Hisense V.T.(SH:600060) Xin Lang Cai Jing·2025-04-26 12:30Core 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]