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海信视像(600060):产品结构持续优化,Q2业绩延续快速增长
Guotou Securities· 2025-08-26 01:35
2025 年 08 月 26 日 海信视像(600060.SH) 产品结构持续优化,Q2 业绩延续快速 增长 事件:海信视像公布 2025 年半年度公告。公司 2025H1 实现收 入 272.3 亿元,YoY+7.0%;实现归母净利润 10.6 亿元,YoY+26.6%。 经折算,Q2 单季度实现收入 138.6 亿元,YoY+8.6%;实现归母净 利润 5.0 亿元,YoY+36.7%。展望后续,随着公司产品结构不断优 化,新显示业务快速增长,公司盈利能力有望持续提升。 Q2 整体收入增长稳健:国内市场方面,以旧换新政策刺激电视 行业更新需求。公司作为国内电视行业龙头企业,凭借丰富的产 品矩阵和多元化的渠道体系更受益于政策刺激。根据奥维云网数 据,2025Q2 海信+Vidda 国内电视零售额 YoY+24%。根据公司公告, 上半年国内全渠道 Mini LED 电视市场中海信系的零售量市占率 同比+8.4pct。我们判断,Q2 公司内销电视业务收入实现较快增 长。海外方面,受美国关税政策以及公司在美国渠道结构调整的 影响,我们判断 Q2 公司外销电视业务小幅承压。展望后续,公司 积极携手世俱杯、NBA 等 ...
海信视像(600060):全球份额持续提升,国补拉动Q4业绩高增
Guotou Securities· 2025-03-31 02:33
Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 27.80 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 58.53 billion CNY for 2024, representing a year-over-year increase of 9.2%. The net profit attributable to shareholders was 2.25 billion CNY, up 7.2% year-over-year. In Q4 alone, the company achieved a revenue of 17.88 billion CNY, a significant increase of 24.3% year-over-year, and a net profit of 0.94 billion CNY, which is a remarkable growth of 100.1% year-over-year [1][2][3]. Summary by Sections Financial Performance - In Q4, Hisense's domestic television sales increased by 14% year-over-year, driven by the "old-for-new" policy stimulating demand in the television industry. The company's global market share for television shipments reached 13.9%, an increase of 1.0 percentage points year-over-year [2]. - The net profit margin for Q4 was 5.2%, reflecting a year-over-year increase of 2.0 percentage points, primarily due to improved gross margins from high-end products and stable panel costs [2][3]. Cash Flow - The operating cash flow for Q4 increased by 100 million CNY year-over-year, attributed to rapid revenue growth. Cash received from sales and services rose by 340 million CNY year-over-year [3]. Future Outlook - The company is expected to benefit from ongoing product structure optimization and rapid growth in new display businesses, which include laser display, commercial display, cloud services, and chip businesses. EPS forecasts for 2025, 2026, and 2027 are 1.99 CNY, 2.19 CNY, and 2.45 CNY, respectively [3][4].