Hisense V.T.(SH:600060) Minsheng Securities·2024-03-11 16:00Investment Rating - The report maintains a "Recommended" rating for Hisense Visual (600060.SH) with a current price of 24.98 yuan [5]. Core Views - The employee stock ownership plan (ESOP) aims to enhance long-term growth confidence, involving up to 459 employees, with a significant portion (85.22%) held by middle and core staff [2][3]. - The company plans to repurchase shares at a price not exceeding 30.00 yuan per share, with a minimum of 12.57 million shares to be repurchased, representing 0.96% of the total share capital [2]. - The ESOP's performance targets are based on net profit growth rates for the years 2024-2026, with specific thresholds set for unlocking shares [3]. Summary by Sections Employee Stock Ownership Plan - The ESOP involves a purchase price of 12.27 yuan per share, with a total of 29.094 million shares planned for acquisition, accounting for 2.23% of the total share capital [2]. - The plan includes 459 employees, with 8 senior executives holding 14.78% of the total shares and the remaining 85.22% held by middle and core staff [3]. Financial Projections - Revenue projections for 2023-2025 are 53.21 billion, 60.32 billion, and 66.88 billion yuan, reflecting growth rates of 16.3%, 13.4%, and 10.9% respectively [5]. - Net profit attributable to shareholders is expected to reach 2.06 billion, 2.38 billion, and 2.73 billion yuan for the same years, with growth rates of 22.7%, 15.6%, and 14.4% respectively [5]. Market Opportunities - Upcoming events such as the 2024 Olympics and the European Cup are anticipated to significantly boost demand for television products, with Hisense's European operations expected to enter a harvest phase [4]. - The company has announced plans to increase its cash dividend for the 2023 fiscal year, reinforcing its commitment to long-term shareholder returns and market stability [4].