Hisense V.T.(SH:600060) Huaan Securities·2024-03-06 16:00Investment Rating - The investment rating for Hisense Visual is "Buy" (maintained) [1] Core Views - The report highlights that Hisense Visual's performance remains stable with improved dividends, and it emphasizes the importance of long-term logic realization [1] - The company anticipates a revenue growth of 16-17% year-on-year for 2023, with a projected revenue of 531.2 to 536.5 billion [1] - The report also mentions a significant increase in cash dividends for 2023 compared to 2022, reflecting the company's commitment to returning value to shareholders [1] Revenue Analysis - For Q4 2023, the expected revenue is between 138.9 to 144.2 billion, representing a growth of 5-9% year-on-year [1] - The total expected sales volume for televisions in 2023 is 26.54 million units, with a volume increase of 5% [1] - The report predicts that the average selling price of televisions will increase by over 10% in 2023, driven by price increases outpacing volume growth [1] Profit Analysis - The forecasted net profit margin for 2023 is 3.9%, an increase of 0.3 percentage points year-on-year [1] - The report indicates that the company's profitability remains on an upward trajectory, despite fluctuations in Q4 [1][2] Earnings Forecast - The earnings forecast for 2023-2025 is adjusted to reflect expected revenues of 533 billion, 588 billion, and 649 billion respectively, with year-on-year growth rates of 17%, 10%, and 10% [3] - The projected net profit for the same period is 21 billion, 24 billion, and 29 billion, with growth rates of 25%, 14%, and 23% respectively [3] Financial Metrics - The report provides key financial metrics, including a projected P/E ratio of 16, 14, and 11 for 2023, 2024, and 2025 respectively [4] - The expected return on equity (ROE) is forecasted to be 11.1% in 2023, increasing to 12.2% by 2025 [4][7]