Hisense V.T.(SH:600060) CMS·2025-03-31 10:36Investment Rating - The report maintains a "Strong Buy" investment rating for Hisense Visual Technology [3][6] Core Views - The company reported a revenue of 58.53 billion yuan for 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of 2.25 billion yuan, up 7% year-on-year [6][2] - The fourth quarter saw a revenue increase of 24% and a net profit that doubled year-on-year, indicating strong performance close to the upper limit of previous forecasts [6][2] - The company is focusing on structural upgrades, with significant growth in high-end products driven by domestic subsidies and a notable increase in MiniLED market share both domestically and internationally [6][2] Financial Data and Valuation - Total revenue projections for 2025-2027 are 66.78 billion yuan, 74.05 billion yuan, and 81.11 billion yuan, with year-on-year growth rates of 14%, 11%, and 10% respectively [2][6] - Expected net profits for the same period are 2.51 billion yuan, 2.77 billion yuan, and 3.01 billion yuan, with growth rates of 12%, 10%, and 9% respectively [2][6] - The company's PE ratios for 2025, 2026, and 2027 are projected to be 12.9, 11.7, and 10.8 respectively, indicating a favorable valuation trend [2][6] Business Performance - The company achieved a 36% market share in offline MiniLED TV retail in China, a 5.7 percentage point increase year-on-year [6][2] - Internationally, MiniLED sales grew by 163%, with North America and Europe showing significant increases in market share [6][2] - The company is advancing its technology integration across the display value chain, launching innovative products such as the world's first 136-inch consumer-grade MicroLED TV [6][2]