Hisense V.T.(SH:600060) KAIYUAN SECURITIES·2024-03-31 16:00Investment Rating - The investment rating for Hisense Visual Technology is maintained at "Buy" [2][22]. Core Views - The company achieved a revenue of 53.6 billion yuan in 2023, representing a year-on-year growth of 17.22%. The net profit attributable to shareholders was 2.096 billion yuan, up 24.82% year-on-year. For Q4 2023, revenue was 14.389 billion yuan, an increase of 8.8%, while net profit attributable to shareholders decreased by 18.3% to 468 million yuan [5][22]. - Short-term demand is expected to recover due to major sporting events, and the long-term competitive advantage and global market share are anticipated to continue improving. The profit forecasts for 2024-2026 have been raised, with expected net profits of 2.406 billion, 2.799 billion, and 3.193 billion yuan respectively [5][22]. Summary by Sections 1. Revenue Growth and Performance - In 2023, the company reported a total revenue of 53.6 billion yuan, with a main business income of 48.4 billion yuan, reflecting a growth of 19.34%. The net profit attributable to shareholders was 2.096 billion yuan, with a non-recurring net profit of 1.733 billion yuan [13][22]. - For Q4 2023, the revenue was 14.389 billion yuan, marking an 8.8% increase, while the net profit attributable to shareholders was 468 million yuan, down 18.3% [5][22]. 2. Gross Margin and Cost Management - The gross margin for 2023 was 16.94%, a decrease of 1.29 percentage points. The Q4 gross margin was 16.8%, down 2.56 percentage points. The decline in gross margin was influenced by the merger with Qianzhao Optoelectronics and rising panel costs [7][17]. - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios showing minor fluctuations [17][19]. 3. Profit Forecast and Investment Recommendations - The profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 2.406 billion, 2.799 billion, and 3.193 billion yuan respectively. The corresponding EPS for these years is projected to be 1.84, 2.14, and 2.45 yuan [5][22]. - The current stock price corresponds to a PE ratio of 12.8, 11.0, and 9.7 for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [2][22].