Hisense V.T.(SH:600060) Shenwan Hongyuan Securities·2025-10-30 04:11Investment Rating - The investment rating for Hisense Visual (600060) is maintained at "Outperform" [1]. Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 42.83 billion yuan for the first three quarters, a year-on-year increase of 5%, and a net profit attributable to shareholders of 1.63 billion yuan, up 24% year-on-year [4][7]. - The domestic and international markets are steadily developing, with Hisense maintaining a leading position in the high-end TV market in China and significant growth in overseas sales, particularly in large-screen and MiniLED products [7]. - Profitability is steadily improving, with a net profit margin of 4.29% in Q3 2025, an increase of 0.88 percentage points year-on-year [7]. Financial Data and Earnings Forecast - For 2025, the total revenue is projected to be 64.18 billion yuan, with a year-on-year growth rate of 9.6%. The net profit attributable to shareholders is expected to reach 2.50 billion yuan, reflecting an 11.3% increase [6]. - The earnings per share (EPS) for 2025 is estimated at 1.92 yuan, with a projected gross margin of 16.3% [6]. - The return on equity (ROE) is forecasted to be 12.0% for 2025, with corresponding price-to-earnings ratios of 13, 12, and 11 for the years 2025, 2026, and 2027 respectively [6].