Hisense V.T.(600060) 国联证券·2024-10-31 13:30Investment Rating - The report maintains a "Buy" rating for Hisense Visual [4][6] Core Views - Hisense Visual's Q3 revenue shows a sequential acceleration, but increased competition has pressured profitability. Looking ahead, domestic sales are expected to benefit from subsidy incentives, while international sales are anticipated to continue gaining market share due to strong products and channel expansion. Overall performance improvement is expected in Q4 [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, Hisense Visual achieved revenue of 40.65 billion yuan, a year-on-year increase of 3.63%, and a net profit attributable to shareholders of 1.31 billion yuan, a decrease of 19.53%. In Q3 alone, revenue reached 15.19 billion yuan, up 5.84% year-on-year, while net profit was 476 million yuan, down 19.46% year-on-year [6][9]. Revenue Breakdown - In Q3 2024, the main business revenue grew by 6.77% year-on-year, with smart display terminal revenue increasing by 16.38%. International sales outperformed domestic sales, with year-on-year growth of 16% for exports and a decline of 6% for domestic sales. The decline in domestic sales is attributed to changes in the Vidda brand strategy and intensified competition among leading brands [6][9]. Market Outlook - The report indicates that the implementation of trade-in policies is expected to benefit Hisense Visual's high-end products. The company is projected to leverage marketing advantages from major global sports events to further penetrate developed markets in the U.S. and Europe [6][9]. Future Projections - Revenue forecasts for Hisense Visual from 2024 to 2026 are 58.5 billion yuan, 66.1 billion yuan, and 74.9 billion yuan, representing year-on-year growth rates of 9%, 13%, and 13%, respectively. Net profit forecasts for the same period are 2.02 billion yuan, 2.47 billion yuan, and 3.08 billion yuan, with corresponding EPS of 1.54 yuan, 1.89 yuan, and 2.36 yuan [6][7].