研報掘金丨中信建投:海信視像經營拐點到來,盈利彈性可觀
中信建投證券研報指出,海信視像(600060.SH)收入2024Q4將出現拐點,國內受益於以舊換新,2024Q4的銷量和均價將顯著提升;2023Q4到2024Q2海外處於去庫存狀態,2024Q3海外收入的拐點已經顯現,2025年收入將明顯改善,並且盈利彈性可觀。2024年員工持股計劃,使得公司管理層和上市公司利益更加一致。參考海信家電近年來的情況,後續股權激勵頻率有望進一步提升。公司海外市場大尺寸化趨勢改善利潤率,並且25年海運費和海外競爭格局均有優化空間。
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