证券研究报告 | 公司点评报告 2025 年 04 月 29 日 海信视像（600060.SH） 一季报业绩表现亮眼，全球化布局优势凸显 消费品/家电 公司发布 2025 年一季报：25Q1 实现收入 134 亿元，同比增长 5%；实现归母 净利润 5.54 亿元，同比增长 19%，实现扣非归母净利润 4.52 亿元，同比增长 20%，业绩表现亮眼。 ❑ 风险提示：市场需求不及预期、市场竞争加剧、面板价格超预期上涨。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 53616 | 58530 | 66784 | 74050 | 81105 | | 同比增长 | 17% | 9% | 14% | 11% | 10% | | 营业利润(百万元) | 2764 | 2864 | 3284 | 3677 | 3998 | | 同比增长 | 18% | 4% | 15% | 12% | 9% | | 归母净利润(百万元) | 2096 | 2246 | ...

海信视像(600060) 报告日期：2025 年 04 月 29 日 业绩符合预期，盈利改善逻辑持续 ——海信视像 2025 年一季报点评报告 投资要点 ❑ 事件： 海信视像发布 2025 年一季报，公司 2025 年一季度实现营业收入 133.75 亿元， 同比增长 5.31%；归母净利润 5.54 亿元，同比增长 18.61%；扣非归母净利润 4.52 亿元，同比增长 19.52%。 ❑ 25 年国补延续，彩电行业规模增长，MiniLED 进入产品普及期 根据奥维云网（AVC）推总数据显示，在产品结构拉动下，2025 年一季度彩电 市场销额规模实现增长 3.4%。国补之下中高端品类增长更快，MiniLED 表现突 出，2025 年进入产品普及期。从销量份额走势来看，Mini LED 电视的市场占有 率不断提高，2025 年一季度 Mini LED 产品在彩电市场中已经占到 24.4%的市场 份额。 ❑ 受益产品结构升级，利润弹性更大 净利润增速显著高于营收增速，一季度公司收入增速 5%，归母净利润增速 19%，实现毛利率 15.93%，同比提升 0.17 个百分点（24 年调整会计准则，将部 分费用项放入 ...

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 收/盈利增速向上 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025. ...

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025.1.22 《2024Q3 境外持续增长，产品结构升 级趋势延续— ...

事件 2025 年4 月24 日，海信视像发布2025 年第一季度报告。 公司2025Q1 实现营业收入133.75 亿元（YOY+5.31%），归母净利润5.54 亿元（YOY+18.61%），净利 率为4.14%（YOY+0.46pct）。 简评 一、收入分析：内外销均价提升，电视收入稳健增长2025Q1 实现营业收入133.75 亿元 （YOY+5.31%），预计电视业务和新显示新业务收入均实现个位数增长。 电视内销：销量方面，海信龙头地位保持稳定，根据洛图科技数据，2025Q1 中国传统TOP3（海信、 TCL、创维）合计出货量同比增长11.9%；但受春节靠前导致备货节奏前置，以及2024Q4消费者提前购 买和延期发货的影响，预计内销出货量同比低个位数增长。均价方面，大尺寸和高端化推动ASP 提 升，根据奥维云网数据，2025Q1 海信系线上、线下KA 均价分别同比+15%、+6%，预计出货均价提升 双位数，因此电视内销收入双位数增长。 电视外销：销量方面，公司2024Q4 外销出货较多，根据AVC Revo数据，2025Q1 海信的库存周数相比 2024 年年底提升2 周左右，并且美国行业需求出现波 ...

证券代码：600060 证券简称：海信视像 公告编号：2025-015 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 2024 年 12 月 6 日，公司第十届董事会第八次会议审议通过《关于公司及子公 司 2025 年度担保额度预计的议案》，同意基于相关子公司经营发展需要及经营资 1 / 6 被担保人：厦门乾照光电科技有限公司（以下简称"乾照科技"）以及江 西乾照光电有限公司（以下简称"江西乾照"），均为海信视像科技股份有 限公司（以下简称"公司"）控股子公司厦门乾照光电股份有限公司（以 下简称"乾照光电"）的全资子公司。 本次担保金额及实际担保余额：（1）本次乾照光电为乾照科技提供 1 项最 高额保证担保，被担保的主债权本金余额在债权确定期间内最高不超过人 民币 24,400 万元；（2）本次乾照光电为江西乾照提供 2 项最高额保证担 保，被担保的主债权本金余额在债权确定期间内分别最高不超过人民币 10,000 万元、15,000 ...

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 30.46 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 13.38 billion CNY in Q1 2025, representing a year-over-year increase of 5.3%, and a net profit attributable to shareholders of 0.55 billion CNY, up 18.6% year-over-year [2][3]. - The company is expected to continue improving its profitability due to product structure optimization and rapid growth in new display businesses [2]. - The domestic market is benefiting from the old-for-new policy, which stimulates demand for television upgrades, while the overseas market is seeing stable performance due to enhanced brand recognition through sports marketing [2][3]. Financial Performance Summary - Q1 2025 saw a net profit margin increase of 0.5 percentage points year-over-year, attributed to higher sales of mid-to-high-end products and a slight increase in overall gross margin by 0.2 percentage points [3]. - The operating cash flow for Q1 increased by 0.87 billion CNY year-over-year, driven by steady revenue growth [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.03 CNY, 2.28 CNY, and 2.52 CNY respectively, indicating a positive growth trajectory [4][10]. Financial Forecasts - Revenue forecasts for Hisense Visual are projected to grow from 53.62 billion CNY in 2023 to 77.55 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][10]. - Net profit is expected to increase from 2.10 billion CNY in 2023 to 3.29 billion CNY in 2027, reflecting a consistent growth pattern [4][10]. - The company’s net profit margin is projected to stabilize around 4.2% by 2027, with a return on equity (ROE) expected to reach 13.5% [4][10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown moderate revenue growth with a 5.3% year-on-year increase in Q1 2025, reaching 13.375 billion yuan, and an 18.6% increase in net profit to 554 million yuan [1][2]. - The company is positioned to capture more market opportunities due to its comprehensive global production capacity, leading display technology, and advantageous supply chain resources [1]. - The trend towards larger and higher-end products continues, with a significant upgrade in product structure, particularly in Mini LED sales, which is expected to enhance domestic TV gross margins [2][3]. Financial Performance - In Q1 2025, the company's gross margin improved by 0.6 percentage points to 15.9%, and the net profit margin increased by 0.5 percentage points to 4.1% [2]. - The company is projected to achieve net profits of 2.65 billion yuan, 3.03 billion yuan, and 3.39 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.2X, 10.6X, and 9.5X [3][4]. - Revenue is expected to grow from 53.62 billion yuan in 2023 to 77.93 billion yuan in 2027, with growth rates of 17.22%, 9.17%, 10.62%, 10.03%, and 9.39% over the respective years [4][11]. Industry Position - The company is recognized as one of the leading enterprises in the global display industry, with continuous improvement in its competitive landscape and global development capabilities [3]. - The company is actively investing in new technologies such as Mini LED, Micro LED, virtual reality displays, and AIGC, reinforcing its leading position in the display industry [3].

Core Viewpoint - The company reported a revenue of 13.375 billion yuan for Q1 2025, a year-on-year increase of 5.31%, and a net profit attributable to shareholders of 554 million yuan, up 18.61%, primarily benefiting from the domestic trade-in policy that boosted the sales of large-screen and MiniLED products [1] Group 1: Revenue and Profit Growth - The company achieved a revenue of 13.375 billion yuan in Q1 2025, reflecting a year-on-year growth of 5.31% [1] - The net profit attributable to shareholders reached 554 million yuan, representing an 18.61% increase year-on-year [1] - The growth was driven by the domestic trade-in policy, which stimulated the sales of large-screen and MiniLED products [1] Group 2: Domestic and International Market Performance - Domestic sales of televisions are expected to grow positively due to the trade-in policy, with Hisense/Vidda's online retail sales increasing by 10.5% and 13.5% respectively in Q1 2025 [2] - The average selling price of MiniLED backlight products increased by 31.4% and 8.5% for Hisense and Vidda respectively [2] - The company is expected to maintain resilience in overseas revenue, with the ability to flexibly allocate production capacity from its Mexico factory to mitigate U.S.-China tariff disruptions [2] Group 3: Gross Margin and Cost Management - The gross margin for Q1 2025 was 15.93%, an increase of 0.6 percentage points year-on-year, mainly due to a higher proportion of high-end products and stable panel costs [3] - The company anticipates continued growth in domestic gross margins in Q2 2025, driven by product upgrades and price increases [3] Group 4: Expense Management - The overall expense ratio for the company increased by 0.97 percentage points year-on-year in Q1 2025, with sales, management, and R&D expense ratios rising by 0.84, 0.28, and 0.03 percentage points respectively [4] - Financial expenses decreased by 0.18 percentage points, potentially due to foreign exchange gains [4] - The company recovered credit impairment losses, contributing 73 million yuan [4] Group 5: Future Outlook and Valuation - The company maintains its net profit expectations for 2025-2027 at 2.59 billion, 2.89 billion, and 3.23 billion yuan respectively, corresponding to EPS of 1.99, 2.22, and 2.48 yuan [5] - The average PE ratio for comparable companies in 2025 is expected to be 12.2x, with the company benefiting from trade-in subsidies and product upgrades leading to a valuation premium [5] - A target price of 29.85 yuan is set based on a 15x PE for 2025 [5]

Investment Rating - The report maintains an "Outperform" investment rating for Hisense Visual [2][8] Core Views - The company's Q1 2025 revenue reached 13.375 billion, a year-on-year increase of 5%, with a net profit attributable to shareholders of 554 million, up 19% year-on-year [5][8] - The domestic market shows steady growth, with Hisense holding a significant market share in high-end and large-screen televisions [8] - The company's profitability is steadily improving, with a gross margin of 15.93% in Q1 2025, an increase of 0.17 percentage points year-on-year [8] Financial Data Summary - For Q1 2025, the total revenue was 13.375 billion, with a net profit of 554 million, and a non-recurring net profit of 452 million, reflecting year-on-year growth rates of 5%, 19%, and 20% respectively [5][8] - The projected net profit for 2025-2027 is estimated at 2.5 billion, 2.757 billion, and 3.012 billion, with corresponding year-on-year growth rates of 11.3%, 10.3%, and 9.2% [8][10] - The company's earnings per share for Q1 2025 is 0.42, with a projected increase to 1.92, 2.11, and 2.31 in the following years [7][10]