收入增长提速，盈利短期承压

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy - A" with a target price of 32.44 CNY for the next six months [2][10]. Core Insights - Hisense Visual reported a revenue of 12.7 billion CNY in Q1 2024, representing a year-over-year increase of 10.6%. However, the net profit attributable to shareholders decreased by 24.8% year-over-year to 470 million CNY [1][5]. - The company is expected to enhance its profitability as it continues to upgrade its product structure and experiences rapid growth in new display businesses [1]. - The increase in revenue growth rate in Q1 2024 compared to Q4 2023 is attributed to a 13% year-over-year increase in domestic TV shipments and stable growth in overseas shipments [1][5]. - The company faces short-term pressure on profitability due to rising panel prices, with a 39% increase in the price of 55-inch and 65-inch LCD panels year-over-year [1][6]. - Hisense is positioned to benefit from major sporting events in 2024, such as the UEFA European Championship and the Olympics, which are expected to boost global TV demand [1][5]. Financial Performance Summary - Q1 2024 revenue growth accelerated by 2 percentage points compared to Q4 2023, with domestic sales showing significant growth [1]. - The gross profit margin decreased by 2.4 percentage points year-over-year, leading to a net profit margin of 3.7% in Q1 2024 [1][6]. - The operating cash flow for Q1 2024 saw a decline of 15.3 billion CNY year-over-year, primarily due to changes in sales rhythm and increased raw material inventory [1][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 1.80 CNY, 2.01 CNY, and 2.25 CNY respectively [1][5].