转自：人民日报客户端 电视行业两大巨头即将牵手。 根据公告，未来，合资公司将融合索尼长期以来在音视频领域积累的先进技术、品牌价值及供应链管理等运营能力，积极推进业务发展，并充分发挥TCL 电子的先进显示技术、全球化规模优势、完善产业布局、端到端成本效率及垂直供应链优势。 TCL电子表示，此次与索尼达成战略合作，是双方整合优势资源，共同打造支撑业务进一步增长的绝佳契机。双方借助业务战略互补，有望通过合资公司 加强公司的综合竞争力，并为公司的所有利益相关方创造重要价值。 1月20日晚，TCL电子在港交所公告，公司与Sony Corporation（索尼）签订意向备忘录。双方拟成立一家承接索尼家庭娱乐业务的合资公司，由TCL电子 持股51%、索尼持股49%，在全球范围内开展包括电视机和家庭音响等产品在内，从产品开发、设计、制造、销售、物流到客户服务的一体化业务运营。 ...

简单算一下账：索尼2024年电视业务+影响设备大概在320亿左右，预计现在是不盈利的，后续嫁接TCL的供应链 体系+管理运营效率的提升，大概率会有比较好的利润率水平。 利润水平的合理假设：参考海信的东芝业务（2025H1净利率为7.2%），考虑到索尼的定价目前位居行业第一，属 于超高端，但是成本端的差异没有那么大，并且规模体量也大于东芝（预计25年规模40亿，25H1为20亿左右）， 可以合理假设利润率在整合后高于东芝。 可以按照10%左右去拍。 因此预计大概归属TCL电子的利润稳态可以到16亿左右。 估值倍数：考虑索尼的高端品牌形象具有稀缺性，给15倍左右，溢价于行业10倍左右的平均估值，则增量业务的 市值估计为240亿左右。 利润水平的合理假设：参考海信的东芝业务（2025H1净利率为7.2%），考虑到索尼的定价目前位居行业第一，属 于超高端，但是成本端的差异没有那么大，并且规模体量 今天大家问的比较多怎么看TCL电子后续的空间？ 今天大家问的比较多怎么看TCL电子后续的空间？ 简单算一下账：索尼2024年电视业务+影响设备大概在320亿左右，预计现在是不盈利的，后续嫁接TCL的供应链 体系+管理运营效率 ...

Investment Rating - The investment rating for Hisense Visual (600060) is maintained at "Outperform" [1]. Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 42.83 billion yuan for the first three quarters, a year-on-year increase of 5%, and a net profit attributable to shareholders of 1.63 billion yuan, up 24% year-on-year [4][7]. - The domestic and international markets are steadily developing, with Hisense maintaining a leading position in the high-end TV market in China and significant growth in overseas sales, particularly in large-screen and MiniLED products [7]. - Profitability is steadily improving, with a net profit margin of 4.29% in Q3 2025, an increase of 0.88 percentage points year-on-year [7]. Financial Data and Earnings Forecast - For 2025, the total revenue is projected to be 64.18 billion yuan, with a year-on-year growth rate of 9.6%. The net profit attributable to shareholders is expected to reach 2.50 billion yuan, reflecting an 11.3% increase [6]. - The earnings per share (EPS) for 2025 is estimated at 1.92 yuan, with a projected gross margin of 16.3% [6]. - The return on equity (ROE) is forecasted to be 12.0% for 2025, with corresponding price-to-earnings ratios of 13, 12, and 11 for the years 2025, 2026, and 2027 respectively [6].

Core Viewpoint - The newly introduced measures by the National Radio and Television Administration aim to revitalize the television industry by addressing existing pain points and enhancing content supply, which has been positively received by the industry [1][2]. Group 1: Policy Adjustments - The measures include the cancellation or adjustment of existing regulations such as the "ancient costume drama ratio," "one drama two stars," "40-episode limit," and "ban on mid-insert advertisements," which previously led to issues like content imbalance and excessive advertising [1][2]. - The adjustments are designed to provide more flexibility and freedom in content creation and broadcasting while ensuring that previous issues do not resurface [2][3]. Group 2: Industry Context - The television industry has faced significant challenges due to the rise of mobile internet and new viewing formats like short videos and live streaming, which have diverted audience attention and impacted traditional programming [3][4]. - Despite the emergence of new media, television remains a vital medium for cultural expression and audience engagement, with a unique ability to provide high-quality, immersive viewing experiences [4]. Group 3: Future Expectations - The effectiveness of the new measures is anticipated to foster a healthier creative environment, encouraging innovation and allowing cultural producers to focus on quality content creation [4]. - The overall expectation is that these initiatives will enhance the cultural supply capacity, meet growing cultural demands, and strengthen cultural confidence within society [4].

Core Viewpoint - The announcement of the cancellation of "The Late Show with Stephen Colbert" has shocked the American television industry, highlighting the declining trend of late-night shows in the U.S. market [1][4][5]. Financial Considerations - CBS announced that the show will end in May 2026, citing "financial decisions" as the reason, despite the show's high ratings and popularity [4][5]. - The late-night television segment is facing severe market challenges, with advertising revenue for late-night shows dropping from $439 million in 2018 to an estimated $220 million in 2024 [7]. Industry Impact - The cancellation of Colbert's show may trigger a domino effect, potentially leading to the reduction of other late-night programs, as industry insiders express concerns about the future of the genre [6][7]. - The traditional late-night format is increasingly seen as outdated, with younger audiences shifting their viewing habits to social media and streaming platforms [6][7]. Audience Shift - The target audience for late-night shows, primarily younger viewers, is spending more time on social media platforms, leading to a decline in traditional television viewership [7]. - Former late-night hosts are transitioning to digital platforms, indicating a significant shift in how comedy content is consumed [7].

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].