海信视像（600060）：高端化+全球化持续推进，盈利能力同比改善

Investment Rating - The investment rating for Hisense Visual is "Outperform" [2] Core Insights - Hisense Visual reported a revenue of 57.679 billion yuan for 2025, a year-on-year decrease of 1%. The net profit attributable to shareholders was 2.454 billion yuan, representing a year-on-year increase of 9%. The net profit excluding non-recurring items was 1.877 billion yuan, up 3% year-on-year [5][8] - The company is focusing on large-screen, high-end, and global expansion, with significant growth in its second growth curve. The average TV size globally reached 51.6 inches in 2025, with China leading at 62.4 inches. Sales of MiniLED products increased by 23%, and sales of products over 98 inches grew by over 50% [8] - The profitability of Hisense Visual is steadily improving, with a gross margin of 19.70% in Q4 2025, an increase of 3.25 percentage points year-on-year. The net profit margin for Q4 was 6.09%, up 0.45 percentage points year-on-year [8] Financial Data and Profit Forecast - The total revenue forecast for 2026 is 62.835 billion yuan, with a year-on-year growth rate of 8.9%. The net profit attributable to shareholders is expected to be 2.670 billion yuan, reflecting an 8.8% increase [7][9] - The earnings per share (EPS) for 2026 is projected to be 2.05 yuan, with a price-to-earnings (P/E) ratio of 11 times [7][9] - The company anticipates continued revenue growth driven by the increasing average screen size and the penetration of MiniLED technology, maintaining the "Outperform" rating [8]