Hisense V.T.(600060)2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.375 billion yuan in Q1 2025, representing a year-on-year growth of 5.31%. The net profit attributable to shareholders was 554 million yuan, up 18.61% year-on-year, while the net profit excluding non-recurring items was 452 million yuan, reflecting a growth of 19.52% year-on-year [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 13.375 billion yuan, a 5.31% increase year-on-year. The net profit attributable to the parent company was 554 million yuan, marking an 18.61% increase year-on-year. The net profit excluding non-recurring items was 452 million yuan, up 19.52% year-on-year [4][8]. Market Dynamics - The domestic market is expected to drive growth, with the company benefiting from the national subsidy policy that has led to an upgrade in product structure. The Mini LED television sales penetration rate has accelerated, reaching 24.4% of the market share in Q1 2025 [8]. Product Performance - The sales of high-end products are on the rise, with the market share of 85-inch televisions increasing by 3 percentage points year-on-year. The sales of 75-inch products maintain a strong position with a market share of 23.6% [8]. Cost and Profitability - The gross margin for Q1 2025 was 15.93%, an increase of 0.60 percentage points year-on-year, primarily due to the upgrade in the domestic product structure. However, the operating profit saw a slight decline of 1.43% year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing trends of large-screen and high-end displays, with projected net profits for 2025, 2026, and 2027 being 2.518 billion, 2.810 billion, and 3.112 billion yuan respectively. The corresponding price-to-earnings ratios are estimated to be 12.07, 10.82, and 9.77 times [8].