Hisense V.T.(SH:600060) Guotou Securities·2024-05-14 07:00Investment Rating - The investment rating for Hisense Visual (600060.SH) is maintained at Buy-A, with a target price of 33.59 CNY for the next six months [3]. Core Views - Hisense's Vidda brand has launched new products, including the C2 series three-color laser projectors and the X Ultra series Mini LED TVs, enhancing its product lineup [1]. - The C2 series projectors feature significant upgrades in brightness and contrast, with the flagship C2 Ultra achieving a brightness of 3000 CVIA and a contrast ratio of 2000:1, which is expected to increase market share in the high-end projector segment [1]. - The Mini LED TV market is experiencing rapid growth, with Vidda's X Ultra series TVs boasting over 1000 backlight zones and improved peak brightness, positioning the brand favorably in the Mini LED market [2]. - The company is projected to see steady revenue growth, with expected EPS of 1.77, 2.01, and 2.29 CNY for 2024, 2025, and 2026 respectively [2][3]. Financial Summary - The total revenue for Hisense Visual is forecasted to grow from 457.4 billion CNY in 2022 to 767.3 billion CNY by 2026, with net profit increasing from 16.8 billion CNY to 29.9 billion CNY over the same period [11]. - The projected P/E ratios are expected to decrease from 21.5 in 2022 to 12.1 by 2026, indicating improved valuation metrics [11]. - The company's net profit margin is expected to stabilize around 3.9% from 2024 to 2026, reflecting consistent profitability [11].