Hisense V.T.(600060) 开源证券·2024-03-12 16:00Investment Rating - The investment rating for Hisense Visual (600060.SH) is maintained as "Buy" [2][4]. Core Views - The implementation of the 2024 employee stock ownership plan is expected to enhance long-term development confidence by binding the interests of a broader range of executives [4]. - Retail and shipment data at the beginning of 2024 show a month-on-month improvement, and demand is anticipated to recover throughout the year due to major events [4]. - The report maintains profit forecasts, expecting net profits for 2023-2025 to be 2.08 billion, 2.36 billion, and 2.76 billion yuan respectively, with corresponding EPS of 1.59, 1.81, and 2.11 yuan [4]. Financial Summary - The total revenue for 2023 is estimated at 53.495 billion yuan, with a year-on-year growth of 17.0%. For 2024 and 2025, revenues are projected to be 60.268 billion and 66.403 billion yuan, reflecting growth rates of 12.7% and 10.2% respectively [7]. - The net profit for 2023 is projected at 2.08 billion yuan, with a year-on-year increase of 23.9%. The net profit for 2024 and 2025 is expected to be 2.36 billion and 2.76 billion yuan, with growth rates of 13.4% and 17.0% respectively [7]. - The gross margin is expected to be 17.5% in 2023, improving to 17.7% in 2024 and 18.0% in 2025 [7]. Employee Stock Ownership Plan - The 2024 employee stock ownership plan covers up to 459 individuals, primarily middle management and core personnel, with a broader coverage of senior executives [5]. - The performance targets for net profit growth from 2024 to 2026 are set to be no less than 35.83%, 49.94%, and 66.41% compared to 2022 [5]. - The plan includes a share repurchase of up to 25.11 million shares at a price not exceeding 30.00 yuan per share [5].