Ge Long Hui·2025-08-01 02:28Core Viewpoint - Bank of America Securities has downgraded Hisense Home Appliances' rating from "Buy" to "Neutral" and reduced the target price from HKD 30.4 to HKD 24.9 due to second-quarter revenue falling short of expectations [1] Revenue Performance - The report indicates that the main factors dragging down second-quarter performance may persist into the second half of the year, impacting revenue growth, although the extent of the impact may be less severe than in Q2 [1] - Some factors affecting performance are considered one-time events, such as early shipment of export orders and inventory clearance in the central air conditioning consumer channel [1] Growth Outlook - Other factors continue to pose pressure on growth prospects, including the normalization of exports and uncertainty regarding the growth of central air conditioning [1] - Starting from September, the high domestic revenue base may create additional pressure on performance [1] Forecasts - The bank expects revenue and net profit growth rates for the second half of the year to be 2% and 5%, respectively, compared to 1% and 2% in the first half [1]