Hisense V.T.(SH:600060) KAIYUAN SECURITIES·2025-04-27 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company continues to show an improving trend in profitability, with Q1 2025 revenue reaching 13.375 billion yuan, a year-on-year increase of 5.31%, and net profit attributable to shareholders at 554 million yuan, up 18.61% [7][8] - The company is expected to benefit from the "trade-in" policy, which is driving growth in mid-to-high-end products, and the domestic sales are showing a good growth trend [7][8] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.546 billion, 2.844 billion, and 3.151 billion yuan respectively, with corresponding EPS of 1.95, 2.18, and 2.41 yuan [7][10] Financial Summary - As of Q1 2025, the company's gross margin is 15.93%, reflecting a year-on-year increase of 0.60 percentage points, while the net profit margin is 4.14%, up 0.46 percentage points [9] - The company’s total market capitalization is 30.406 billion yuan, with a current stock price of 23.30 yuan [3][7] - The projected revenue growth rates for 2025-2027 are 10.1%, 9.2%, and 9.0% respectively, with net profit growth rates of 13.3%, 11.7%, and 10.8% [10][12]