海信视像：业绩短期承压，海外表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [3][11]. Core Views - The company achieved a revenue of 40.65 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 3.6%, while the net profit attributable to the parent company was 1.31 billion yuan, down 19.5% year-on-year [1]. - The overseas performance of the company is strong, with significant growth in international markets, particularly in the smart display terminal business, which saw a revenue increase of 8.0% year-on-year in Q3 2024 [1]. - The company is focusing on high-end products and large-screen televisions, with a notable increase in sales of Mini LED products and large-screen TVs [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 15.19 billion yuan, up 5.8% year-on-year, but the net profit attributable to the parent company was 480 million yuan, down 19.5% year-on-year [1]. - The overall gross margin for Q3 2024 was 14.5%, a decrease of 2.2 percentage points year-on-year, primarily due to panel cost pressures [1]. - The company expects to alleviate profit pressures in Q4 2024 due to a slight decline in LCD panel prices and a strategic focus on larger and higher-end products [1]. Financial Data and Valuation - The projected revenue for 2024 is 57.85 billion yuan, with a growth rate of 7.90% [2]. - The net profit attributable to the parent company for 2024 is estimated at 1.92 billion yuan, reflecting a decrease of 8.35% compared to 2023 [2]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 14.82x, indicating a favorable valuation compared to historical performance [2][7].