Changhong Meiling (SZ:000521) Changjiang Securities·2025-10-25 11:17Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 25.393 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.49%. However, the net profit attributable to shareholders decreased by 8.20% to 488 million yuan, and the net profit excluding non-recurring items fell by 12.47% to 451 million yuan. In Q3 2025, revenue was 7.321 billion yuan, down 6.33% year-on-year, with a net profit of 71.22 million yuan, a decline of 38.58% [2][6][14]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 10.15%, a decrease of 0.19 percentage points year-on-year. The operating profit for the same period was 365 million yuan, reflecting a growth of 0.99% year-on-year, with an operating profit margin of 1.44%, down 0.15 percentage points [14]. - In Q3 2025, the gross margin was 9.44%, with an operating profit of 26.64 million yuan, showing a year-on-year increase of 4.67% [14]. Market Opportunities - The company is expected to benefit from structural opportunities in the industry, including cautious domestic consumption, the rise of e-commerce, and upgrades in refrigerator structures. The air conditioning business is anticipated to gain market share through e-commerce and competitive pricing, while the refrigerator segment aims to enhance average prices and profit elasticity through structural upgrades [14]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 649 million yuan, 716 million yuan, and 801 million yuan, respectively. The corresponding price-to-earnings ratios are projected to be 11.08, 10.04, and 8.97 times [14].