Hisense Video’s revenue and profits will reach new heights in 2023. Large-scale screens and high-end solutions will expand space for growth.

On the evening of March 29, Hisense Video released its 2023 annual performance report. During the reporting period, the company achieved revenue of 53.615 billion yuan, a year-on-year increase of 17.22%; net profit attributable to the parent company was 2.096 billion yuan, a year-on-year increase of 24.82%. While both revenue and profit maintained double-digit growth, Hisense Video’s performance hit a record high, and the profit growth rate was higher than the revenue growth rate. After achieving a 50% cash dividend ratio in 2022, the company plans to distribute a cash dividend of 0.8053 yuan per share (tax included). If calculated based on the total share capital, the total distribution will be 1.051 billion yuan, with a cash dividend ratio of 50.16%.

In 2023, the company took control of the LED chip company Qianzhao Optoelectronics, extending the Mini LED and Micro LED industry layout to the most advanced chip field. Qianzhao Optoelectronics turned a profit in its first year after being controlled by the company.

In the mature period of the display industry, Hisense Video’s performance has reached a new high, showing strong development resilience. The reason behind this achievement lies in the fact that the company has deeply explored segmented scenarios, using technology and brand as the main driving forces, and has effectively optimized its product structure. The advantages of large-screen and high-end products have been highlighted, and the global market has accelerated its expansion, demonstrating steady long-term growth. value.

　　Ranked second in the world for the second time, large-screen and high-end products inject growth momentum

Sales data demonstrate that Hisense Video’s global position continues to be solid. In 2023, the company’s smart display terminal sales will be 26.54 million units, a year-on-year increase of 5.21%. According to Overview data, Hisense TV’s global shipment market share in 2023 will be 13.23%, a year-on-year increase of 1.17 percentage points, ranking second in the world and becoming the only company among the world’s top 5 TV brands to have sustained growth for six consecutive years. Resilience continues to grow.

Growth that outperforms the industry relies on judgment of industry trends. During the reporting period, the global market has a significant trend toward large-screen and high-end products. Driven by ULED

In 2023, Hisense ULED According to data from Aowei Cloud, in the TV market in mainland China, the Hisense brand price index is 128, an increase of 1 index year-on-year; in the offline high-end TV market in mainland China, the retail sales market share of Hisense is 35.91%, an increase of 4.83% year-on-year. percentage points, ranking first.

The company’s laser display business has achieved a comprehensive breakthrough in form and performance, leading and driving the development of the global laser display industry. During the reporting period, the company released pioneering products such as the world’s first 8K laser TV and the world’s first foldable laser TV, making laser TVs the first choice for 100-inch large-screen TVs. According to Omdia data, Hisense Laser TV’s global shipment market share in 2023 will be 49.49%, ranking first in the world. At the same time, the company continues to carry out technical layout in vehicle laser display, completing the development of the world’s first laser holographic AR-HUD prototype and a full-scene laser projection display prototype in the car, and will display them at CES in 2024, highlighting the potential of full-color lasers. Show advantages.

The company occupies a leading position in the industry in the large-screen TV market as a “hundred-year leader”. According to Overview data, in the global 100-inch and above TV market, Hisense series shipments accounted for 44.75%, ranking first in the world. According to statistics from Aowei Cloud, in the 100-inch and above TV market in mainland China, Hisense series has a retail sales market share of 61.64%, ranking first in mainland China with an absolute advantage.

　　High-end exports overseas, global profitability continues to improve

During the reporting period, the company insisted on “going overseas with its own brands” and “going overseas with high-end products”, and was committed to taking the lead of international brands and continuously improving its long-term overseas development capabilities. In 2023, the company’s overseas revenue will be 24.747 billion yuan, a year-on-year increase of 20.45%, and the proportion of overseas revenue will further increase, reaching 51.14%. From 2019 to 2023, the company’s overseas revenue has a compound annual growth rate of 14.82%, and its global competitiveness is increasing day by day.

With the support of locally operated R&D and manufacturing centers, North America and Europe have become the first and second largest incremental markets for overseas smart display terminal revenue, both achieving high double-digit growth year-on-year. At the same time, Hisense TVs have achieved mainstream market leadership in different regions, ranking first in retail sales in Japan and South Africa; second in Australia, Canada, and Mexico; and third in Germany, the United Kingdom, Italy, and Malaysia.

The promotion of high-end development in many key markets has achieved remarkable results. According to Circana data, the brand price index of Hisense TV in the United States and Canada has increased by 6 indexes year-on-year; the brand price index of Germany, Italy, and the United Kingdom has increased by 4 indexes year-on-year; in the Japanese market, the brand price index of Hisense TV has increased by 4 indexes year-on-year. index, and the level of high-endization has steadily increased.

　　Seize the opportunity, AI opens up incremental space

Entering 2024, the display industry is showing a positive trend of recovery. At the same time, the rapid development of AI technology complements this, bringing unprecedented opportunities and challenges to the industry. Hisense Video has taken the lead in many aspects such as technological innovation and product iteration. In March this year, it released the Xinghai model, the most powerful Chinese model in the TV industry, and launched the new ULED This new flagship product opens a new era of TV AI. CITIC Securities believes that Hisense Video’s release of Xinghai large-scale models and new full-scenario display products is expected to further lead the development of large-screen and high-end products. The domestic high-end market share will continue to increase, and it will also promote the upgrade of overseas product structure and improve profitability.

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