Tianfeng Securities·2025-11-05 03:14Investment Rating - The investment rating for Hisense Home Appliances is "Buy" with a target price not specified [5] Core Views - The central view indicates that the central air conditioning (CAC) business is under pressure due to weak real estate trends, while the white goods segment shows operational resilience [3][2] - Future cost reduction and product structure optimization are expected to drive profit improvement [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 71.53 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.81 billion yuan, up 0.7% [1] - In Q3 2025, the company reported operating revenue of 22.19 billion yuan, a 1.2% increase, but a net profit of 735 million yuan, down 5.4% [1] - The CAC business is expected to continue facing challenges, while the home appliance segment shows strong growth, particularly in the refrigerator and washing machine categories, with profits up 35% year-on-year [2] Segment Performance Summary - CAC: The CAC business is under pressure, but maintains a leading market share despite domestic sales challenges [2] - Home Appliances: The home appliance segment saw a 41% increase in domestic sales but a 20% decrease in exports [2] - Refrigerators and Washers: This segment experienced steady growth with a profit increase of 35% year-on-year, leading the industry in growth rates [2] - Kitchen Appliances: Revenue increased by 50% year-on-year, with offline channels also showing significant growth [2] Financial Projections - Projected net profits for 2025, 2026, and 2027 are 3.49 billion yuan, 3.45 billion yuan, and 3.68 billion yuan respectively, with corresponding dynamic valuations of 10.2x, 10.3x, and 9.7x [3]