Hisense V.T.(SH:600060) Guotai Junan Securities·2024-03-05 16:00Investment Rating - The investment rating for Hisense Visual (600060) is "Buy" with a target price of 32.30 CNY, down from the previous target of 35.00 CNY [1][2]. Core Views - The company's sales of color TVs are expected to continue growing, with panel prices increasing year-on-year, maintaining resilience in profit margins [1][2]. - The earnings forecast has been revised downwards, with expected EPS for 2023-2025 at 1.59, 1.90, and 2.28 CNY respectively, reflecting a decrease of 9%, 14%, and 15% [1][2]. - The company anticipates revenue for Q4 2023 to be between 53.115 and 53.650 billion CNY, representing a year-on-year growth of 16.13% to 17.30% [1][2]. Summary by Sections Sales and Revenue - The company expects continued growth in both domestic and international sales of color TVs, with a projected total sales volume of 26.54 million units for the year [1]. - Q4 revenue is expected to be between 13.889 and 14.424 billion CNY, with a year-on-year increase of approximately 5% [1][2]. Profitability - The net profit attributable to shareholders for 2023 is projected to be between 2.047 and 2.105 billion CNY, reflecting a year-on-year increase of 21.92% [1]. - The Q4 net profit is expected to be between 419 and 477 million CNY, showing a decline of 26.75% to 16.61% year-on-year [1]. Financial Metrics - The company’s total market capitalization is 33.288 billion CNY, with a circulating share ratio of 99% [1][2]. - The projected PE ratio for 2023 is 17x, with a PB ratio of 1.8x [1][2]. Cash Flow and Dividends - The company plans to increase cash dividends, reflecting its commitment to shareholder returns [1][2]. - The cash flow from operations is expected to be robust, with a projected increase in free cash flow for 2024 [2].