Hisense V.T.(SH:600060) HUAXI Securities·2025-08-28 11:17Investment Rating - The investment rating for Hisense Visual (600060) is "Accumulate" [1][7] Core Views - The company achieved a revenue of 27.231 billion yuan in H1 2025, representing a year-on-year increase of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% year-on-year [2] - In Q2 2025, the company reported a revenue of 13.855 billion yuan, a year-on-year increase of 8.59%, and a net profit attributable to shareholders of 502 million yuan, up 36.72% year-on-year [2] - The company is focusing on global expansion and upgrading its product structure towards larger, high-end, and smart displays, with a global market share of 14.38% in TV shipments for H1 2025, an increase of 0.57 percentage points year-on-year [3] - The gross profit margin improved to 16.37% in H1 2025, up 1.01 percentage points year-on-year, and 16.79% in Q2 2025, up 1.41 percentage points year-on-year, attributed to product structure improvement and cost optimization [4] - The company is advancing its globalization and high-end strategy, enhancing its technological competitiveness in displays, chips, and AI, with a focus on new technologies like Mini LED and Micro LED [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 27.231 billion yuan and a net profit of 1.056 billion yuan, with a year-on-year growth of 6.95% and 26.63% respectively [2] - The gross profit margin for H1 2025 was 16.37%, and for Q2 2025 it was 16.79%, indicating a positive trend in profitability [4] Market Position - Hisense's global TV shipment market share reached 14.38% in H1 2025, with a retail market share of 29.96% in mainland China [3] - The company is focusing on high-end product development, with Mini LED product shipments increasing by 108.24% year-on-year [3] Future Outlook - The company maintains its revenue forecast for 2025-2027, expecting revenues of 64.3 billion yuan, 70.3 billion yuan, and 76.1 billion yuan respectively, with net profits projected at 2.56 billion yuan, 2.86 billion yuan, and 3.16 billion yuan [6][9] - The expected EPS for 2025 is 1.96 yuan, with a corresponding PE ratio of 11 times [6]