海信视像(600060)：份额稳步提升 结构持续优化

Core Viewpoint - Hisense Visual achieved significant growth in revenue and net profit in the first half of 2025, indicating strong performance in the display industry [1][2]. Financial Performance - In H1 2025, the company reported revenue of 27.23 billion yuan, a year-on-year increase of 7.0%, and a net profit of 1.06 billion yuan, up 26.6% [1]. - In Q2 2025, revenue reached 13.86 billion yuan, reflecting an 8.6% year-on-year growth, while net profit was 500 million yuan, marking a 36.8% increase [1]. Market Position - Hisense's global market share for television shipments reached 14.38% in H1 2025, an increase of 0.57 percentage points year-on-year [2]. - In the Chinese market, Hisense held a retail market share of 29.96% in revenue and 25.73% in volume, both ranking first in the mainland [2]. Product Development - The new display business generated revenue of 3.434 billion yuan, a year-on-year growth of 7.43% [2]. - The company continued to optimize its product structure, with shipments of 98-inch and larger products increasing by 85.29% year-on-year, and MiniLED product shipments growing by 108.24% [2]. Profitability Improvement - The overall gross margin improved by 1.4 percentage points in Q2 2025 due to an optimized overseas supply chain [2]. - The net profit margin for Q2 2025 increased by 0.7 percentage points to 3.6% [2]. MiniLED Market Potential - Global MiniLED TV shipments reached 4.8 million units in H1 2025, a substantial year-on-year increase of 150% [3]. - In China, MiniLED shipments were 2.16 million units, with a growth rate exceeding 200%, while overseas shipments totaled 2.64 million units, reflecting a 116% increase [3]. Strategic Outlook - The company is recognized as a leading player in the global display industry, with ongoing improvements in competitive positioning and operational efficiency [4]. - Hisense is focusing on new technologies such as MiniLED, MicroLED, virtual reality displays, and AIGC, aiming to solidify its leadership in the display sector [4]. - The projected net profits for 2025-2027 are 2.57 billion yuan, 2.89 billion yuan, and 3.29 billion yuan, with corresponding dynamic PE ratios of 11.0x, 9.8x, and 8.6x [4].