光大证券研究·2026-02-07 00:03Industry Research - By 2025, China's outbound direct investment scale is expected to increase, with more small and medium-sized enterprises venturing abroad. The light manufacturing and home appliance sectors have a high proportion of overseas revenue. Industries with high foreign exposure, such as light manufacturing and automotive, are expected to perform better in stock prices. The correlation between overseas gross profit margins and revenue structure indicates that rising overseas gross profit margins will drive the expansion of overseas business [5]. - Early-stage industries venturing abroad include machinery, basic chemicals, and electric equipment/home appliances. Industries in the acceleration phase of going abroad include electronics, light manufacturing, and automotive. The process of going abroad does not necessarily lead to a decline in export growth; rather, it structurally benefits upstream equipment exports and investments [5]. Company Research - Hisense Visual Technology (600060.SH) is a leading global provider of display solutions, focusing on "multi-scenario large display" and building a comprehensive matrix covering home, commercial, and automotive scenarios. The company adheres to a development strategy of "technology-driven and stable operation," being the only domestic display enterprise with a comprehensive layout in LCD, laser display, and LED technologies. In 2024, the company is projected to achieve total operating revenue of 58.5 billion yuan and a net profit attributable to shareholders of 2.2 billion yuan [7]. - Chao Hong Ji (002345.SZ) emphasizes product research and innovation, successfully transitioning from a channel-driven to a product-driven industry. The company attracts young consumers through low-priced, lightweight IP products while enhancing brand quality with high-end series products featuring intangible cultural heritage, premium gold and diamonds, and collaborations with the Palace Museum [8].