GOLDEN SUN SECURITIES·2025-10-28 13:08Investment Rating - The report maintains a "Buy" investment rating for Hisense Home Appliances [5] Core Views - The company has shown slight declines in profitability but is optimistic about its long-term globalization strategy [1][2] - The company reported total revenue of 71.533 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 2.812 billion yuan, up 0.67% year-on-year [1] - The third quarter of 2025 saw a single-quarter revenue of 22.192 billion yuan, a year-on-year increase of 1.16%, but a net profit of 735 million yuan, down 5.40% year-on-year [1] - The gross margin for Q3 2025 decreased by 0.56 percentage points to 20.20% [1] - The company is committed to a globalization strategy, enhancing its brand influence overseas, and accelerating digital transformation [2] Financial Performance Summary - For 2025, the company is projected to achieve net profits of 3.398 billion yuan, 3.771 billion yuan, and 4.154 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 1.5%, 11.0%, and 10.2% [2] - The operating revenue is expected to grow from 85.6 billion yuan in 2023 to 107.296 billion yuan in 2027, with a growth rate of 15.5% in 2023 and slowing to 6.0% by 2027 [4] - The latest diluted EPS is projected to increase from 2.05 yuan in 2023 to 3.00 yuan in 2027 [4] - The net profit margin for Q3 2025 decreased by 0.3 percentage points to 4.88% [1]