Hisense V.T.(SH:600060) Xin Lang Cai Jing·2025-08-26 06:30Core Insights - The company reported a revenue of 13.86 billion in Q2 2025, representing a year-on-year increase of 8.6%, with a net profit attributable to shareholders of 500 million, up 36.8% year-on-year [1] Group 1: Operational Analysis - Domestic sales are expected to continue strong growth driven by government subsidies, with the TV market in China achieving sales of 13.75 million units in the first half of 2025, a year-on-year increase of 1.8%, and sales revenue of 56.1 billion, up 7.5% [2] - Hisense holds the leading market share in China's retail TV market with a retail sales market share of 29.96% and a retail volume market share of 25.73% in the first half of 2025 [2] - The company demonstrated resilience in overseas markets despite uncertainties such as tariffs, with brand price indices in North America and Europe increasing by 7.4% and 8% year-on-year, respectively [2] Group 2: Profitability and Cost Structure - The company achieved a gross margin of 16.8% in Q2 2025, an increase of 0.9 percentage points year-on-year, primarily driven by the growth of large-size and Mini LED products [2] - The expense ratios for sales, management, R&D, and financial costs in Q2 2025 were 7.01%, 1.89%, 4.71%, and 0.01%, reflecting slight increases in sales, management, and R&D expenses year-on-year [3] - The net profit margin attributable to shareholders reached 3.62% in Q2 2025, an increase of 0.74 percentage points year-on-year [3] Group 3: Forecast and Valuation - The company is expected to achieve revenues of 62.12 billion, 66.25 billion, and 70.71 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.1%, 6.6%, and 6.7% [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are 2.53 billion, 2.87 billion, and 3.27 billion, reflecting year-on-year growth rates of 12.5%, 13.5%, and 14.0% [4] - The current stock price corresponds to a PE valuation of 12.8, 10.5, and 8.7 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4]