Hisense V.T.(600060) 天风证券·2025-04-25 08:15Investment 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].