Hisense V.T.(SH:600060) Guotai Junan Securities·2024-03-18 16:00Investment Rating - The report maintains an "Accumulate" rating for Hisense Visual (600060) with a target price of 32.30 CNY, unchanged from the previous rating [1][2][17]. Core Views - Hisense has entered the AI technology era in television, launching the ULED X series and foldable laser TVs, addressing the challenges of large-screen TV installation [1][17]. - The company is expected to see a 24% increase in EPS for 2023, with projections of 1.59 CNY, 1.90 CNY, and 2.28 CNY for 2023-2025, respectively [1][17]. - Hisense's total market capitalization is estimated at 32 billion CNY, with a price-to-book ratio of 1.7x [1][17]. Summary by Sections Event - On March 15, Hisense held a product launch event showcasing AI technology in its ULED X and laser TV products, along with upgrades to its art and wall-mounted TVs [7][8]. AI Technology Era - Hisense is advancing its AI capabilities across various aspects of television, including display, experience, and scene applications, supported by proprietary chips and algorithms [8][9]. ULED X New Products - The ULED X series features significant performance upgrades, including a 50% increase in computing power and an 80% improvement in scene adaptation capabilities [9][10]. Foldable Laser TV - The new foldable laser TV, Star S1, addresses installation challenges with a 50% reduction in frame size and a competitive price point of 19,999 CNY [12][13]. Art and Wall-Mounted TVs - Hisense has enhanced its art and wall-mounted TVs with customizable designs and AI interactive features, improving user experience [13]. Investment Recommendations - The report projects continued growth in Hisense's market share, particularly in high-end segments, driven by the launch of AI-enabled products [17].