Hisense V.T.(SH:600060) Changjiang Securities·2025-11-09 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company achieved operating revenue of 42.83 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 5.36%. The net profit attributable to shareholders reached 1.63 billion yuan, up 24.27% year-on-year. The net profit after deducting non-recurring gains and losses was 1.21 billion yuan, an increase of 22.17% year-on-year [2][5]. - In Q3 2025, the company reported operating revenue of 15.60 billion yuan, a year-on-year increase of 2.70%. The net profit attributable to shareholders was 573 million yuan, up 20.15% year-on-year, while the net profit after deducting non-recurring gains and losses was 394 million yuan, reflecting a year-on-year growth of 14.01% [2][5]. - The gross margin for the first three quarters of 2025 was 15.66%, an increase of 0.84 percentage points year-on-year. In Q3 2025, the gross margin was 14.44%, up 0.51 percentage points year-on-year, driven by the successful implementation of the company's large-screen and high-end strategies [8]. - The company’s operating profit for the first three quarters of 2025 was 1.32 billion yuan, a year-on-year increase of 17.43%, with an operating profit margin of 3.08%, up 0.32 percentage points year-on-year [8]. - The company is expected to see net profits attributable to shareholders of 2.52 billion yuan, 2.72 billion yuan, and 3.01 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.75, 11.79, and 10.66 [8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 42.83 billion yuan, a 5.36% increase year-on-year. The net profit attributable to shareholders was 1.63 billion yuan, up 24.27% year-on-year, and the net profit after deducting non-recurring items was 1.21 billion yuan, a 22.17% increase [2][5]. - In Q3 2025, the company achieved operating revenue of 15.60 billion yuan, a 2.70% year-on-year increase, with a net profit of 573 million yuan, reflecting a 20.15% increase year-on-year [2][5]. Profitability and Margins - The gross margin for the first three quarters of 2025 was 15.66%, an increase of 0.84 percentage points year-on-year. The Q3 gross margin was 14.44%, up 0.51 percentage points year-on-year, attributed to the success of high-margin product strategies [8]. - The operating profit for the first three quarters was 1.32 billion yuan, a 17.43% increase year-on-year, with an operating profit margin of 3.08%, up 0.32 percentage points year-on-year [8]. Future Projections - The company is projected to achieve net profits of 2.52 billion yuan, 2.72 billion yuan, and 3.01 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.75, 11.79, and 10.66 [8].