Investment Rating - The investment rating for Hisense Visual is maintained as "Buy" [2][7] Core Views - Hisense Visual reported a revenue of 27.23 billion yuan for the first half of 2025, representing a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 1.06 billion yuan, up 26.6% year-on-year [7] - The company holds the leading market share in China's retail sales of televisions, with online and offline market shares of 18.34% and 33.09% respectively [7] - The overseas online business grew by 18.5% year-on-year, with QLED product shipments increasing by 42% [7] - The company is focusing on new display technologies, with revenue from new display businesses reaching 3.43 billion yuan, a year-on-year increase of 7.43% [7] - Profitability is improving, with a net profit margin of 3.88%, up 0.6 percentage points year-on-year [7] - Revenue projections for 2025-2027 are 64.8 billion, 71.3 billion, and 78 billion yuan respectively, with net profits of 2.598 billion, 2.991 billion, and 3.365 billion yuan [7] Financial Performance - Revenue for 2023 is projected at 53.616 billion yuan, with a growth rate of 17.2% [6][8] - The net profit for 2023 is estimated at 2.096 billion yuan, with a growth rate of 24.8% [6][8] - Earnings per share (EPS) for 2025 is expected to be 1.99 yuan, with a price-to-earnings (PE) ratio of 11.0 [6][8] - Return on equity (ROE) is projected to increase from 11.1% in 2023 to 14.0% in 2027 [6][8] Market Position - Hisense Visual leads the domestic market in television sales, with significant growth in high-end products such as Mini LED, which saw a shipment increase of 108.24% [7] - The company is strategically positioned to benefit from the ongoing high-end transformation in the display market [7]

格隆汇8月20日丨鸿利智汇(300219.SZ)在互动平台表示，公司生产的Mini LED产品已应用于VR产品中 且技术已经较为成熟和稳定，但受终端客户需求影响，该产品相关业务在公司整体业务中占比较小。另 外，目前公司产品尚未应用于AR眼镜领域，公司将会继续加强技术创新和市场开拓以满足客户需求。 ...

(i) 本集团秉持"品牌引领价值，全球效率经营，科技驱动，活力至上"的战略方针，坚持"全球化"和"中 高端化"发展，持续加大对Mini LED等高端显示技术及人工智能方面的研发投入，以进一步提升本集团 产品竞争力并推动全球中高端化战略落地;同时，本集团持续强化自身在全球供应链及渠道的领先布局 优势，增强全球经营风险的敏捷应对能力;此外，本集团持续提升全球品牌价值，2025年初TCL成为奥 林匹克全球合作伙伴，全球品牌潜力进一步被激发。在复杂多变的市场环境之下，本集团2025年上半年 的核心业务规模实现更有质量的增长、产品及渠道结构显著改善，创新业务规模保持高增态势。 (ii) 本集团持续打造极致成本，锻造效率优势。2025年上半年，本集团有效推进数字化转型、提升自动 化智能化、采用大宗管理和优化产能，增强本集团生产制造及物流仓储等经营效率。2025年上半年本集 团整体费用率进一步降低、费用结构更加优化。同时，本集团完善全球人才培养管理体系，提升人才厚 度并激发活力，并通过股权激励方案牵引本集团业绩提升。 智通财经APP讯，TCL电子(01070)发布公告，预期本集团2025年上半年的经调整归母净利润约在9.5 ...