Hisense V.T.(SH:600060)2025-02-23 03:01Investment Rating - The report assigns a "Neutral" investment rating for the company [42]. Core Views - The company has shown a steady increase in global market share for its products, particularly in the smart display terminal segment [4][5]. - Revenue growth has been stable, with a year-on-year increase of 23.1% in the first half of 2023 and 12.6% in the second half [15]. - The company is actively pursuing globalization, with a significant contribution from overseas revenues [10]. Financial Performance - The company's revenue for 2023 is projected to be 53.616 billion, with a main business revenue of 48.389 billion [15]. - The gross profit margin has shown an overall improvement, reaching 16.9% in 2023 [15][8]. - The net profit attributable to the parent company is expected to be 2.095 billion in 2023, with a slight increase to 2.130 billion in 2024 [37]. Product Segmentation - The smart display terminal segment is expected to generate 41.257 billion in revenue for 2023, with a year-on-year growth of 17.0% [15]. - The new display business is projected to reach 6.517 billion in revenue, reflecting a robust growth rate of 40.6% year-on-year [15]. Market Trends - The global TV market is stabilizing, with a consistent demand for LCD and OLED products [17][20]. - The penetration rate of mini LED TVs in the Chinese market is expected to increase significantly by 2024 [29]. Regional Performance - Domestic revenue is projected to grow to 23.643 billion in 2023, while international revenue is expected to reach 24.747 billion [15]. - The contribution of overseas income has been increasing, indicating a successful expansion strategy [10].