海信视像（600060）：当季盈利能力创新高，期待经营质量再提升

Investment Rating - The report maintains a "Buy" rating for Hisense Visual Technology [6][17]. Core Views - Hisense Visual Technology achieved a record high in profitability for the quarter, with a focus on improving operational quality [1]. - The company reported a revenue of 57.679 billion yuan for 2025, a year-on-year decrease of 1.45%, while the net profit attributable to shareholders was 2.454 billion yuan, an increase of 9.24% [6]. - The report highlights the company's strategic focus on high-end products and global expansion, with expectations for continued profit growth in the coming years [6]. Financial Performance Summary - Revenue and Profit Forecasts: - 2025A Revenue: 57.679 billion yuan, 2026E: 63.214 billion yuan, 2027E: 70.125 billion yuan, 2028E: 77.001 billion yuan [3][15]. - Net Profit attributable to shareholders: 2025A: 2.454 billion yuan, 2026E: 2.812 billion yuan, 2027E: 3.243 billion yuan, 2028E: 3.692 billion yuan [3][15]. - Earnings Per Share (EPS): - 2025A: 1.88 yuan, 2026E: 2.16 yuan, 2027E: 2.48 yuan, 2028E: 2.83 yuan [3][15]. - Price-to-Earnings (P/E) Ratio: - 2025A: 12, 2026E: 10, 2027E: 9, 2028E: 8 [3][15]. Operational Insights - Sales Performance: - In Q4 2025, the company reported a revenue of 14.849 billion yuan, a year-on-year decrease of 16.95% [6]. - Domestic sales were impacted by high base effects from government subsidies, while overseas sales showed resilience [6]. - Profitability: - The gross margin improved to 19.70% in Q4 2025, up 2.14 percentage points year-on-year, attributed to product mix optimization and cost reduction efforts [6][9]. - Market Strategy: - The company is focusing on high-end product offerings, with MiniLED TV revenue increasing to 23% of total sales, and plans to capture more market share in the RGB-MiniLED segment [6]. Future Outlook - The report anticipates that Hisense Visual Technology will enhance its operational quality and focus on profit maximization strategies in 2026, supported by product upgrades and global sports marketing [6]. - The company is expected to achieve net profits of 2.812 billion yuan in 2026, with a corresponding P/E ratio of 10 [3][15].