CMS·2025-05-12 10:02Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances [3] Core Views - The company reported a 6% increase in revenue for Q1 2025, reaching 24.8 billion yuan, and a 15% increase in net profit attributable to shareholders, amounting to 1.1 billion yuan, exceeding market expectations [1] - The company is expected to continue improving its performance, with projected net profits of 3.8 billion yuan, 4.3 billion yuan, and 5.0 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12%, 15%, and 15% [7] Financial Data and Valuation - Total revenue is projected to grow from 85.6 billion yuan in 2023 to 120.3 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9% [2][13] - Operating profit is expected to increase from 5.2 billion yuan in 2023 to 8.7 billion yuan in 2027, with a CAGR of approximately 16% [2][13] - Net profit attributable to shareholders is forecasted to grow from 2.8 billion yuan in 2023 to 4.9 billion yuan in 2027, with a CAGR of approximately 15% [2][13] - The report indicates a decrease in the price-to-earnings (PE) ratio from 14.8 in 2023 to 8.5 in 2027, suggesting an attractive valuation [2][14] Product Performance - In Q1 2025, the air conditioning segment saw a 9% increase in domestic sales and a 32% increase in exports, with expectations for continued growth in Europe and emerging markets [7] - The refrigerator segment experienced a 2% increase in domestic sales and a 16% increase in exports, with improved profitability from exports due to enhanced brand strength [7] - The central air conditioning segment is expected to recover in 2025, driven by growth in public construction channels [7] Shareholder Information - The major shareholder is Qingdao Hisense Air Conditioning Co., Ltd., holding a 37.28% stake in the company [3]