Hisense V.T.(SH:600060) Changjiang Securities·2024-11-12 01:49Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" and is maintained [3][4]. Core Views - The company reported a revenue of 40.65 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.63%, while the net profit attributable to shareholders decreased by 19.53% to 1.31 billion yuan [3][4]. - The gross margin slightly declined to 14.47% in the third quarter, down 2.16 percentage points year-on-year, primarily due to an increase in overseas revenue proportion and adjustments in domestic product strategies [3][4]. - The company is expected to improve its operational performance driven by factors such as trade-in programs, recovery in raw material costs, and adjustments in domestic sales structure [4]. Revenue and Profitability - In Q3 2024, the company achieved a revenue of 15.19 billion yuan, up 5.84% year-on-year, with a net profit of 476 million yuan, down 19.46% year-on-year [3][4]. - The gross profit margin for Q3 was 14.47%, with a net profit margin of 3.14%, reflecting a year-on-year decrease of 0.98 percentage points [3][4]. Market Performance - The overseas market showed significant growth, with Q3 revenue from smart display terminals reaching 12.20 billion yuan, a year-on-year increase of 8.03%, and overseas revenue of 8.18 billion yuan, up 16.38% [6][7]. - In the domestic market, Hisense's television sales accounted for 27.12% of the market share in Q3, an increase of 1.17 percentage points [6][7]. Product Structure Optimization - The company reported a remarkable increase in sales of large-screen products, with global sales of 85-inch and above products rising by 69.43% year-on-year, and 100-inch and above products increasing by 213.57% [7]. - The sales of Mini LED products globally increased by 101.55% year-on-year in Q3 [7]. Financial Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 1.98 billion yuan, 2.41 billion yuan, and 2.71 billion yuan, respectively, with corresponding price-to-earnings ratios of 14.4, 11.8, and 10.5 [4][9].