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国信证券-海信视像-600060-2025年中报点评:二季度业绩增长提速,盈利能力稳步改善-250827

Group 1 - The company achieved accelerated growth in Q2, with revenue of 27.23 billion (+7.0%) and net profit attributable to shareholders of 1.06 billion (+26.6%) in H1 2025 [1] - The global TV shipment volume remained stable at 94.57 million units (+0.1%) in H1 2025, with domestic shipments at 17.1 million units (+2.4%) [1] - The company's market share increased, with a global shipment market share of 14.4% (+0.6 percentage points) and a domestic retail market share of 30.0% in revenue and 25.7% in volume, ranking first in China [1] Group 2 - The new display business showed good growth, generating revenue of 3.43 billion (+7.4%) in H1 2025, with significant overseas revenue growth of 43% [1] - The gross margin improved, with H1 gross margin up by 1.0 percentage points to 16.4%, and Q2 gross margin up by 1.4 percentage points to 16.8% [1] - The company maintains its profit forecast, expecting net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025-2027, with growth rates of 15%, 12%, and 10% respectively [2]