Hisense V.T.(SH:600060) Shanxi Securities·2025-08-26 11:19Investment Rating - The report assigns a "Buy-A" rating to Hisense Visual Technology, indicating a positive outlook for the company's stock performance in the next 6-12 months [5]. Core Insights - Hisense Visual Technology reported a total revenue of 27.231 billion yuan for H1 2025, representing a year-over-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% year-over-year [2]. - The company has seen significant growth in its market share for Miniled and high-end products, with retail volume and revenue shares reaching 33.95% and 34.98% respectively for Miniled products, and 43.15% and 34.88% for high-end televisions [3]. - The global market for Hisense televisions in the 98-inch and above category has grown by 85.29%, with Miniled product shipments increasing by 108.24% year-over-year [3]. Financial Performance - For H1 2025, the company's gross margin was 16.37%, an increase of 0.56 percentage points year-over-year, while the net profit margin was 3.88%, up 0.6 percentage points [4]. - The projected revenues for 2025-2027 are 63.145 billion yuan, 67.783 billion yuan, and 73.4 billion yuan, with year-over-year growth rates of 7.9%, 7.3%, and 8.3% respectively [5]. - The expected net profits for the same period are 2.592 billion yuan, 2.843 billion yuan, and 3.141 billion yuan, with growth rates of 15.4%, 9.7%, and 10.5% [5]. Valuation Metrics - The report estimates the earnings per share (EPS) for 2025-2027 to be 1.99 yuan, 2.18 yuan, and 2.41 yuan, corresponding to price-to-earnings (P/E) ratios of 10.9, 10, and 9 respectively [5]. - The company's valuation is considered low, with a projected price-to-book (P/B) ratio decreasing from 1.5 in 2023 to 1.1 in 2027 [9].