Hisense V.T.(600060) 新浪财经·2025-04-29 06:28Core Viewpoint - The company reported a steady growth in its Q1 2025 financial results, with revenue and net profit showing positive year-on-year changes, despite a slowdown in growth rates compared to the previous quarter [1][2]. Financial Performance - Q1 2025 revenue reached 13.375 billion yuan, an increase of 5.31% year-on-year [1]. - The net profit attributable to shareholders was 554 million yuan, reflecting an 18.61% increase year-on-year [1]. - Gross margin for Q1 2025 was 15.9%, showing a slight improvement [2]. - The net profit margin for Q1 2025 was 4.7%, up 0.2 percentage points year-on-year, indicating a strong historical performance [2]. - Operating cash flow was 1.214 billion yuan, with cash collections exceeding profits [2]. - The company's cash and trading financial assets totaled 15.9 billion yuan, approximately 50% of its market capitalization [2]. Market Dynamics - The domestic market for televisions has seen improved competition, with a decrease in demand elasticity due to the long-term continuation of the old-for-new subsidy [1]. - In Q1 2025, the retail sales volume of televisions in China was 6.91 million units, a decrease of 2.2% year-on-year, while retail sales revenue was 26.4 billion yuan, an increase of 3.4% [1]. - The company's strategic partnerships, such as with XREAL for AI glasses, indicate a focus on technological advancements [1]. Global Market Position - Chinese television brands, including Hisense and TCL, have been increasing their global market share since 2016, with Hisense holding a 13.95% market share in 2024, up 0.99 percentage points year-on-year [3]. - Despite uncertainties from U.S. tariff policies, the overall industry trend remains positive, with opportunities arising from competitors' focus on OLED technology [3]. Investment Outlook - The company’s performance aligns with expectations, with revenue forecasts for 2025-2027 projected at 63.968 billion, 69.674 billion, and 75.944 billion yuan, respectively [3]. - Expected net profits for the same period are 2.576 billion, 2.990 billion, and 3.424 billion yuan, with corresponding earnings per share (EPS) of 1.97, 2.29, and 2.62 yuan [3]. - The price-to-earnings (PE) ratios are projected to be 12.5, 10.8, and 9.4 times for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [3].