Hisense V.T.(600060) 中泰证券·2025-05-08 12:44Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [12]. Core Views - The company's revenue and profit are under short-term pressure, but the long-term growth logic remains unchanged. The expected revenue for 2025 is projected at 62,496 million yuan, with a year-on-year growth rate of 7% [3][8]. - The first quarter of 2025 showed a revenue of 13.4 billion yuan, a 5% increase year-on-year, and a net profit attributable to shareholders of 554 million yuan, a 19% increase, aligning with expectations [4][9]. - The company anticipates a recovery in export sales in Q2, driven by improved demand in Europe and emerging markets, despite a subdued performance in North America [5][6]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 58,530 million yuan in 2024, 62,496 million yuan in 2025, 67,048 million yuan in 2026, and 72,752 million yuan in 2027, with respective growth rates of 9%, 7%, 7%, and 9% [3]. - The net profit attributable to shareholders is expected to grow from 2,246 million yuan in 2024 to 3,206 million yuan in 2027, with growth rates of 7%, 13%, 12%, and 12% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 1.72 yuan in 2024 to 2.46 yuan in 2027 [3][8]. Profitability and Margin Analysis - The gross margin for Q1 2025 was reported at 15.93%, with an expected improvement in profit margins due to government subsidies boosting domestic sales prices [6][8]. - The net profit margin for Q1 2025 was 4.1%, slightly lower than the peak of 5.2% in Q4 2024, but still at a historically high level [7][8]. - The report indicates that the company is focusing on structural upgrades to enhance profitability in the long term, with expectations of higher net profit growth in Q2 and Q3 of 2025 [8].