KAIYUAN SECURITIES·2025-04-30 06:23Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved a revenue of 24.84 billion yuan (up 5.8% year-on-year) and a net profit attributable to shareholders of 1.13 billion yuan (up 14.9%) [5] - The company has shown strong performance in its export business, with cost reduction and product structure optimization contributing to steady improvement in profitability [5] - The profit forecast for 2025-2027 has been raised, with expected net profits of 3.84 billion yuan, 4.34 billion yuan, and 4.83 billion yuan respectively [5] - The current stock price corresponds to a PE ratio of 10.0, 8.8, and 7.9 for the years 2025, 2026, and 2027 respectively, indicating potential for alpha [5] Financial Performance - In Q1 2025, the gross margin was 21.4% (down 0.2 percentage points), while the net margin remained stable at 6.6% (up 0.03 percentage points) [7] - The company’s revenue from air conditioning and home appliances showed significant growth, with domestic sales benefiting from the "old-for-new" policy and exports continuing to optimize profitability [6] - The company’s financial summary indicates a projected revenue growth from 85.6 billion yuan in 2023 to 116.2 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.0% [8] Business Segmentation - The air conditioning segment is expected to return to growth, with a market share exceeding 20% in multi-split systems [6] - The home appliance segment is projected to grow rapidly, with exports expected to outpace domestic sales [6] - The refrigerator segment is also showing strong growth, with domestic and export sales increasing by 12% and 22% respectively in early 2025 [6]