海信视像（600060）：Q2业绩符合预期，盈利能力稳步提升

Investment Rating - The investment rating for Hisense Visual is maintained at "Outperform" [2][8] Core Views - The company's Q2 performance met market expectations, with H1 2025 revenue of 27,231 million yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 1,056 million yuan, up 27% year-on-year [5][8] - The domestic and international markets are steadily developing, with Hisense maintaining the leading position in the high-end TV market in China and significant growth in overseas sales [8] - The company's profitability is steadily improving, with a gross margin of 16.79% in Q2 2025, an increase of 0.93 percentage points year-on-year [8] Financial Data and Profit Forecast - For H1 2025, the company achieved total revenue of 272.31 billion yuan, with a net profit of 10.56 billion yuan, reflecting a strong performance [5][8] - Revenue and profit forecasts for 2025-2027 are as follows: - 2025E revenue: 64,177 million yuan, net profit: 2,500 million yuan - 2026E revenue: 68,398 million yuan, net profit: 2,757 million yuan - 2027E revenue: 73,018 million yuan, net profit: 3,012 million yuan [7][10] - The projected earnings per share for 2025 is 1.92 yuan, with a price-to-earnings ratio of 11 [7][10]