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海信视像(600060):产品结构优化升级,利润高增
Shanxi Securities· 2025-08-26 11:19
公司近一年市场表现 市场数据:2025 年 8 月 25 日 | 收盘价(元): | 21.71 | | --- | --- | | 年内最高/最低(元): | 25.88/14.28 | | 流通A股/总股本(亿): | 12.95/13.05 | | 流通 A 股市值(亿): | 281.16 | | 总市值(亿): | 283.31 | | 年 基础数据:2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元): | | | 0.81 | | 摊薄每股收益(元): | | | 0.81 | | 每股净资产(元): | | | 19.46 | 资料来源:最闻 分析师: 陈玉卢 执业登记编码:S0760525050001 邮箱:chenyulu@sxzq.com 黑色家电Ⅲ 海信视像(600060.SH) 买入-A(首次) 产品结构优化升级,利润高增 2025 年 8 月 26 日 公司研究/公司快报 事件描述 事件:海信视像发布了 2025 年中报业绩,2025H1 实现营业总收入为 272.31 亿元,yoy+6.95%,实现归母净利润为 1 ...
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 ...
量化大势研判202503:成长或将趋弱,切向质量红利
Minsheng Securities· 2025-03-03 05:28
Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The framework identifies the dominant market style by comparing asset characteristics based on their intrinsic attributes and industry life cycle stages. It evaluates assets using the priority sequence of growth (g) > return on equity (ROE) > dividend yield (D) to determine the most advantageous sectors[5][6][7] - **Model Construction Process**: - Classifies assets into five style stages: external growth, quality growth, quality dividend, value dividend, and distressed value[5] - Prioritizes mainstream assets (actual growth, expected growth, profitability) over secondary assets, with secondary asset priority determined by crowding levels[7] - Uses metrics such as Δg (actual growth momentum), Δgf (expected growth momentum), PB-ROE (valuation), and DP (dividend yield) to evaluate and rank assets[6][7] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotations since 2009, achieving an annualized return of 26.85%[14] --- Quantitative Factors and Construction Methods 1. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Measures the momentum of actual growth by evaluating the change in net profit growth rates (Δg)[18] - **Factor Construction Process**: - Calculates the spread between the top and bottom quintiles of industries based on net profit growth rates[18] - Δg > 0 indicates strengthening growth momentum, while Δg < 0 signals weakening momentum[18] 2. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Captures analysts' optimism by assessing changes in expected net profit growth rates (Δgf)[21] - **Factor Construction Process**: - Similar to Δg, calculates the spread between the top and bottom quintiles of industries based on expected net profit growth rates[21] - Δgf > 0 indicates increasing optimism, while Δgf < 0 suggests declining optimism[21] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Evaluates asset quality by combining ROE with valuation metrics (PB-ROE)[22] - **Factor Construction Process**: - Ranks industries based on ROE and PB-ROE residuals[30] - Identifies high ROE industries with low valuations for allocation[30] 4. Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify high-quality dividend-paying industries[33] - **Factor Construction Process**: - Scores industries based on DP and ROE, selecting the highest-scoring sectors for allocation[33] 5. Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued dividend-paying industries[36] - **Factor Construction Process**: - Scores industries based on DP and BP, selecting the highest-scoring sectors for allocation[36] 6. Factor Name: Distressed Value (PB+SIZE) - **Factor Construction Idea**: Identifies distressed industries with low price-to-book ratios (PB) and small market capitalization (SIZE)[38] - **Factor Construction Process**: - Scores industries based on PB and SIZE, selecting the lowest-scoring sectors for allocation[38] --- Backtesting Results of Models and Factors 1. Quantitative Market Trend Judgment Framework - **Annualized Return**: 26.85% since 2009[14] - **Excess Returns**: Positive in most years, with notable outperformance in 2020 (44%), 2021 (38%), and 2022 (62%)[15] 2. Actual Growth Factor - **Recent Performance**: Δg turned negative, indicating weakening growth momentum and reduced opportunities for actual growth strategies[18] 3. Expected Growth Factor - **Recent Performance**: Δgf turned negative, signaling a halt in analysts' optimism and limited opportunities for expected growth strategies[21] 4. Profitability Factor - **Recent Performance**: ROE advantage continues to decline, but reduced crowding levels suggest potential opportunities in a weakening growth environment[22][24] 5. Quality Dividend Factor - **Recent Performance**: Outperformed in 2016, 2017, and 2023; recent recommendations include sectors like "Other Home Appliances" and "Service Robots"[33] 6. Value Dividend Factor - **Recent Performance**: Outperformed in 2009, 2017, and 2021-2023; recent recommendations include sectors like "Pet Food" and "Security"[36] 7. Distressed Value Factor - **Recent Performance**: Outperformed in 2015-2016 and 2021-2023; recent recommendations include sectors like "Other Electronic Components" and "Printing and Dyeing"[38]