Hisense V.T.(SH:600060) Tianfeng Securities·2025-03-31 13:17Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is expected to achieve a revenue of 58.53 billion yuan in 2024, representing a year-on-year growth of 9.17%, and a net profit attributable to shareholders of 2.25 billion yuan, up 7.17% year-on-year [1]. - The company continues to enhance its global market share, with a 13.95% share in global TV shipments, maintaining the second position worldwide, and a leading position in the Chinese market with a retail market share of 29.83% [1]. - The product structure is improving, with significant growth in large and high-end products, including a 206.5% increase in shipments of 98-inch and larger screens [2]. - The company is advancing in technology with the development of RGB-Mini LED modules and AI-driven quality enhancement chips, positioning itself as a leader in the display industry [3]. - The company is expected to maintain stable long-term growth, with projected net profits of 2.66 billion yuan, 3.04 billion yuan, and 3.39 billion yuan for 2025, 2026, and 2027 respectively [4]. Financial Summary - In 2024, the company is projected to have an EBITDA of 6.15 billion yuan and a net profit of 2.25 billion yuan, with an EPS of 1.72 yuan per share [5][11]. - The overall gross margin for 2024 is expected to be 15.66%, slightly down by 0.6 percentage points year-on-year, primarily due to panel cost pressures [2]. - The company’s total assets are projected to reach 49.01 billion yuan by 2025, with a debt-to-asset ratio of 44.48% [12].