太平洋给予海信家电“买入”评级：2025Q3收入端表现稳健，厨电业务规模高速扩张

Group 1 - The core viewpoint of the report is that Hisense Home Appliances (000921.SZ) is rated as "Buy" due to expected steady revenue growth in Q3 2025, despite a slight decline in profits [1] - The report highlights that the profitability of Hisense is under short-term pressure, but the overall control of period expense ratio is reasonable [1] Group 2 - The report indicates that there are risks associated with fluctuating tariff policies, exchange rates, raw material prices, rising shipping and labor costs, market risks from trade protectionism, and technological iterations [1]