海信视像（600060）：Q3盈利能力保持提升

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a 12-month target price of 31.12 CNY [5]. Core Views - Hisense Visual reported a revenue of 42.83 billion CNY for the first three quarters of 2025, representing a year-over-year increase of 5.4%, and a net profit attributable to shareholders of 1.63 billion CNY, up 24.3% year-over-year [2][3]. - The company is expected to continue improving its profitability due to the optimization of its product structure and rapid growth in new display businesses [2][3]. - The company is actively expanding its overseas business, particularly in high-end channels in North America, and leveraging major sports events for integrated marketing [2][3]. Financial Performance Summary - Q3 2025 revenue reached 15.60 billion CNY, with a year-over-year growth of 2.7%, and a net profit of 570 million CNY, up 20.2% year-over-year [2][3]. - The net profit margin for Q3 increased by 0.5 percentage points year-over-year, driven by high-margin new display businesses and an increase in other income [3]. - The operating cash flow for Q3 decreased by 110 million CNY year-over-year, primarily due to increased cash payments for goods and services [3]. Financial Forecast - Revenue projections for 2025 to 2027 are 62.51 billion CNY, 67.24 billion CNY, and 72.05 billion CNY respectively, with net profits expected to be 2.62 billion CNY, 2.90 billion CNY, and 3.24 billion CNY [4][11]. - Earnings per share (EPS) are forecasted to be 2.01 CNY, 2.22 CNY, and 2.48 CNY for 2025, 2026, and 2027 respectively [4][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.3 in 2025 to 9.9 in 2027, indicating potential value appreciation [4][11].