研报掘金丨太平洋：维持海信视像“买入”评级，收入利润有望持续快速增长

Company Performance - Hisense achieved a net profit attributable to shareholders of 1.629 billion yuan (+24.28%) in the first three quarters of 2025, with Q3 net profit reaching 573 million yuan (+20.25%) [1] - The rapid growth in Q3 performance is attributed to strong sales of Mini LED and large-screen products [1] - The gross margin remained stable, and effective expense management contributed to a slight increase in net profit margin [1] Industry Trends - The global TV industry is experiencing a clear trend towards high-end large-screen upgrades, with increasing penetration of Mini LED products [1] - This trend is expected to drive steady growth in both the overall scale and profit levels of the industry [1] Strategic Initiatives - Hisense adheres to the "1+4+N" strategy and has a strong technological reserve [1] - The increasing proportion of Mini LED TVs is driving product structure upgrades, while internal reforms are facilitating continuous performance release [1] - Revenue and profit are expected to continue to grow rapidly [1]