海信视像（600060）：Q1业绩延续较快增长

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].