海信视像：内外共振，孕育新机

Investment Rating - The investment rating for Hisense Visual Technology is "Buy" and is maintained [7]. Core Views - The company has achieved a global television shipment ranking within the top two, capturing a market share of 13.9% and maintaining its leading position in the Chinese market. The company has experienced significant revenue growth, with a 20.65% year-on-year increase in revenue to 39.226 billion yuan and a 59.57% increase in net profit attributable to shareholders [7][18]. - The company is leveraging its technological advancements and brand positioning to capitalize on emerging structural demands in the television market, such as larger screens and high-end products, which are driving market share growth [8][40]. Summary by Sections Scale: Structural Upgrading and Deep Matching - The global television market is approaching saturation, yet there is a rising demand for larger and higher-quality products, creating new opportunities for brands that can deliver high-quality products at lower costs. Hisense has upgraded its product offerings to meet these new demands, resulting in a rapid increase in market share [8][40]. Efficiency: Mechanism Optimization and Operational Improvement - The introduction of strategic investors has led to a mixed-ownership reform, which has improved operational efficiency. The company's operating profit margin has increased from 3.15% in 2019 to 4% currently, with a significant reduction in sales expense ratios [9][10]. Investment Recommendations: Internal and External Resonance for New Growth - The television industry is maturing, but structural demands for larger and high-end displays are emerging, providing opportunities for companies with strong technological foundations and competitive pricing. Hisense's strategic reforms and brand positioning are expected to drive continued growth in both domestic and international markets, with projected net profits of 2.078 billion, 2.419 billion, and 2.784 billion yuan for 2023-2025 [10][18].