Hisense V.T.(600060) 兴业证券·2024-05-23 06:32Investment Rating - The report maintains an "Accumulate" rating for Hisense Visual Technology (600060) [4] Core Views - Vidda, a sub-brand of Hisense, has launched its annual flagship products, including the X Ultra series AI TVs and C2 series 4K tri-color laser projectors, enhancing its product lineup [3] - The C2 series projectors are positioned as high-end products, featuring advanced specifications and competitive pricing, while the X Ultra series TVs aim to penetrate the entry-level market with attractive pricing [3] - Vidda's market share in online TV sales has increased by 1.55 percentage points year-on-year to 10.91%, ranking among the top five in the industry [3] - The report forecasts steady revenue growth for the company, with projected earnings per share (EPS) of 1.85, 2.11, and 2.39 yuan for 2024, 2025, and 2026 respectively [4] Financial Summary - Revenue for 2023 is reported at 53,616 million yuan, with projections of 60,695 million yuan for 2024, 67,882 million yuan for 2025, and 75,734 million yuan for 2026, reflecting a year-on-year growth of 17.2% in 2023 and a gradual decline in growth rates thereafter [2][7] - The net profit attributable to shareholders is expected to grow from 2,096 million yuan in 2023 to 3,129 million yuan in 2026, with a growth rate of 24.8% in 2023 [2][7] - The company's gross margin is projected to remain stable around 16.6% to 16.8% over the forecast period [2][7] - Return on equity (ROE) is expected to improve from 11.1% in 2023 to 12.3% in 2026 [2][7] Market Positioning - Hisense is recognized as a leading player in the domestic display industry, with a diversified technology approach and differentiated branding strategies [4] - The company is expanding its high-end and overseas market presence, which is expected to enhance its growth potential [4] - Vidda's product offerings are continuously being refined, with a focus on appealing to younger consumers and enhancing brand strength [3][4]