1 夏普、东芝、索尼、松下统统被拿下 如今，一台21寸液晶显示器，价格干到了200元。一台海信55寸液晶电视价格可低至1500元以内。而东芝电视业务也早已于2017年被海信收 购。 这背后是中日电视产业逆转乾坤的变局。 曾几何时，日本企业是全球电视产业最顶端的存在，如今却被中国电视企业一一拿下。 2016年，鸿海精密（富士康母公司）以35亿美元收购日本夏普66%股权，成为其控股股东，这是中国台湾企业首次控股日本百年电子巨头，也 是全球显示与代工产业的标志性事件。 2017年，海信以7.98亿元拿下东芝映像95%股权和40年全球品牌授权，快速吸收东芝电视技术，并借助东芝渠道渗透日本、东南亚、欧美高端 市场。还记得海信那些年在世界杯打出的"全球第二，中国第一"广告语吗？虽有争议，但也透露着底气。 来到2026年1月，索尼分拆家庭娱乐业务，与TCL成立合资公司，承接索尼电视+家庭音响全球业务，覆盖研发、设计、制造、销售全链路。 TCL电子持股51%，索尼持股49%。网友调侃"从此Sony变Tony"。 30多年前，一台21寸东芝彩电要卖到3000多元，多少家庭咬牙花上半年的工资也要买一台。 还没完，近日又有媒体消息 ...

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by strong growth in lithium battery and LED businesses, with expectations for continued high growth in the coming years [1][2]. Financial Performance - For 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.756 billion, 488 million, and 429 million yuan, respectively, representing year-on-year growth of +29.4%, +246.4%, and +285% [2]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.728 billion, 142 million, and 148 million yuan, respectively, with year-on-year growth of +20.9%, +100.6%, and +204%, but a quarter-on-quarter decline of -9.9%, -31.2%, and -24.9% [2]. Lithium Battery Business - The lithium battery segment generated revenue of 2.587 billion yuan in 2024, a year-on-year increase of 58%, with a gross margin of 21.94%, up 13.5 percentage points [3]. - The company sold 442 million lithium batteries in 2024, marking a year-on-year growth of 100.7%, with expectations to reach 700 million units or more in 2025 due to recovery in the electric tool market and growth in capacity-type shipments [1][4]. Pricing and Cost Structure - The average selling price of lithium batteries decreased from approximately 7.43 yuan per unit in 2023 to around 5.85 yuan in 2024, while the profit per unit increased from 0.42 yuan to approximately 0.51 yuan [3]. - In Q1 2025, the average selling price was estimated at around 5.2 yuan per unit, slightly down by 0.2 yuan, attributed to shipment structure changes [4]. Production Capacity and International Expansion - The company's Malaysian factory commenced production in April 2024, expected to contribute over 200 million units this year, helping to mitigate tariff issues due to lower tariffs in Malaysia [5]. - The company anticipates continued growth in lithium battery shipments, with significant contributions from various sectors including electric tools and emerging applications like robotics and AI data centers [4]. Other Business Segments - The LED business is transitioning to high-value products such as miniLED and microLED, while the metal logistics business is maintaining stable growth, with expected contributions of over 150 million and 170 million yuan, respectively [6]. Profit Forecast - The company projects net profit attributable to shareholders for 2025, 2026, and 2027 to be 692 million, 859 million, and 1.09 billion yuan, with corresponding valuation multiples of 21, 17, and 13 times [7].

Core Viewpoint - Hisense Group's home appliance subsidiaries, Hisense Home Appliances and Hisense Visual Technology, reported strong financial performance for 2024, driven by government subsidy policies and effective sports marketing strategies, particularly in overseas markets [1][2][5]. Financial Performance - Hisense Home Appliances achieved revenue of 92.746 billion yuan, a year-on-year increase of 8.35%, and a net profit of 3.348 billion yuan, up 17.99% [1]. - Hisense Visual Technology reported revenue of 58.530 billion yuan, a 9.17% increase, and a net profit of 2.246 billion yuan, up 7.17% [1]. - The fourth quarter of 2024 showed significant growth for both companies, with Hisense Home Appliances' revenue reaching 22.167 billion yuan, a 7.08% increase, and a net profit of 555 million yuan, up 34.91% [1]. Market Analysis - Domestic revenue for Hisense Home Appliances declined by 2.12%, while overseas revenue surged by 27.59%, accounting for nearly 40% of total revenue [1]. - The overall market for central air conditioning in China saw a 12.5% decline, indicating ongoing pressure in the domestic market despite some recovery in the fourth quarter [2][3]. Strategic Initiatives - The implementation of the "trade-in for new" policy has helped stabilize the domestic market, although challenges remain [2]. - Hisense's focus on sports marketing has enhanced brand recognition and sales in overseas markets, with a reported global TV market share of 13.95%, an increase of 0.99 percentage points [5][6]. Product Development - Hisense has made significant advancements in product categories, with a 72% year-on-year revenue growth in kitchen appliances and a 58% market share in large-screen TVs [3][5]. - The company is also investing in smart home technology, launching its self-developed AI solutions to enhance its product offerings [3]. Future Outlook - Continued government subsidies and the recovery of public construction orders are expected to support revenue stabilization in the domestic market [4]. - The transition of sports marketing from brand recognition to brand reinforcement will be crucial for improving overseas market margins and enhancing high-end product sales [7].