GOLDEN SUN SECURITIES·2026-03-31 11:40Investment Rating - The investment rating for Hisense Home Appliances is maintained at "Buy" [5]. Core Views - The company reported a total revenue of 879.28 billion yuan for 2025, a decrease of 5.19% year-on-year, and a net profit attributable to shareholders of 31.87 billion yuan, down 4.82% year-on-year. In Q4 2025, the revenue was 163.96 billion yuan, a decline of 26.03% year-on-year, with a net profit of 3.75 billion yuan, down 32.46% year-on-year [1][2]. - The dividend payout ratio for 2025 increased to 54.95%. The gross profit margin improved by 0.53 percentage points to 21.31%. The net profit margin slightly decreased by 0.14 percentage points to 5.38% [2]. - Operating cash flow for 2025 was 57.96 billion yuan, an increase of 12.94% year-on-year, with cash received from sales amounting to 803.26 billion yuan, up 4.90% year-on-year [2]. Financial Summary - For 2025, the company achieved total revenue of 879.28 billion yuan and a net profit of 31.87 billion yuan. The projected net profits for 2026, 2027, and 2028 are 32.12 billion yuan, 34.97 billion yuan, and 37.49 billion yuan, reflecting year-on-year growth rates of 0.8%, 8.9%, and 7.2% respectively [2][4]. - The earnings per share (EPS) for 2025 is reported at 2.30 yuan, with projections of 2.32 yuan, 2.52 yuan, and 2.71 yuan for the following years [4]. - The return on equity (ROE) is expected to decline from 18.2% in 2025 to 13.7% by 2028 [4].