市场份额继续提升，收入稳步增长

Investment Rating - The report assigns an "Accumulate" rating to Hisense Visual Technology [4]. Core Views - Hisense Visual Technology is expected to achieve operating revenue of 531.13 to 536.50 billion yuan in 2023, representing a year-on-year increase of 16.1% to 17.3%. The main business revenue is projected to be between 478.23 and 484.45 billion yuan, with a year-on-year growth of 17.9% to 19.5%. The net profit attributable to shareholders is estimated to be between 20.47 and 21.05 billion yuan, reflecting a year-on-year increase of 21.9% to 25.4% [2]. - Despite a contraction in the global TV market, Hisense's market share continues to rise, with a global shipment market share of 13.23% and a retail market share of 29.05% [2]. - The company plans to enhance shareholder returns by increasing the total cash dividend for 2023 compared to 2022 [2]. - Profit forecasts indicate net profits of 21.0 billion, 24.8 billion, and 28.3 billion yuan for 2023 to 2025, with corresponding growth rates of 24.9%, 18.4%, and 14.0% [2]. Financial Summary - The projected operating revenue for 2023 is 53,652 million yuan, with a growth rate of 17.3% [3]. - The expected net profit for 2023 is 2,097 million yuan, with a growth rate of 24.9% [3]. - The earnings per share (EPS) for 2023 is estimated at 1.61 yuan, with a price-to-earnings (P/E) ratio of 16.04 [3]. - The return on equity (ROE) is projected to be 11.2% in 2023 [3].