海信视像24Q3点评：Q3收入回温，期待Q4利润率提升

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Buy" (maintained) [1] Core Views - Q3 revenue showed a recovery, with expectations for profit margin improvement in Q4 [1] - The overall revenue increased by 6% in Q3, driven by overseas sales growth [1] - The company anticipates a significant improvement in gross margin in Q4 due to cost transmission from panel prices and structural upgrades in domestic sales [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 45,738 million - 2023A: 53,616 million - 2024E: 56,293 million - 2025E: 61,917 million - 2026E: 67,884 million - Year-on-Year Growth Rates: 2023A: 17%, 2024E: 5%, 2025E: 10%, 2026E: 10% [1][2] - Net Profit Forecasts: - 2022A: 1,679 million - 2023A: 2,096 million - 2024E: 1,871 million - 2025E: 2,155 million - 2026E: 2,490 million - Year-on-Year Growth Rates: 2023A: 25%, 2024E: -11%, 2025E: 15%, 2026E: 16% [1][2] - Earnings Per Share (EPS): - 2022A: 1.29 - 2023A: 1.61 - 2024E: 1.43 - 2025E: 1.65 - 2026E: 1.91 [1][2] - Gross Margin: - Q3 gross margin was under pressure but showed improvement in domestic sales due to structural changes [1] Market and Sales Insights - Sales Breakdown: - Q3 revenue from overseas sales increased significantly, with expectations for continued growth in North America and Europe [1] - Domestic sales saw a slowdown in decline, with expectations for recovery driven by new product launches [1] - Market Trends: - The company expects a recovery in sales volume and pricing in the global TV market, with a projected increase in sales volume by double digits [1] - Cost Management: - The company is focusing on cost management strategies to improve profitability, including reducing sales and R&D expense ratios [1][2]