Hisense V.T.(SH:600060) KAIYUAN SECURITIES·2024-03-04 16:00Investment Rating - The investment rating for Hisense Visual (600060.SH) is maintained at "Buy" [2][6] Core Views - The company is expected to achieve revenue of approximately 531.15 to 536.5 billion yuan in 2023, representing a year-on-year increase of 16.13% to 17.3%. The net profit attributable to shareholders is projected to be between 20.47 and 21.05 billion yuan, reflecting a year-on-year growth of 21.92% to 25.37% [6] - In Q4 2023, the company is anticipated to generate revenue of 138.89 to 144.24 billion yuan, with a year-on-year increase of 5% to 9%. However, the net profit is expected to decline by 16.7% to 26.8% due to rising panel costs [6][7] - Despite short-term cost pressures, the long-term competitive advantage remains strong, with expectations for market share growth driven by core supply chain advantages and technological accumulation [6][7] Summary by Sections Financial Performance - The company’s revenue for 2023 is projected to be 531.15 to 536.5 billion yuan, with a year-on-year increase of 16.13% to 17.3%. The net profit is expected to be 20.47 to 21.05 billion yuan, a growth of 21.92% to 25.37% [6] - For Q4 2023, revenue is expected to be 138.89 to 144.24 billion yuan, with a year-on-year increase of 5% to 9%, while net profit is projected to decline by 16.7% to 26.8% [6][7] Market Dynamics - Domestic and international TV demand is expected to weaken sequentially in Q4 2023, but the company is still anticipated to outperform the industry. The domestic market saw a 25.2% year-on-year decline in online retail volume for color TVs, while Hisense's retail volume decreased by 23% [7] - Globally, TV shipments are projected to decline by 3.5% year-on-year in 2023, with Hisense's global shipments increasing by 6.1%, indicating strong competitive positioning [7] Strategic Outlook - The company has committed to not reducing shareholdings for six months starting March 4, 2024, and plans to increase the total cash dividend for 2023, reflecting confidence in long-term development [8] - The upcoming major sports events in 2024 are expected to catalyze demand recovery, supporting the long-term outlook for market share growth [7]