证券研究报告 | 季报点评 gszqdatemark 2025 10 31 年 月 日 海信视像（600060.SH） Q3 业绩持续增长，费率实现优化 事件：公司发布 2025 年三季度报。公司 2025Q1-Q3 实现营业总收入 428.3 亿元，同比增长 5.36%；实现归母净利润 16.29 亿元，同比增长 24.27%。其中，2025Q3 单季营业总收入为 156 亿元，同比增长 2.7%； 归母净利润为 5.73 亿元，同比增长 20.15%。 内销需求端承压，高端化趋势持续。需求端看，2025Q3 内销市场景气度 承压，据洛图科技，2025Q3 电视行业国内出货量同比-10.4%，国补短缺 下行业承压。高端化&龙头集中趋势持续，2025Q1-Q3 国内 MiniLED 产品 销量已超越去年全年，此外国内电视平均尺寸同比提升 2.1 英寸，此外， 海信等 Top4 玩家市占率达 80.1%，集中度进一步提升。 分析师 徐程颖 执业证书编号：S0680521080001 邮箱：xuchengying@gszq.com 研究助理 盘姝玥 盈利能力提升。毛利率：2025Q3 公司毛利率实现 14.44% ...

Summary of Hisense Visual's Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Television manufacturing and consumer electronics Key Points and Arguments Sales Performance - Hisense Visual achieved double-digit growth in shipment volume, with domestic market benefiting from national subsidies, resulting in double-digit price increases in April and May [2][3] - MiniLED products accounted for over 60% of sales in Q2, significantly up from 20% in the same period last year, indicating a strong shift towards higher-margin products [2][3] Market Position and Growth Potential - The company is positioned as a top player in the U.S. market, ranking among the top two, and in Europe, ranking among the top three [2][4] - There is significant room for growth in overseas markets, particularly in the U.S. and emerging markets, where MiniLED penetration is currently low at around 10% [2][4] Brand Strategy and Marketing - Hisense is enhancing brand visibility through sponsorship of major events like the World Cup and European Championship, which is expected to increase its market presence in Europe over the next two years [2][4] Competitive Advantages - The company has upgraded its channel structure in the U.S., increasing sales through mid-to-high-end retailers like Best Buy and Costco [5] - Hisense's production in Mexico benefits from tariff exemptions, providing a competitive edge over manufacturers in China and Southeast Asia, especially in light of the 20% tariff on Vietnamese imports [5] Financial Outlook - The company is valued at approximately 12 times earnings, with a projected compound annual growth rate (CAGR) of over 15% for the next three years [3][6] - A dividend payout ratio of at least 50% is maintained, with a current dividend yield of about 4%, indicating potential for upward price elasticity [3][6] Future Focus Areas - Attention should be given to the synergy between Hisense's two appliance business platforms, which may enhance brand strength and operational efficiency [6] - The potential for profit recovery from the domestic market and improved marketing channel collaboration post-merger is also highlighted [6] Additional Important Insights - The company anticipates that if competitors raise prices, Hisense will follow suit, which could enhance its profitability and margin elasticity [3][5]