Hisense V.T.(SH:600060) Orient Securities·2025-06-24 03:20Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Insights - The company demonstrated strong performance during the 618 shopping festival, achieving a market share of 24% in sales volume and 29% in sales revenue, solidifying its leading position in the Chinese television market [10]. - The FIFA World Cup is expected to enhance mid-term growth through "technical cooperation and scene ecology," which will boost brand recognition and sales in both mature and emerging markets [10]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.95, 2.23, and 2.53 yuan respectively, with a target price of 29.25 yuan based on a 15x price-to-earnings ratio for 2025 [3][11]. - Projected revenue for 2025 is 64.33 billion yuan, with a year-on-year growth of 9.9% [5]. - The company is expected to achieve a net profit of 2.54 billion yuan in 2025, reflecting a 13.3% year-on-year increase [5]. Key Financial Metrics - Revenue growth rates are projected at 17.2% for 2023, 9.2% for 2024, and 9.9% for 2025 [5]. - The gross margin is expected to stabilize around 15.9% in 2025, with a net margin of 4.0% [5]. - The return on equity (ROE) is forecasted to increase from 11.5% in 2023 to 12.2% in 2025 [5]. Market Position and Competitive Advantage - The company leads in high-end technology, with a 30% sales volume and 32% sales revenue market share in MiniLED televisions [10]. - The company has a 42% sales volume and 49.6% sales revenue share in the 100-inch large screen market, reinforcing its competitive edge [10].