Hisense V.T.(SH:600060) Huaan Securities·2024-03-11 16:00Investment Rating - The investment rating for Hisense Visual is "Buy" (maintained) [1] Core Views - The report emphasizes the importance of long-term goals, with a focus on the employee stock ownership plan for 2024, which involves granting 29.09 million shares (2.23% of total shares) at a price of 12.27 yuan per share [1] - The net profit growth targets for 2024-2026 are set at no less than 23 billion, 25 billion, and 28 billion yuan respectively, reflecting a year-on-year increase of 10%, 10%, and 11% [1] - The company plans to repurchase shares for the employee stock ownership plan, with a repurchase amount between 380 million and 750 million yuan, and a maximum repurchase price of 30 yuan per share [1] Financial Performance Summary - Revenue for 2023 is projected at 53.33 billion yuan, with a year-on-year growth of 16.6%, and expected to reach 58.84 billion yuan in 2024 and 64.88 billion yuan in 2025, both with a growth rate of 10.3% [2][3] - The net profit attributable to the parent company is forecasted to be 2.095 billion yuan in 2023, increasing to 2.396 billion yuan in 2024 and 2.947 billion yuan in 2025, with year-on-year growth rates of 24.8%, 14.3%, and 23.0% respectively [2][3] - The gross profit margin is expected to be 17.4% in 2023, 18.0% in 2024, and 18.5% in 2025 [2][5] Cash Flow and Balance Sheet - Operating cash flow for 2024 is estimated at 3.046 billion yuan, increasing to 3.547 billion yuan in 2025 [4] - Total assets are projected to grow from 40.15 billion yuan in 2023 to 50.76 billion yuan in 2025, with total liabilities increasing from 18.30 billion yuan to 21.86 billion yuan over the same period [4][5] - The company’s equity attributable to shareholders is expected to rise from 18.84 billion yuan in 2023 to 24.18 billion yuan in 2025 [4][5]