Hisense V.T.(600060) 民生证券·2024-03-04 16:00Investment Rating - The report maintains a "Recommended" rating for Hisense Visual (600060.SH) with a current price of 25.77 CNY [4][5]. Core Views - Hisense is expected to achieve a revenue of 531.2 to 536.5 billion CNY in 2023, representing a year-on-year increase of 16.1% to 17.3%. The net profit attributable to shareholders is projected to be between 20.5 to 21.1 billion CNY, reflecting a growth of 21.9% to 25.4% [1]. - The company is focusing on sustainable development and shareholder returns, with plans to increase the total cash dividend for 2023 [3]. - Hisense's global market share in television reached 13.2% in 2023, an increase of 1.17 percentage points year-on-year, while its market share in China's retail market rose to 29.1%, up by 3.43 percentage points [2]. Summary by Sections Financial Performance - For 2023, Hisense is expected to generate revenue of approximately 53,212 million CNY, with a growth rate of 16.3%. The net profit attributable to shareholders is forecasted at 2,061 million CNY, marking a growth of 22.7% [5][8]. - The company reported a net cash flow from operations of 2,380 million CNY in the first three quarters of 2023, with total cash and cash equivalents amounting to 13,420 million CNY as of Q3 2023 [3]. Market Position - Hisense is recognized as a leading player in the black goods sector, with a strong brand influence that is expected to drive further growth in both domestic and international markets [2]. - The company anticipates a boost in demand for large-screen display products due to major sporting events in 2024, such as the Olympics and the European Championship [4]. Future Projections - Revenue projections for 2023 to 2025 are 532.1 billion CNY, 603.2 billion CNY, and 668.8 billion CNY, respectively, with corresponding net profits of 20.6 billion CNY, 24.7 billion CNY, and 28.3 billion CNY [4][5].