研报掘金丨开源证券：维持海信视像“买入”评级，长期继续看好盈利稳健增长

Core Viewpoint - The report from Open Source Securities indicates that Hisense Visual is expected to achieve revenue of 13.375 billion and 13.855 billion yuan in Q1 and Q2 of 2025, respectively, with year-on-year growth of 5.31% and 8.59% [1] - The net profit attributable to the parent company is projected to be 554 million and 502 million yuan for the same periods, reflecting an increase of 18.61% and 36.82% [1] - The company is benefiting from the trade-in policy and structural adjustments that drive growth in mid-to-high-end products, with a positive outlook on sustained profit growth [1] Revenue and Profit Summary - Q1 2025 revenue is expected to be 13.375 billion yuan, with a year-on-year increase of 5.31% [1] - Q2 2025 revenue is projected at 13.855 billion yuan, showing an 8.59% year-on-year growth [1] - Net profit for Q1 2025 is anticipated to be 554 million yuan, up 18.61% year-on-year [1] - Q2 2025 net profit is expected to reach 502 million yuan, reflecting a significant increase of 36.82% [1] - The non-recurring net profit attributable to the parent company is forecasted at 450 million yuan for Q1 2025 (+19.52%) and 360 million yuan for Q2 2025 (+36.67%) [1] Market Dynamics - The domestic sales continue to show a good growth trend, supported by the upgrade to high-end products and the company's efforts to capture market share from Korean brands [1] - The company is expected to mitigate the negative impact of the decline in national subsidies through new product launches and channel collaborations [1] - The outlook remains positive for external sales channels and event marketing to drive steady growth in scale [1]