证券研究报告 海信视像 (600060 CH) 电视盈利质量改善，新成长曲线延展 2025 年 8 月 26 日│中国内地 视听器材 公司公布上半年业绩：25H1 实现营收 272.31 亿元（同比+6.95%），归母 净利 10.56 亿元（同比+26.6%），其中，25Q2 营收同比+8.59%，归母净 利同比+36.72%，盈利能力持续改善。公司凭借大屏化、高端化布局和新显 示业务扩张，在收入端保持稳健增长，并在毛利率和归母净利率均改善的情 况下实现盈利能力提升。我们认为，公司在产品升级+新业务多元化+全球 化产能布局的三重驱动下，有望继续在行业分化中保持优势。维持"增持" 评级。 电视：结构升级支撑稳健增长 公司电视业务表现稳健。1）25H1 公司继续保持国内第一的电视零售份额 （奥维云网），品牌价格指数提升，显示出中高端产品竞争力。展望 Q3， 根据奥维云网数据，25W27-W33(6.30-8.17)海信/Vidda 线上+线下 KA 零售 额分别同比+20.3%/+6.89%，零售价分别同比+12.5%/+17.4%。我们继续 看好需求结构升级趋势延续，国内收入增长可期。2）海关总署数据显示， ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is experiencing strong global growth momentum with a focus on high-end strategies, as evidenced by a 11.4% year-on-year increase in global TV shipments in Q1 2025, reaching 6.507 million units, and a 22.3% increase in TV sales revenue [1] - The management's confidence in sustained profit optimization is highlighted by the issuance of performance-based restricted shares, with adjusted net profit targets for 2025-2027 set at HKD 2.33 billion, HKD 2.81 billion, and HKD 3.21 billion respectively [4] - The company is expected to benefit from domestic policy incentives and structural upgrades, leading to a 10.8% year-on-year increase in domestic TV shipments in Q1 2025, alongside a 35.4% increase in sales revenue [2] - Internationally, the company is successfully navigating challenges such as US tariffs, with a 11.6% year-on-year increase in international TV shipments in Q1 2025, and significant growth in large-screen product sales [3] Summary by Sections Domestic Market - In Q1 2025, domestic TV shipments increased by 10.8% year-on-year, driven by replacement policies, with Mini LED shipments surging by 341.1%, accounting for 17.6% of total shipments [2] - The average selling price rose by 22.2%, contributing to a 35.4% increase in domestic TV sales revenue [2] International Market - The company achieved a 11.6% year-on-year increase in international TV shipments in Q1 2025, with Europe growing by 15.8% and North America by 3.8% [3] - Large-screen product sales saw significant growth, with shipments of 65 inches and above increasing by 48.5% year-on-year [3] Profit Forecasts - The report has revised profit forecasts upwards, projecting adjusted net profits of HKD 2.26 billion, HKD 2.71 billion, and HKD 3.03 billion for 2025-2027, reflecting increases of 11%, 19%, and 19% respectively [5] - The target price for the company is set at HKD 10.80, based on a 12x PE ratio for 2025 [5]