Hisense V.T.(SH:600060) Shenwan Hongyuan Securities·2025-10-30 07:09Investment Rating - The investment rating for Hisense Visual (600060) is maintained at "Outperform" [1][6]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 428.30 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 16.29 billion yuan, up 24% year-on-year [3][6]. - The domestic market shows steady growth, with Hisense maintaining the top position in retail volume and value in the 100-inch and above segment, achieving a market share of 41.65% in retail volume and 48.66% in retail value [6]. - The overseas market is also expanding, with significant growth in the sales of large-screen products, particularly 98-inch and above, which saw an increase of 85.29% year-on-year [6]. Financial Data and Profit Forecast - For 2025, the total revenue is projected to be 64.177 billion yuan, with a year-on-year growth rate of 9.6% [5]. - The net profit attributable to shareholders is expected to reach 2.500 billion yuan in 2025, reflecting an 11.3% increase year-on-year [5]. - The earnings per share (EPS) for 2025 is forecasted at 1.92 yuan, with a gross margin of 16.3% [5][6].