Hisense V.T.(SH:600060) Guotai Junan Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for Hisense Visual (600060) with a target price of 32.30 CNY, unchanged from the previous rating [1][27]. Core Insights - The company's revenue from both domestic and international sales of televisions has shown growth, with resilience in profitability despite panel cost pressures [1][27]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.90, 2.28, and 2.65 CNY respectively, reflecting year-on-year growth of 19%, 20%, and 17% [1][27]. Summary by Sections 1. Event - The company's 2023 performance met expectations, with revenue of 53.616 billion CNY, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 2.096 billion CNY, up 24.76% [10][22]. 2. Smart Display Terminals - Domestic sales revenue increased by 18.20% to 23.643 billion CNY, while international sales revenue rose by 20.45% to 24.747 billion CNY [11][12]. - The overall television revenue for 2023 was 41.257 billion CNY, with a 17.01% year-on-year increase [11][12]. 3. New Display Business - Revenue from new display businesses reached 6.517 billion CNY, a 40.6% increase year-on-year, driven by the consolidation of Qian Zhao Optoelectronics [14][18]. 4. Performance Metrics - The company's gross margin for 2023 was 16.94%, a decrease of 1.28 percentage points year-on-year, while the net profit margin was 3.9%, an increase of 0.24 percentage points [19][21]. 5. Financial Position - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 14.806 billion CNY, a 24.4% increase year-on-year [23][24]. 6. Employee Stock Ownership Plan - The company announced a stable performance target for its employee stock ownership plan, with profit targets set for 2024-2026 [24][25]. 7. Dividend Policy - The proposed cash dividend for 2023 is 0.8053 CNY per share, with a dividend payout ratio of 50.16%, consistent with the previous year [25].