海信视像(600060)：盈利能力显著修复 业绩接近预告上限

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]