Hisense V.T.(600060)2025-04-29 04:32Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology [5] Core Views - The company's Q1 2025 performance met expectations, with revenue of 13.375 billion yuan, a year-on-year increase of 5.31%, and a net profit of 554 million yuan, up 18.61% year-on-year [1] - The continuation of national subsidies and the growth of the TV industry, particularly in the MiniLED segment, is expected to drive further growth [2] - The company's profit growth is significantly outpacing revenue growth, indicating improved profit elasticity due to product structure upgrades [3] - Hisense has accelerated new product launches in 2025, which are anticipated to enhance sales during peak seasons [4] Financial Summary - Revenue projections for 2025-2027 are 63.932 billion yuan, 69.907 billion yuan, and 76.940 billion yuan, with corresponding growth rates of 9%, 9%, and 10% [5] - Expected net profits for the same period are 2.583 billion yuan, 2.876 billion yuan, and 3.167 billion yuan, with growth rates of 15%, 11%, and 10% [5] - The report provides a detailed financial forecast, including earnings per share (EPS) estimates of 1.98 yuan, 2.20 yuan, and 2.43 yuan for 2025, 2026, and 2027 respectively [7]