证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 全球份额不断提升，H1 业绩持续增长 事件：公司发布 2025 年半年报。公司 2025H1 实现营业总收入 272.31 亿元，同比增长 6.95%；实现归母净利润 10.56 亿元，同比增长 26.63%。 其中，2025Q2 单季营业总收入为 138.55 亿元，同比增长 8.59%；归母净 利润为 5.02 亿元，同比增长 36.82%。 国内及海外高端化领域龙头地位稳固。内销看，公司高端化领域龙头地位 巩固， 2025H1 公 司 在 百 寸 以 上 电 视 零 售 量 / 零 售 额 市 占 率 为 41.65%/48.66%；高端市场中，线上/线下额占有率为 34.88%/43.15%； MiniLED 产品中量/额市占率达 33.95%/34.98%。外销看，公司 Miniled 出 货量同比+108.24%，分区域看，北美 Miniled 占比+2.1pct 至 5.9%，品 牌价格指数同比提升 7.4；欧洲 MiniLED 占比+1.6pct 至 9.5%，品牌价格 指数提升 8；日本 MiniLED ...

2025 年 8 月 25 日，海信视像发布半年报。2025H1 公司实现营业收入 272.3 亿元，同比+7.0%；归母净利润 10.6 亿元，同比+26.6%。2025Q2，公司实 现营业收入 138.6 亿元，同比+8.6%；归母净利润 5 亿元，同比+36.8%。 公司报告 | 半年报点评 海信视像（600060） 证券研究报告 份额稳步提升，结构持续优化 事件： 投资建议：公司是全球显示行业龙头企业之一，在行业竞争格局持续优化 的背景下，公司全球化发展能力持续提升，多元品牌矩阵运营能力及经营 效率有效提高，产品结构进一步升级。同时，公司持续深耕高效协同、独 立发展的"1+（4+N）"产业布局，在 MiniLED、MicroLED、虚拟现实显示 及 AIGC 等新技术方面加快研发和产品推广，持续夯实在显示行业的引领地 位。我们看好公司中长期平稳向好发展，预计 25-27 年归母净利润 25.7/28.9/32.9 亿元，对应 25-27 年动态 PE 分别为 11.0x/9.8x/8.6x，维持"买 入"评级。 风险提示：国际贸易不确定性风险、面板价格剧烈波动影响利润率的风险、 新显示业务发展不及预期 ...

Group 1 - The global drone market is experiencing steady growth, with the civilian drone market expected to reach USD 23.2 billion by 2025 and a shipment volume of approximately 7 million consumer drones [4][8] - The Antigravity A1 drone from the company introduces a new segment with VR-level natural interaction and immersive creative experiences, significantly lowering the professional threshold for users [8][9] - The company aims to capture the ultra-micro drone market, potentially generating tens of billions in new revenue over the next three years, becoming a strong second growth curve [14] Group 2 - The home appliance sector showed a mixed performance, with the home appliance index rising by 1.9% during the week of August 11-17, while the overall market indices saw higher gains [16][17] - The white goods, black goods, and small appliances segments experienced varying changes, with black goods increasing by 4.2% [16][18] - Notable individual stock performances included a 27% increase for Shunwei Co. and an 8.7% decrease for Wanhe Electric [18] Group 3 - Raw material prices have shown fluctuations, with copper prices up 7.3% year-to-date and aluminum prices up 5% [22] - The price index for plastics has decreased by 9.2% year-to-date, while the steel price index has seen a slight decline of 2.1% [22] Group 4 - The retail performance of major appliances showed a year-on-year increase in air conditioning sales by 23% and washing machines by 11%, while refrigerators saw a decline of 7% [45] - The online sales of small appliances, particularly vacuum cleaners, have surged with a year-on-year growth of 48% [45]

Market Overview - The A-share market experienced slight fluctuations with minor gains in the morning session, with the Shanghai Composite Index up by 0.07% to 3642.10 points, the Shenzhen Component Index up by 0.14% to 11173.87 points, and the ChiNext Index up by 0.21% to 2347.83 points [1] Sector Performance Top Gaining Sectors - The engineering machinery sector led the gains with an increase of 3.13%, achieving a total trading volume of 1,133.99 million hands and a total transaction value of 170.62 billion [2] - The wind power equipment sector followed with a rise of 2.71%, with a trading volume of 659.39 million hands and a transaction value of 89.64 billion [2] - The rail transit equipment sector saw an increase of 1.58%, with a trading volume of 257.26 million hands and a transaction value of 26.61 billion [2] Top Declining Sectors - The software development sector experienced the largest decline at -2.23%, with a trading volume of 1,902.91 million hands and a transaction value of 412.41 billion [2] - The IT services sector fell by 1.65%, with a trading volume of 2,692.79 million hands and a transaction value of 411.94 billion [2] - The semiconductor sector decreased by 1.62%, with a trading volume of 1,265.75 million hands and a transaction value of 586.80 billion [2]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1][3]. Group 1: CFO Salary and Demographics - In 2024, the average salary for CFOs in the black household appliance sector reached 979,200 yuan, a year-on-year decrease of 19.67%, primarily due to a significant salary reduction for Wang Yin of Skyworth Digital [7][8]. - The age structure of CFOs in the black household appliance sector is predominantly middle-aged, with an average age of 48.88 years; 62.5% are over 50 years old [1][3]. - Female CFOs make up 62.5% of the group, with an average age of 46.80 years, which is significantly younger than their male counterparts, who average 52.33 years [1][3]. Group 2: Tenure and Education - The majority of CFOs in the black household appliance sector have tenures of 1-3 years and 5-10 years, each accounting for 37.5% of the total; only 12.5% have tenures longer than 10 years [3]. - Over half of the CFOs hold a bachelor's degree, while master's and associate degrees account for 25% and 12.5%, respectively [5]. Group 3: Salary Distribution and Changes - The median salary for CFOs in this sector is 872,800 yuan, which represents a year-on-year increase of 21.15% [7]. - 37.5% of CFOs earn over 1 million yuan, with the highest and lowest salaries differing by 1.63 million yuan; no CFO earns less than 200,000 yuan [7][9]. - Among the CFOs, three experienced salary increases while three saw decreases, with Wang Yin's salary dropping by over 2 million yuan [7][8]. Group 4: Notable CFOs - Wang Yin of Skyworth Digital has the highest salary at 1,993,200 yuan, despite a significant drop from 4,242,000 yuan in 2023 [8][10]. - The lowest-paid CFO is He Linan from *ST Gauss, earning 365,300 yuan, which is a 27.91% increase from the previous year [9][10].

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 706,000 yuan [1] - Over 21% of the secretaries earned more than 1 million yuan annually, indicating a significant portion of high earners in this role [1] Group 1: Age Structure - The average age of secretaries in the black home appliance sector is 41.73 years, with the largest age group (30-40 years) accounting for 54.5% [2] - The age group of 40-50 years comprises 36.4%, while those over 50 years make up only a small fraction [2] - The oldest secretary is Zhang Zhi from Skyworth Digital at 56 years, while the youngest is Liu Shasha from Hisense Visual, who is only 35 years old [2] Group 2: Tenure and Turnover - The majority of secretaries in the white home appliance sector have a tenure of 3-5 years, representing 54.5% of the total [2] - Only one secretary resigned during the reporting period, Liu Shasha from Hisense Visual, who left for personal reasons [2] Group 3: Educational Background - Among the secretaries in the black home appliance sector, 36.4% hold a master's degree, while 27.3% have a bachelor's degree [3] - Doctorate and associate degrees are the least common, each accounting for 18.2% [3] Group 4: Salary Disparities - The average annual salary for secretaries in the black home appliance sector is 865,900 yuan, with a median salary of 699,000 yuan [3] - There is a significant salary gap, with the highest-paid secretary earning 3.3885 million yuan, while the lowest earned 306,100 yuan [3] - Compared to 2023, the average salary increased by 6.23%, while the median salary decreased by 2.92%, indicating widening salary disparities within the industry [3]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The data indicates a trend of younger secretaries in the black home appliance sector, with an average age of 41.73 years [1] - The report shows a significant disparity in salaries among secretaries, with only 18.18% earning over 1 million yuan annually [9] Salary Overview - The average annual salary for secretaries in the black home appliance sector is 865,900 yuan, with a median salary of 699,000 yuan [9] - The highest-paid secretary, Zhang Zhi from Skyworth Digital, earns 3.3885 million yuan, significantly higher than the second highest, Zhao Qilin from Sichuan Changhong, who earns 1.077 million yuan [10] - Compared to 2023, the average salary increased by 6.23%, while the median salary decreased by 2.92%, indicating a widening salary gap within the industry [9] Demographics - In the black home appliance sector, 54.5% of secretaries are aged between 30-40 years, while only 9.1% are over 50 [1] - The gender distribution shows that 63.6% of secretaries are male, with an average age of 43 years, while females make up 36.4% with an average age of 39.5 years [1] Educational Background - Among the secretaries in the black home appliance sector, 36.4% hold a master's degree, while 27.3% have a bachelor's degree [5] - The report notes that the highest educational attainment among secretaries includes two with doctoral degrees, while the lowest is represented by two with only an associate degree [5] Tenure and Turnover - The majority of secretaries in the white home appliance sector have a tenure of 3-5 years, accounting for 54.5% [3] - The longest-serving secretary is Zhang Zhi from Skyworth Digital, who has held the position for nearly 11 years [3] - In 2024, only one secretary, Liu Shasha from Hisense Visual, resigned for personal reasons [3] Research Engagement - 45.5% of secretaries in the black home appliance sector receive fewer than 10 research visits annually, while 18.2% receive between 10-50 visits [7] - The highest engagement is seen with Zhaochi Co., whose secretary, Shan Huajing, conducted 379 research receptions in a year [7]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1][3]. Group 1: CFO Salary and Demographics - In 2024, the average salary for CFOs in the black home appliance sector is 979,200 yuan, a decrease of 19.67% year-on-year, primarily due to a significant salary cut for the CFO of Skyworth Digital [7][8]. - The age structure of CFOs in the black home appliance sector shows a predominance of middle-aged individuals, with an average age of 48.88 years; 62.5% are over 50 years old [1][3]. - Female CFOs make up 62.5% of the group, with an average age of 46.80 years, which is significantly younger than their male counterparts, who average 52.33 years [1][3]. Group 2: Tenure and Education - The majority of CFOs in the black home appliance sector have tenures of 1-3 years and 5-10 years, each accounting for 37.5% of the total; only 12.5% have tenures longer than 10 years [3]. - Over half of the CFOs hold a bachelor's degree, while master's and associate degrees account for 25% and 12.5%, respectively [5]. Group 3: Salary Distribution and Changes - The median salary for CFOs is 872,800 yuan, which represents a year-on-year increase of 21.15%; 37.5% of CFOs earn over 1 million yuan [7]. - The highest-paid CFO is Wang Yin from Skyworth Digital, earning 1,993,200 yuan, down from 4,242,000 yuan in 2023, marking a decrease of 224,880 yuan [8][9]. - The lowest-paid CFO is He Linan from *ST Gauss, with a salary of 365,300 yuan, which is a 27.91% increase from the previous year [9].

Investment Rating - The report assigns an "Outperform the Market" rating to Hisense Visual [5] Core Viewpoints - Hisense Visual is positioned as a leading player in the global television market, with a revenue forecast of 58.53 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.9% from 2018 to 2024 [1][22] - The company is expected to benefit from the rapid growth of Mini LED technology, with a projected penetration rate of over 18% in China by 2024, up more than 15 percentage points year-on-year [1][31] - Hisense Visual's overseas revenue is anticipated to reach 52% by 2024, reflecting its successful expansion into international markets [1][23] Summary by Sections Company Overview - Hisense Visual is a leading player in China's television industry, primarily engaged in the research, production, and sales of display-related products, with a focus on televisions, laser displays, and display chips [13][14] - The company operates under three brands: Hisense, Toshiba, and Vidda, targeting different consumer segments and steadily increasing its market share [2][13] Financial Performance - The company's revenue is projected to grow to 63.74 billion in 2025, with a net profit of 2.59 billion, reflecting a growth rate of 15.4% [3][4] - Hisense Visual's net profit has shown a compound growth rate of 33.7% from 2018 to 2024, indicating strong profitability recovery after previous downturns [22][23] Market Dynamics - The global television market is stabilizing, with a shift towards larger screens and advanced technologies like Mini LED, which is expected to drive up average selling prices [1][32] - The market share of the top four global television brands is projected to increase from 44.5% in 2018 to 56.2% in 2024, indicating a more concentrated industry landscape [1][32] Competitive Advantages - Hisense Visual has a strong technological foundation, having invested over 10 years in ULED technology and leading advancements in Mini LED and AI technologies [2][31] - The company has established a comprehensive supply chain, including upstream chip production, which enhances its competitive edge in the market [2][31] Future Outlook - The company is expected to capture a larger share of the global television market, with new growth opportunities arising from its investments in laser displays, commercial displays, and XR technologies [3][22] - The stock is valued between 24.89 and 29.63 per share, with a market capitalization range of 325 to 387 billion, suggesting a favorable investment opportunity [3][5]

Summary of Key Points Core Viewpoint - Sichuan Jiuzhou Electric Co., Ltd. plans to repurchase shares using self-raised funds and loans, with a total repurchase amount between 100 million and 200 million RMB, aiming to enhance shareholder value and stabilize stock price [1]. Company Performance - As of May 23, 2025, Sichuan Jiuzhou's stock closed at 15.7 RMB, down 2.55% from the previous week's 16.11 RMB [1]. - The stock reached a weekly high of 16.64 RMB and a low of 15.68 RMB during the week [1]. - The company's current total market capitalization is 16.058 billion RMB, ranking 4th in the black home appliance sector and 944th among all A-shares [1]. Share Repurchase Plan - The company intends to use 100 million to 200 million RMB for the repurchase of its A-shares, with a maximum repurchase price set at 26.37 RMB per share [1]. - The repurchase period will last for twelve months from the date of approval at the annual general meeting [1]. - Sichuan Jiuzhou has secured a loan commitment of up to 180 million RMB from Bank of China, with a loan term of three years [1]. - The board of directors has committed that the repurchase will not harm the company's debt servicing ability or ongoing operations [1].