Changjiang Securities·2025-11-09 23:30Investment Rating - The investment rating for Hisense Home Appliances is "Buy" and is maintained [10]. Core Views - The company reported a slight increase in revenue with a year-on-year growth of 1.35% for the first three quarters of 2025, achieving a total revenue of 71.533 billion yuan. However, the net profit attributable to shareholders increased only by 0.67% to 2.812 billion yuan, indicating a slight decline in profitability [2][7]. - In Q3 2025, the company experienced a revenue of 22.192 billion yuan, a year-on-year increase of 1.16%, but the net profit decreased by 5.40% to 735 million yuan, reflecting challenges in maintaining profitability [2][7]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 71.533 billion yuan, with a net profit of 2.812 billion yuan and a non-recurring net profit of 2.327 billion yuan, showing growth rates of 1.35%, 0.67%, and 1.65% respectively. In Q3 2025, the revenue was 22.192 billion yuan, with a net profit of 735 million yuan, down 5.40% year-on-year [2][7]. Financial Performance - The gross margin increased by 0.54 percentage points year-on-year for the first three quarters, while the sales expense ratio rose by 0.34 percentage points. The operating profit for the first three quarters grew by 4.31%, with an operating profit margin increase of 0.13 percentage points [13]. - In Q3 2025, the gross margin increased by 0.20 percentage points, but the operating profit declined by 6.67%, with a corresponding decrease in the operating profit margin of 0.30 percentage points [13]. Strategic Initiatives - The company is actively promoting governance mechanisms and supply chain reforms, while also expanding overseas markets to seek new business growth. It aims to enhance operational efficiency and improve product and channel structures [13]. - The company is focusing on international brand strategy and sports marketing to enhance its brand influence in overseas markets, which is expected to contribute to future growth [13]. Future Outlook - The company is expected to achieve net profits of 3.346 billion yuan, 3.710 billion yuan, and 4.190 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.59, 9.55, and 8.46 [13].