Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Outperform the Market" [6][29]. Core Views - The company achieved accelerated revenue growth in Q2 2025, with a total revenue of 27.23 billion (+7.0%) and a net profit attributable to shareholders of 1.06 billion (+26.6%) for H1 2025. Q2 revenue reached 13.86 billion (+8.6%) with a net profit of 500 million (+36.8%) [1]. - The global TV industry shows stable sales with a clear trend towards structural upgrades, with global TV shipments at 94.57 million units (+0.1%) in H1 2025, and domestic shipments at 17.1 million units (+2.4%) [2]. - The company is expected to see both volume and price increases in domestic sales, with a projected improvement in market share and product structure, particularly in larger screen sizes and Mini LED products [3]. - New display business is performing well, with revenue of 3.43 billion (+7.4%) in H1 2025, driven by laser displays and commercial displays [4]. - The company maintains a positive outlook on profitability, with an expected net profit growth of 15% for 2025, 12% for 2026, and 10% for 2027, alongside a stable PE ratio [4][5]. Summary by Sections Financial Performance - In H1 2025, Hisense Visual reported a revenue of 27.23 billion (+7.0%) and a net profit of 1.06 billion (+26.6%). Q2 alone contributed 13.86 billion in revenue (+8.6%) and 500 million in net profit (+36.8%) [1]. - The gross margin improved to 16.4% (+1.0 percentage points) in H1 2025, with Q2 gross margin at 16.8% (+1.4 percentage points) [4]. Market Trends - The global TV market is experiencing a shift towards larger screens and Mini LED technology, with global shipments of Mini LED TVs increasing by 150% and over 200% in China [2]. - Hisense's market share in global shipments reached 14.4% (+0.6 percentage points), with domestic retail sales share at 30.0% and retail volume share at 25.7% [3]. Future Projections - The company forecasts net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025, 2026, and 2027 respectively, with corresponding growth rates of 15%, 12%, and 10% [5]. - The expected PE ratios for the next three years are 11, 10, and 9 times [4][5].

Market Overview - The black home appliance sector experienced a decline of 0.99% on August 27, with Chenyi Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - Tongzhou Electronics (002052) rose by 3.45% to a closing price of 18.30 [1] - Zhaochi Co. (002429) increased by 1.43% to 5.66 [1] - ST Gauss (002848) fell by 0.36% to 8.33 [1] - Sichuan Jiuzhou (000801) decreased by 0.77% to 18.00 [1] - XGIMI Technology (688696) dropped by 0.97% to 125.18 [1] - Hisense Visual (600060) declined by 1.26% to 21.87 [1] - Skyworth Digital (000810) fell by 1.58% to 12.49 [1] - Jiulian Technology (688609) decreased by 1.92% to 11.78 [1] - Sichuan Changhong (600839) dropped by 2.70% to 11.90 [1] - Chenyi Intelligent (301578) fell by 3.19% to 37.58 [1] Capital Flow - The black home appliance sector saw a net outflow of 324 million yuan from institutional investors and 145 million yuan from retail investors, while retail investors had a net inflow of 468 million yuan [1] - Detailed capital flow for selected stocks includes: - Skyworth Digital (000810) had a net inflow of 31.72 million yuan from institutional investors [2] - Sichuan Jiuzhou (000801) saw a net inflow of 14.76 million yuan from institutional investors [2] - XGIMI Technology (688696) had a net inflow of 12.84 million yuan from institutional investors [2] - Chenyi Intelligent (301578) experienced a net outflow of 2.47 million yuan from institutional investors [2] - Hisense Visual (600060) faced a significant net outflow of 33 million yuan from institutional investors [2] - Tongzhou Electronics (002052) had a net outflow of 80.57 million yuan from institutional investors [2]

Investment Rating - The report maintains a "Buy" rating for Hisense Visual [5] Core Views - Hisense Visual's market share is continuously increasing, with H1 2025 revenue reaching 27.231 billion yuan, a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% [1] - The company has solidified its leading position in the high-end domestic and overseas markets, with significant market shares in large-screen TVs and MiniLED products [1][2] - Profitability is on the rise, with Q2 2025 gross margin at 16.8%, a year-on-year increase of 1.4 percentage points, and a net margin of 4.39%, up 0.71 percentage points [2] Financial Performance Summary - Revenue and profit forecasts indicate continued growth, with expected net profits of 2.589 billion yuan in 2025, 2.982 billion yuan in 2026, and 3.352 billion yuan in 2027, reflecting year-on-year growth rates of 15.3%, 15.2%, and 12.4% respectively [2][4] - The company's gross margin is projected to improve gradually, reaching 17.6% by 2027 [4] - The report highlights a strong return on equity (ROE) forecast, increasing from 11.1% in 2023 to 14.1% in 2027 [4]

Core Insights - The black home appliance sector saw a rise of 1.14% on August 26, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Zhao Chi Co., Ltd. (002429) closed at 5.58, up 2.57% with a trading volume of 1.7384 million shares and a transaction value of 9.51 billion [1] - Hisense Visual (600060) closed at 22.15, up 2.03% with a trading volume of 223,500 shares [1] - Sichuan Changhong (600839) closed at 12.23, up 1.92% with a trading volume of 5.3182 million shares [1] - Other notable stocks include: - Skyworth Digital (000810) at 12.69, up 1.68% [1] - Sichuan Jiuzhou (000801) at 18.14, up 1.34% [1] - Jimi Technology (688696) at 126.40, up 1.16% [1] Capital Flow - The black home appliance sector experienced a net outflow of 426 million from institutional investors, while retail investors saw a net inflow of 365 million [1] - Notable capital flows include: - Zhao Chi Co., Ltd. had a net inflow of 73.11 million from institutional investors [2] - Sichuan Jiuzhou saw a net inflow of 52.55 million from institutional investors [2] - However, Tongzhou Electronics (002052) faced a significant net outflow of 421 million from institutional investors [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company has shown steady growth in market share and revenue, with a 7.0% year-on-year increase in revenue to 272.3 billion yuan and a 26.6% increase in net profit to 10.6 billion yuan in the first half of 2025 [1][2]. - The company is a leading player in the global display industry, with a focus on high-end products and new technologies such as MiniLED and MicroLED, which are expected to drive future growth [4][3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 138.6 billion yuan, up 8.6% year-on-year, and a net profit of 5 billion yuan, up 36.8% year-on-year [1]. - The company's gross margin improved by 1.4 percentage points in Q2 2025, driven by an optimized overseas supply chain and a shift towards larger and higher-end products [2]. Market Position - The company holds a 14.38% global market share in television shipments, an increase of 0.57 percentage points year-on-year, and leads the Chinese market with a retail market share of 29.96% [2]. - The MiniLED segment has seen significant growth, with global shipments reaching 4.8 million units in the first half of 2025, a 150% increase year-on-year [3]. Future Outlook - The company is expected to maintain a stable long-term growth trajectory, with projected net profits of 25.7 billion yuan, 28.9 billion yuan, and 32.9 billion yuan for 2025, 2026, and 2027 respectively [4][5]. - The dynamic price-to-earnings ratios for the years 2025 to 2027 are estimated at 11.0x, 9.8x, and 8.6x, indicating potential for further investment [4].

Group 1 - The black home appliance sector experienced a decline of 0.18% on August 25, with Zhongzhou Electronics leading the drop [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - A detailed table of individual stock performance in the black home appliance sector is provided [1] Group 2 - On the same day, the black home appliance sector saw a net outflow of 304 million yuan from main funds, while retail investors contributed a net inflow of 333 million yuan [2] - The net outflow from speculative funds was 29.19 million yuan [2] - A detailed table of fund flows for individual stocks in the black home appliance sector is included [2]

| 序号 | 板块 | 涨跌幅(%)▼ | 总成交量 (万手) ▼ | 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 原田 | 4.50 | 492.79 | 346.52 | 41.20 | 20 | 0 | | 2 | 金属新材料 | 4.16 | 1333.79 | 289.03 | 10.43 | 28 | র্ণ | | 3 | 小我屋 | 3.82 | 2061.33 | 611.70 | -1.79 | 24 | 1 | | র্ম | 高尖屋 | 3.73 | 828.15 | 130.61 | 12.34 | 11 | 0 | | 5 | 通信设备 | 3.39 | 3985.24 | 1471.52 | 6.16 | 72 | 16 | | 6 | 工业务属 | 2.84 | 5496.17 | 540.52 | 44.04 | 47 | 11 | | 7 | 医疗服务 | 2.71 | 1717.67 | 381.85 | 25.25 | 4 ...

Core Insights - The black home appliance sector experienced a 1.9% increase on August 22, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Tongzhou Electronics (002052) closed at 20.25, up 5.52% with a trading volume of 815,600 shares and a transaction value of 158.1 million [1] - Jiulian Technology (688609) closed at 12.00, up 3.36% with a trading volume of 325,400 shares and a transaction value of 38.6 million [1] - Sichuan Changhong (600839) closed at 11.93, up 3.02% with a trading volume of 4,688,200 shares and a transaction value of 554.8 million [1] - Other notable stocks include XGIMI Technology (688696) at 121.56, up 0.98%, and Hisense Visual (600060) at 21.67, up 0.79% [1] Capital Flow - The black home appliance sector saw a net outflow of 73.99 million from main funds, while retail funds had a net inflow of 9.99 million [2] - Speculative funds recorded a net inflow of 63.99 million [2]

Market Overview - The black home appliance sector experienced a decline of 0.23% on August 21, with Sichuan Changhong leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable gainers included: - Feichi Co., Ltd. (002429) with a closing price of 5.47, up 10.06% [1] - XGIMI Technology (688696) at 120.38, up 4.33% [1] - Significant decliners included: - Sichuan Changhong (600839) at 11.58, down 5.00% [1] - Sichuan Jiuzhou (000801) at 17.42, down 1.97% [1] Capital Flow - The black home appliance sector saw a net outflow of 234 million yuan from institutional investors and 315 million yuan from retail investors, while retail investors had a net inflow of 549 million yuan [1] - Detailed capital flow for selected stocks: - Feichi Co., Ltd. had a net inflow of 385 million yuan from institutional investors [2] - Hisense Visual (600060) saw a net outflow of 15.76 million yuan from institutional investors [2] - Sichuan Changhong experienced a net outflow of 470 million yuan from institutional investors [2]

Group 1 - The black home appliance sector rose by 2.31% on August 20, with Sichuan Changhong leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Key stocks in the black home appliance sector showed varied performance, with Sichuan Changhong increasing by 4.46% to a closing price of 12.19 [1] Group 2 - The net capital outflow from the black home appliance sector was 1.87 billion yuan, while retail investors saw a net inflow of 1.417 billion yuan [2] - The table of capital flow indicates significant activity among retail investors compared to institutional investors [2]