Hisense V.T.(SH:600060)2024-10-30 08:44Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual Technology [7] Core Views - The company's revenue for the first three quarters of 2024 reached 40.65 billion yuan, a year-on-year increase of 4%, while the net profit attributable to shareholders decreased by 20% to 1.31 billion yuan [5][6] - Hisense's strategy of large-screen and high-end products is progressing steadily, with global revenue from smart display terminals increasing by 8.03% year-on-year [6] - The gross margin slightly decreased to 14.47%, primarily due to rising raw material costs and intensified market competition [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 15.19 billion yuan, a 6% increase year-on-year, but the net profit decreased by 19% to 476 million yuan [5][6] - The company's market share in the domestic television sales reached 27.12%, maintaining the industry leader position [6] - The gross margin for Q3 2024 was 14.47%, down by 2.16 percentage points year-on-year, with a net profit margin of 3.41%, down by 1.71 percentage points [6] Earnings Forecast - The profit forecast for 2024-2026 has been slightly lowered, with expected net profits of 2.00 billion, 2.28 billion, and 2.61 billion yuan respectively, reflecting a year-on-year decrease of 4.3% in 2024 [7] - The expected earnings per share for 2024 is 1.54 yuan, with a corresponding price-to-earnings ratio of 13 times [8]