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， ...

家电行业周报（25 年第 34 周） 优于大市 7 月空调出货外冷内热，家电出口降幅环比收窄 本周研究跟踪与投资思考：7 月空调内销量在高温天气的带动下同比增长 14%，外销则有所下降。海关数据显示，7 月我国出口额降幅环比收窄至-3%， 主要家电品类表现有所好转。预计后续家电内外销有望逐步回归平稳增长。 7 月空调出货外冷内热，9 月淡季排产承压。产业在线数据显示，7 月我国空 调总销量 1643.7 万台，同比增长 1.6%。其中内销规模 1058.3 万台，同比增 长 14.3%；出口规模 585.4 万台，同比下降 15.5%。内销在 7 月高温天气的 带动下增长依然良好，但外销受海外高基数、库存及美国关税的影响，自 5 月以来出货持续承压。随着空调淡季的临近，8-9 月我国空调排产有所承压。 奥维云网数据显示，9 月空调排产量同比下降 11.9%，其中内销排产 508.2 万台，同比下滑 9.1%；出口排产 478.5 万台，同比下降 14.6%。后续随着大 促季的到来、海外关税预期明朗，我国空调内外销有望回归较为平稳的增长。 证券研究报告 | 2025年08月25日 7 月家电出口额降幅收窄，主要 ...

海信视像 20250825 海信视像通过谨慎采购策略和供应链管理能力优化，有效控制了面板采购成本。 与韩系品牌相比，中国公司在库存管理及采购策略上更为出色。例如，海信视 像在 2021 年的毛利率为 15.75%，到 2022 年提升至 18.22%，而电视业务 毛利率从 13.9%提升至 17.35%。这种成本优势使得中国公司能够以较低成本 生产高性价比整机，从而抢占市场份额。 海信视像如何通过收入端提升盈利水平？ 摘要 海信视像通过优化采购和供应链管理，有效控制成本，削弱了面板周期 性影响，毛利率显著提升，2022 年电视业务毛利率升至 17.35%，优 于韩系品牌。 海信视像通过多品牌矩阵（海信、东芝、VIDAA）精准定位用户，并采 用 ULED 显示技术及自研画质芯片等高端技术，提升大尺寸电视市场份 额，多元化营销活动也推动了收入增长。 中国互联网电视品牌曾加剧行业竞争，但海信等传统品牌通过高端化策 略重夺市场份额，小米低价竞争策略失效，海信重新成为中国市场销量 冠军。 海信通过 Vita 等品牌放量及中高端东芝品牌实现利润增长，高端化战略 成功提升市场份额，重回中国市场出货量第一。 中国面板厂商扩张 ...

2025 年 08 月 24 日 TCL 电子(01070.HK) H1 业绩高增长，全球份额进一步提升 事件：TCL 电子公布 2025 年半年度报告。公司 2025H1 实现收 入 547.8 亿港元，YoY+20.4%；实现归母净利润 10.9 亿港元， YoY+67.8%。我们认为，公司电视业务出海前景广阔，光伏业务、 全品类营销等创新业务也有望贡献成长新动力。 大尺寸显示业务增长稳健，互联网业务和光伏业务快速增长： 2025H1 公司大尺寸显示业务收入增长 9%，其中国内收入增长+4%， 海外收入增长+12%。根据公司公告，2025H1 公司在全球电视市场 的销量市占率同比+0.9pct。在国内电视市场，公司持续积极把握 国补政策拉动的中高端需求释放，在中高端市场持续突破。2025H1 公司国内 Mini LED 电视出货量增长 154%。在海外，公司持续深 化全球化品牌营销策略，不断扩大并深化重点渠道覆盖。2025H1 公司海外 Mini LED 电视出货量增长 197%。互联网业务方面，公 司以用户体验为核心，聚焦 AI 交互升级，持续深化与 Google、 Roku、Netflix 等互联网巨 ...

Core Viewpoint - The article discusses the strategic expansion of the company ChaseMe into the drone market, highlighting its ambition to tap into the trillion-dollar low-altitude economy and its competitive positioning against established players like DJI [2][3][12]. Group 1: Company Expansion - ChaseMe has confirmed its entry into the drone business, marking a significant strategic move into a new market [3]. - The company is actively assembling a professional drone R&D team, indicating that its cross-industry development has reached a substantial stage [4]. - ChaseMe's founder, Yu Hao, has a strong aerospace background, which provides the company with inherent advantages in entering the drone market [5]. Group 2: Technological Advantages - The technical expertise accumulated in ChaseMe's core business of robotic vacuum cleaners, such as 3D spatial perception and dynamic obstacle avoidance, can be directly applied to drone flight control and navigation systems [5][7]. - The company's existing technology for generating centimeter-level dynamic maps can significantly enhance drone recognition accuracy and obstacle avoidance success rates [6][8]. Group 3: Market Context - The domestic robotic vacuum cleaner market is becoming increasingly competitive, with a low market penetration rate, prompting players to explore new growth opportunities [9]. - According to IDC data, the Chinese robotic vacuum cleaner market is expected to ship 5.389 million units in 2024, reflecting a year-on-year growth of 6.7% [9]. - ChaseMe aims to diversify its product offerings and expand into broader markets to unlock additional growth potential [9]. Group 4: Competitive Landscape - The drone market is currently dominated by DJI, which holds over 70% of the global consumer drone market share [12]. - Despite the competitive challenges, the growth prospects of the drone industry continue to attract new entrants like ChaseMe and other players [13]. - Industry experts believe that there are still unresolved user pain points in the drone sector, such as flight experience and intelligent interaction, presenting opportunities for new players [13].

Group 1 - The core viewpoint of the article highlights the rapid development and innovation in the display industry, particularly in the automotive display sector, driven by significant market demand and technological advancements [1][15][16] - The automotive display market is becoming a key battleground for panel manufacturers, with a projected shipment of 196.7 million units in 2024, representing a nearly 10% year-on-year growth, and an expected increase to over 200 million units in 2025 [15][16] - Major panel manufacturers such as BOE, TCL Huaxing, and Visionox showcased a variety of automotive display applications at the DIC 2025, including central control screens, head-up displays, and entertainment screens, utilizing technologies like LCD, OLED, Mini LED, and Micro LED [2][11][12][18] Group 2 - The trend towards larger, high-definition televisions continues, with consumer preference shifting towards sizes of 65 inches, 75 inches, and beyond, which not only absorbs more panel capacity but also enhances profitability for manufacturers [17][19] - Companies like Huike and TCL Huaxing presented large-screen televisions at the exhibition, including an 116-inch RGB Mini LED LCD TV and a 100-inch 360Hz LCD TV, indicating a focus on high resolution and refresh rates to improve display quality [19][24] - The domestic supply chain is actively preparing for the G8.6 generation OLED panel production lines, with local companies advancing core materials and equipment to reduce reliance on imports and enhance production efficiency [26][27] Group 3 - AI technology is increasingly integrated into the display industry, enhancing product quality and performance across various stages of development, production, and interaction [28][29] - Companies like BOE and TCL Huaxing are leveraging AI to optimize manufacturing processes, improve yield rates, and reduce production cycle times, demonstrating the potential of AI to reshape the display industry [29][38] - The integration of AI is driving the development of new display technologies tailored to meet the demands of applications in automotive, mobile, and AR/VR sectors, showcasing the versatility and future potential of AI in the display market [38]

Core Viewpoint - Samsung Electronics' DRAM market share has dropped to 32.7% in the first half of 2025, down from 41.5% in the same period last year, raising concerns about its industry leadership [1][3]. Group 1: Market Performance - Samsung's DRAM market share fell below 40% for the first time in nearly a decade, having previously peaked at 48% in 2016 [3]. - The decline in DRAM market share is attributed to weak demand for high bandwidth memory (HBM), which is critical for AI chips [3]. - In contrast, Samsung's smartphone and television businesses have shown growth, with smartphone market share increasing by 1.6% to 19.9% and television market share rising by 0.6% to 28.9% in the first half of 2025 [3]. Group 2: Revenue and Exports - The Americas region leads in direct export revenue with 33.4 trillion KRW (approximately 24 billion USD), followed by China at 28.8 trillion KRW, a decline of about 11% from 32.3 trillion KRW year-on-year [3]. - The Asia-Africa region generated 20.8 trillion KRW, while Europe contributed 15.8 trillion KRW in export revenue [3]. Group 3: Pricing and Compensation - In the device experience (DX) department, the average price of mobile application processors (AP) and camera modules increased by 12% and 8%, respectively, compared to 2024 [4]. - The total compensation for Samsung's Vice Chairman and CEO Jun Young-hyun reached 11.9 billion KRW in the first half of 2025, while the head of the mobile experience (MX) business, TM Roh, received 11.95 billion KRW [4]. Group 4: R&D Investment - Samsung invested a total of 18 trillion KRW in research and development in the first half of 2025, with significant patent application activity, including 5,005 applications in South Korea and 4,594 in the United States [5].

Group 1 - The core viewpoint is that the U.S. television import volume has significantly decreased due to tariff pressures, with a 16% year-on-year decline from January to June, and a staggering 71% drop in imports from China during the same period, culminating in a 99% decrease in June alone [2][6]. - The prices of large-size LCD panels have reached a 1.5-year low, with a 4% month-on-month decline in July for the 55-inch Open Cell panels, priced around $122, and a 6% decline for the 32-inch panels, priced around $34 [4][6]. - The global shipment volume of LCD panels for televisions has dropped to 57.86 million units in Q2, a 9% decrease from Q1, marking the lowest level in six quarters [6]. Group 2 - The operational rates of LCD panel factories have sharply declined, with rates dropping from 88% and 86% in March and April to 81%, 80%, and 80% in May, June, and July respectively [6]. - There is an expectation that LCD panel prices may continue to decline in August, as the market adjusts to reduced demand following the initial surge in purchases due to tariff concerns [7]. - The shift in television manufacturing from China to Mexico is notable, with Mexico's share of U.S. television imports rising from 40% in 2018 to 59% in the first five months of 2025, while China's share plummeted from 55% to 8% [7].

Core Viewpoint - TCL has appointed freestyle skier Eileen Gu as its global brand ambassador, aligning with the company's innovative spirit and commitment to excellence [1][3]. Group 1: Brand Representation - Eileen Gu embodies the spirit of the Z generation, representing a multi-faceted identity as a professional athlete, Stanford student, and fashion model, which resonates with TCL's brand philosophy of youthfulness and diversity [3][5]. - Gu's involvement with TCL includes her role in the "Team TCL" initiative, promoting the message of courage and excellence in the lead-up to the 2026 Milan Winter Olympics [3][11]. Group 2: Corporate Social Responsibility - TCL emphasizes its commitment to women's empowerment through its "TCLforHer" initiative, which aims to support women's development and achievements, aligning with Gu's advocacy for social causes [5]. - The TCL公益基金会 has supported 3,800 rural teachers and benefited 300,000 students, showcasing the company's dedication to education and community support [5]. Group 3: Business Operations - TCL operates through two main industrial groups, focusing on smart terminals, semiconductor displays, and renewable energy, with a global presence in over 160 countries [6][8]. - TCL华星, a key part of TCL's technology group, leads the semiconductor display sector and has established 11 panel production lines and 7 manufacturing and R&D bases [8]. Group 4: Future Outlook - TCL aims to leverage its partnership with the Olympics and Eileen Gu's athletic prowess to inspire resilience and excellence across various sectors [11].

Group 1: Corporate Restructuring - Konka has officially become a business unit under China Resources Group's technology and emerging industries sector after a four-month integration process [2] - The new board of directors consists of nine members, with four seats occupied by China Resources representatives, indicating a significant shift in governance [3] - The management structure has been adjusted, with three vice presidents appointed, two of whom come from China Resources, reflecting the integration of resources [3] Group 2: Supply Chain and Partnerships - BOE Technology Group is Konka's largest panel supplier, accounting for approximately 65% of its supply in the first half of the year, which helps alleviate concerns about supply chain stability post-integration [4] - Other key partners, including JD.com, Suning, and Xiaomi, were present at the integration event, emphasizing that consumer electronics will remain a core business for Konka [6] Group 3: Financial Performance and Challenges - In Q1, Konka reported revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, but still faced a net loss of 440 million yuan when excluding non-recurring items [7] - The consumer electronics sector has been under pressure, with Konka's television business, which accounted for 45.23% of total revenue last year, experiencing a decline in market share [6][7] - The semiconductor business, while a focus for future growth, currently represents only 1.53% of total revenue and has seen a nearly 95% year-on-year decline [8] Group 4: Future Growth Prospects - The integration with China Resources is expected to enhance Konka's semiconductor business, transitioning from investment to output, leveraging synergies with existing chip operations [9] - Opportunities for cross-industry integration, such as smart medical display devices and supply chain finance, are anticipated as Konka aligns more closely with China Resources' broader business ecosystem [9]