion yuan, and a net profit attributable to shareholders of 13.1 billion yuan, reflecting a decrease of 19.5% [3]. - In Q3 2024, revenue was 151.9 billion yuan, with main business income of 141.2 billion yuan, and a net profit of 4.8 billion yuan, also down by 19.5% [3]. Business Segments - The main business income for Q3 2024 was 141.2 billion yuan, with the smart display terminal revenue at 122 billion yuan, showing an 8% increase. The overseas revenue for this segment grew by 16% year-on-year [4]. - The sales of large-size and high-end products are accelerating, with global sales of 85-inch and above products increasing by 69% and 100-inch and above products by 214% year-on-year [4]. Profitability and Margins - The gross margin for Q3 2024 was 14.5%, down from previous quarters due to cost pressures and low-margin product handling. The net profit margin for Q3 was 3.1% [5]. - The report anticipates a gradual recovery in profit margins starting from Q4 2024, driven by improved panel prices and the implementation of a product structure upgrade strategy [5]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 19.01 billion yuan, 22.67 billion yuan, and 25.34 billion yuan respectively, with corresponding EPS of 1.46 yuan, 1.74 yuan, and 1.94 yuan [3][7]. - The current stock price corresponds to a PE ratio of 15.3 for 2024, 12.9 for 2025, and 11.5 for 2026, indicating potential for growth as the company focuses on channel and product strength to drive overseas business [3].

Investment Rating - The report maintains an "Accumulate" rating for Hisense Visual Technology [4][15]. Core Views - The company's smart display business shows resilience in overseas growth, but short-term gross margins are pressured by rising panel costs and an increase in Black Friday order proportions. The earnings forecasts for 2024-2026 have been revised downwards, with expected EPS of 1.53, 1.91, and 2.14 yuan, reflecting year-on-year changes of -4.5%, +24.5%, and +12.1% respectively [2][15]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 40.65 billion yuan, a year-on-year increase of 3.63%, while net profit attributable to shareholders was 1.31 billion yuan, down 19.53% year-on-year. In Q3 2024, revenue was 15.189 billion yuan, up 5.84% year-on-year, with a net profit of 476 million yuan, down 19.46% year-on-year [11][12]. Revenue Analysis - The global revenue for the smart display terminal business reached 12.197 billion yuan, a year-on-year increase of 8.03%. Overseas revenue was 8.181 billion yuan, up 16.38% year-on-year, with significant growth in shipments to the US and Europe [12][13]. Profitability Analysis - The gross margin for the first three quarters of 2024 was 15.31%, down 1.68 percentage points year-on-year. In Q3 2024, the gross margin was 14.47%, down 2.16 percentage points year-on-year. The company effectively controlled its expense ratios during this period [13][14]. Cash Flow and Financial Position - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 14.647 billion yuan, an increase of 9.18% year-on-year. The operating cash flow for Q3 2024 was 1.737 billion yuan, up 1.83% year-on-year [14][16].

Investment Rating - The report maintains a "Buy" rating for Hisense Visual [4][6] Core Views - Hisense Visual's Q3 revenue shows a sequential acceleration, but increased competition has pressured profitability. Looking ahead, domestic sales are expected to benefit from subsidy incentives, while international sales are anticipated to continue gaining market share due to strong products and channel expansion. Overall performance improvement is expected in Q4 [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Hisense Visual achieved revenue of 40.65 billion yuan, a year-on-year increase of 3.63%, and a net profit attributable to shareholders of 1.31 billion yuan, a decrease of 19.53%. In Q3 alone, revenue reached 15.19 billion yuan, up 5.84% year-on-year, while net profit was 476 million yuan, down 19.46% year-on-year [6][9]. Revenue Breakdown - In Q3 2024, the main business revenue grew by 6.77% year-on-year, with smart display terminal revenue increasing by 16.38%. International sales outperformed domestic sales, with year-on-year growth of 16% for exports and a decline of 6% for domestic sales. The decline in domestic sales is attributed to changes in the Vidda brand strategy and intensified competition among leading brands [6][9]. Market Outlook - The report indicates that the implementation of trade-in policies is expected to benefit Hisense Visual's high-end products. The company is projected to leverage marketing advantages from major global sports events to further penetrate developed markets in the U.S. and Europe [6][9]. Future Projections - Revenue forecasts for Hisense Visual from 2024 to 2026 are 58.5 billion yuan, 66.1 billion yuan, and 74.9 billion yuan, representing year-on-year growth rates of 9%, 13%, and 13%, respectively. Net profit forecasts for the same period are 2.02 billion yuan, 2.47 billion yuan, and 3.08 billion yuan, with corresponding EPS of 1.54 yuan, 1.89 yuan, and 2.36 yuan [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [3][11]. Core Views - The company achieved a revenue of 40.65 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.6%, while the net profit attributable to the parent company was 1.31 billion yuan, down 19.5% year-on-year [1]. - The overseas performance of the company is strong, with significant growth in international markets, particularly in the smart display terminal business, which saw a revenue increase of 8.0% year-on-year in Q3 2024 [1]. - The company is focusing on high-end products and large-screen televisions, with a notable increase in sales of Mini LED products and large-screen TVs [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 15.19 billion yuan, up 5.8% year-on-year, but the net profit attributable to the parent company was 480 million yuan, down 19.5% year-on-year [1]. - The overall gross margin for Q3 2024 was 14.5%, a decrease of 2.2 percentage points year-on-year, primarily due to panel cost pressures [1]. - The company expects to alleviate profit pressures in Q4 2024 due to a slight decline in LCD panel prices and a strategic focus on larger and higher-end products [1]. Financial Data and Valuation - The projected revenue for 2024 is 57.85 billion yuan, with a growth rate of 7.90% [2]. - The net profit attributable to the parent company for 2024 is estimated at 1.92 billion yuan, reflecting a decrease of 8.35% compared to 2023 [2]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 14.82x, indicating a favorable valuation compared to historical performance [2][7].

Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual Technology [7] Core Views - The company's revenue for the first three quarters of 2024 reached 40.65 billion yuan, a year-on-year increase of 4%, while the net profit attributable to shareholders decreased by 20% to 1.31 billion yuan [5][6] - Hisense's strategy of large-screen and high-end products is progressing steadily, with global revenue from smart display terminals increasing by 8.03% year-on-year [6] - The gross margin slightly decreased to 14.47%, primarily due to rising raw material costs and intensified market competition [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 15.19 billion yuan, a 6% increase year-on-year, but the net profit decreased by 19% to 476 million yuan [5][6] - The company's market share in the domestic television sales reached 27.12%, maintaining the industry leader position [6] - The gross margin for Q3 2024 was 14.47%, down by 2.16 percentage points year-on-year, with a net profit margin of 3.41%, down by 1.71 percentage points [6] Earnings Forecast - The profit forecast for 2024-2026 has been slightly lowered, with expected net profits of 2.00 billion, 2.28 billion, and 2.61 billion yuan respectively, reflecting a year-on-year decrease of 4.3% in 2024 [7] - The expected earnings per share for 2024 is 1.54 yuan, with a corresponding price-to-earnings ratio of 13 times [8]

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。 一、董事会会议召开情况 证券代码：600060 证券简称：海信视像 公告编号：临 2024-066 海信视像科技股份有限公司 第十届董事会第六次会议决议公告 海信视像科技股份有限公司（以下简称"公司"）第十届董事会第六次会议 （以下简称"会议"）于2024年10月27日以通讯方式发出会议通知及会议材料， 于2024年10月29日以现场结合通讯方式召开。本次会议由董事长于芝涛先生召 集并主持，应出席董事8人，实际出席董事8人。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》（以下简称"《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、董事会会议审议情况 （一） 审议通过了《2024 年第三季度报告》 公司《2024 年第三季度报告》的内容能够真实、准确、完整地反映公司的 实际情况，公允地反映了公司本期的财务状况和经营成果。 具 体 内 容 详 见 公 司 与 本 公 告 同 日 于 上 海 证 券 交 易 所 官 方 网 站 （h ...

证券代码：600060 证券简称：海信视像 公告编号：临 2024-068 海信视像科技股份有限公司 关于聘任公司副总裁及公司副总裁辞任的公告 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。 一、聘任公司副总裁情况 海信视像科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开 第十届董事会第六次会议审议通过了《关于聘任公司副总裁的议案》。因公司经营 管理需要，经总裁李炜先生提名，董事会提名委员会任职资格审查，董事会同意 聘任李敏华先生为公司副总裁，任期自本次董事会审议通过之日起至第十届董事 会届满之日止。 李敏华先生简历见附件。 二、公司副总裁辞任情况 公司董事会于近日收到公司副总裁金张育先生提交的书面辞任报告，金张育 先生因个人原因申请辞去公司副总裁职务。根据《中华人民共和国公司法》《上海 证券交易所股票上市规则》和《海信视像科技股份有限公司章程》等相关规定， 金张育先生的辞任报告自送达公司董事会时生效。 公司及董事会对金张育先生在任职期间为公司经营发展做出的贡献表示衷心 感谢。 海信视像科技股份有限 ...