Hisense V.T.(SH:600060) HTSC·2026-03-31 10:45Investment Rating - The report maintains an "Accumulate" rating for Hisense Visual Technology [7] Core Views - The company achieved a revenue of 57.679 billion RMB in 2025, a slight decrease of 1.45% year-on-year, while net profit attributable to shareholders increased by 9.24% to 2.454 billion RMB, supported by cash flow improvements [1][5] - The report highlights the ongoing structural upgrades in the television segment, with a focus on large-screen and high-end products, particularly Mini LED technology, which is expected to drive future profitability [2][5] - Hisense is transitioning from a traditional TV manufacturer to a multi-scenario display platform, with significant growth in new display technologies such as laser displays and commercial displays [3] Summary by Sections Financial Performance - In 2025, the company reported a revenue of 57.679 billion RMB, with a net profit of 2.454 billion RMB and a cash flow from operating activities of 4.583 billion RMB, reflecting a year-on-year increase of 27.43% [1][10] - The overall gross margin improved to approximately 16.7%, up by about 1.0 percentage points, while the net profit margin increased to 4.25%, up by 0.4 percentage points [4] Business Segments - The smart display terminal business generated revenue of 44.96 billion RMB in 2025, down 3.58% year-on-year, but the company maintained a leading market share in both global and domestic markets [2] - The new display business segment saw a revenue increase of 24.92% year-on-year, with laser displays holding a 70.3% global market share [3] Future Outlook - The report projects an increase in net profit to 2.914 billion RMB in 2026, with further growth expected in subsequent years, driven by product upgrades and expansion into new business areas [5][10] - The target price for the stock is set at 28.99 RMB, based on a projected PE ratio of 13x for 2026 [5]