Smart TV platforms have great value. The smart TV has greatly enhanced the content richness and user interaction experience, and gradually became a family entertainment center, and the profit model of video and games is clear. With the accumulation of users, the huge value of the smart TV platform will gradually become prominent. Hai Zhiyun CEO Yu Zhitao, who is responsible for Hisense’s smart TV operations, has stated that in three years, the number of smart TV users will exceed 100 million, and the market for intelligent value-added services such as video advertising, pay-for-demand, games and applications will exceed 20 billion yuan. Smart TV platforms bred great commercial value.
Black Enterprise users have obvious advantages in scale. The company's smart TV sales lead, product experience is not inferior, users accumulate faster, and build smart TV platform has obvious advantages. Moreover, with the gradual enrichment of content resources of smart TV platforms, the user activation rate continues to increase. According to Zhong Yikang and other data, as of the end of 2014, the total number of smart TV users of Hisense, TCL, Skyworth reached 8 million, 6.5 million, and 6.3 million, respectively, which was much higher than the 1.5 million and 300,000 of LeTV and Xiaomi. With a large number of users, Hisense, TCL, etc. have advantages in building smart TV platforms, forming a more stable business model and fully enjoying the value of smart TV platforms.
Strong alliances, sharing platform value. We believe that the cooperation between black and white companies and the Internet and other enterprises, complementing each other's advantageous resources, and sharing the platform's value is a development trend. For example, in 2014, Hisense and Future TV and iQIYI, Phoenix TV, Ku6, LeTV, PPTV, Tencent Video, Youku Tudou, Youpeng and more than a dozen video sites reached cooperation to build a smart TV video ecosystem. In order to improve the layout of the smart TV platform, it is expected that the search for a breakthrough in the game is an inevitable choice for Hisense.
Laser TV sales volume, product innovation to promote performance improvement. Hisense has leading technology in the field of laser television and is the only manufacturer in the industry to achieve mass market sales of laser TVs. The company's 100-inch laser TV, retail price of about 60,000 yuan, cost-effective, is expected to sell about 1,000 units in 2014. In 2015, the company will continue to promote sales of laser TVs and enrich models. It is expected that sales will reach 30,000-50,000 units in 2015, with high unit prices and high profit margins. In addition to laser television, television manufacturers including Hisense are also actively promoting the development of quantum dot TV. Innovative products such as laser TVs and Quantum Dot TVs are the crystallization of technological accumulation and innovation of traditional black power companies such as Hisense and TCL. It is difficult for Leshi and Xiaomi to break through in the short term. Therefore, the growth of innovative product markets will help improve the performance of black power companies. .
Earnings forecasts and investment advice. If it is assumed that within three years, the value-added services market for smart TV platforms will reach 20 billion yuan, Hisense Electric will rely on its user scale advantage. If it gets a 15-20% share, its platform value will reach 3-4 billion yuan, if the company is divided into an average ratio of 20-30%, the platform contribution income can reach 6-12 billion yuan. The volume of innovative products such as laser televisions is beneficial to the improvement of company performance. We forecast the Company's EPS in 2014-16 to be 1.07 yuan, 1.19 yuan and 1.40 yuan respectively. Considering that the company will benefit from the huge value of the smart TV platform in the future, it will give the company a 14-fold valuation in 2015 and a target price of 16.66 yuan, which will increase to "Buy" rating.
Strong alliances, sharing platform value. We believe that the cooperation between black and white companies and the Internet and other enterprises, complementing each other's advantageous resources, and sharing the platform's value is a development trend. For example, in 2014, Hisense and Future TV and iQIYI, Phoenix TV, Ku6, LeTV, PPTV, Tencent Video, Youku Tudou, Youpeng and more than a dozen video sites reached cooperation to build a smart TV video ecosystem. In order to improve the layout of the smart TV platform, it is expected that the search for a breakthrough in the game is an inevitable choice for Hisense.
Laser TV sales volume, product innovation to promote performance improvement. Hisense has leading technology in the field of laser television and is the only manufacturer in the industry to achieve mass market sales of laser TVs. The company's 100-inch laser TV, retail price of about 60,000 yuan, cost-effective, is expected to sell about 1,000 units in 2014. In 2015, the company will continue to promote sales of laser TVs and enrich models. It is expected that sales will reach 30,000-50,000 units in 2015, with high unit prices and high profit margins. In addition to laser television, television manufacturers including Hisense are also actively promoting the development of quantum dot TV. Innovative products such as laser TVs and Quantum Dot TVs are the crystallization of technological accumulation and innovation of traditional black power companies such as Hisense and TCL. It is difficult for Leshi and Xiaomi to break through in the short term. Therefore, the growth of innovative product markets will help improve the performance of black power companies. .
Earnings forecasts and investment advice. If it is assumed that within three years, the value-added services market for smart TV platforms will reach 20 billion yuan, Hisense Electric will rely on its user scale advantage. If it gets a 15-20% share, its platform value will reach 3-4 billion yuan, if the company is divided into an average ratio of 20-30%, the platform contribution income can reach 6-12 billion yuan. The volume of innovative products such as laser televisions is beneficial to the improvement of company performance. We forecast the Company's EPS in 2014-16 to be 1.07 yuan, 1.19 yuan and 1.40 yuan respectively. Considering that the company will benefit from the huge value of the smart TV platform in the future, it will give the company a 14-fold valuation in 2015 and a target price of 16.66 yuan, which will increase to "Buy" rating.
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