Hisense V.T.(SH:600060) CMS·2025-04-29 08:34Investment Rating - The report maintains a "Strong Buy" investment rating for Hisense Visual Technology [4] Core Views - The company's Q1 2025 performance is impressive, with revenue of 13.4 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 554 million yuan, up 19% year-on-year [1] - Hisense's global layout advantages are highlighted, particularly its production capacity in Mexico, which exceeds 8 million units, effectively covering U.S. demand [8] - The report forecasts revenue growth for 2025-2027 at 14%, 11%, and 10% respectively, with net profit growth of 12%, 10%, and 9% [8] Financial Data and Valuation - Total revenue is projected to reach 66.784 billion yuan in 2025, with a year-on-year growth of 14% [3] - The estimated net profit for 2025 is 2.512 billion yuan, reflecting a 12% increase year-on-year [3] - The report indicates a PE ratio of 12 times for 2025, decreasing to 10.1 times by 2027 [3] Market Position and Competitive Advantage - Hisense's market share in the domestic TV market has improved, with a 28.2% online sales market share and over 32% in offline sales [8] - The company benefits from government subsidies that enhance the sales of energy-efficient products, with significant improvements in market share for these products [8] - The report emphasizes Hisense's ability to mitigate risks from U.S. tariffs due to its diversified manufacturing locations [8]