海信视像：拐点已至，价值重归

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" [1]. Core Views - The report highlights that the domestic color TV market is experiencing a recovery driven by national subsidies, with Hisense maintaining its leading position in market share. The company is expected to benefit from the continuation of these subsidies and the introduction of new products under the Vidda brand [3][9]. - The penetration of Mini LED technology is accelerating, which is expected to enhance profit margins. Hisense is actively expanding its Mini LED product offerings, leading to a significant increase in sales and market share [3][13]. - The report anticipates a positive trend in both domestic and international sales, with a focus on high-end product upgrades and channel expansion, particularly in emerging markets [21][27]. Summary by Sections 1. National Subsidies and Product Completeness - The national subsidy policy has significantly boosted domestic color TV sales, with online and offline sales increasing by 18% and 38% respectively in Q4 2024. Hisense's market share has improved, with online and offline sales share reaching 30.1% and 34.2% respectively [9][10]. - The introduction of new Vidda products has expanded the brand's price range and improved market share, particularly in the Mini LED segment [17][19]. 2. Global Channel Upgrades - The global TV market remains stable, with overseas markets growing faster than domestic ones. Hisense is narrowing the gap with leading competitors like Samsung, with a 4 percentage point difference in global shipment share [21][23]. - The upcoming CES 2025 will showcase Hisense's new AI picture quality chip, aimed at enhancing product performance and increasing brand visibility in international markets [21][27]. 3. Panel Price Stability - The report notes a decline in LCD panel prices in Q4 2024, which is expected to alleviate cost pressures for Hisense. Prices for various sizes of panels have decreased by 4.2% to 2.1% year-on-year [25][26]. 4. Profit Forecast and Rating - Hisense is projected to see continued growth in domestic sales and improved profitability due to the ongoing national subsidies and product enhancements. The EPS forecasts for 2024-2026 are adjusted to 1.46, 1.74, and 1.97 yuan respectively, with a dynamic PE of 13.5x, 11.3x, and 9.9x [27][28].