Hisense V.T.(SH:600060) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-25 15:01Core Viewpoint - Hisense is strategically opening over 1,300 core patents related to three-color laser technology to strengthen its industry position and expand the market scale, while also aiming to influence industry standards [2][9][10] Market Trends - The smart projection market, excluding laser TVs, saw a decline in sales volume by 3.9% year-on-year to 2.778 million units in the first half of 2025, with sales revenue dropping by 2.9% to 4.68 billion yuan [3] - The decline in the market is primarily attributed to a significant drop in low-end projector sales, as the market is undergoing a phase of clearing out low-end capacity [4] Product Performance - Despite the overall market contraction, the high-end segment, particularly laser display products, is experiencing growth, with the global laser projection market expected to reach a compound annual growth rate of 23.4% from 2020 to 2025 [4][5] - In the first half of 2025, the shipment of laser TVs over 100 inches in China increased by 177% year-on-year, indicating a shift towards high-quality display products [6] Technological Advancements - The adoption of advanced technologies such as 8K ultra-high definition and HDR Pro is expected to enhance the penetration of laser sources in emerging fields like AR/VR and automotive HUDs [6] - Hisense's three-color laser technology offers superior brightness and color range compared to traditional LED projectors, covering over 90% of the Rec. 2020 color gamut [7][8] Strategic Implications - By opening its patents, Hisense aims to create a dual-driven model of "technology output + complete machine sales," which will stabilize revenue through patent licensing while increasing market share for its products [7][9] - The move is seen as a way to avoid the pitfalls of a "patent jungle," which could hinder technological commercialization and market growth [8][9]