Core Viewpoint - Hisense Home Appliances (000921)(00921) experienced a nearly 6% decline in stock price, attributed to weaker performance in central air conditioning and fluctuations in exports, impacting Q3 revenue and net profit [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 71.5327 billion yuan, a year-on-year increase of 1.35% [1] - The net profit attributable to shareholders was 2.8118 billion yuan, up 0.67% year-on-year [1] - In Q3 alone, revenue reached 22.19 billion yuan, reflecting a 1.16% year-on-year increase [1] - The net profit for Q3 was 740 million yuan, showing a decrease of 5.4% year-on-year [1] Market Analysis - Huatai Securities noted that the company's Q3 performance was under pressure due to weak central air conditioning sales and export volatility [1] - Industrial Online statistics indicated that in July-August 2025, sales of Hisense multi-split air conditioners increased by 2.1% year-on-year, with domestic sales up 2.7% and export sales down 3.1% [1] - In Q3 2025, Hisense's home air conditioner sales rose by 4.7% year-on-year, with domestic sales increasing by 40.7% while export sales decreased by 19.8% [1] - Refrigerator sales in July-August 2025 saw a year-on-year increase of 3.4%, with domestic sales up 25.9% and export sales down 7.6% [1] - Overall, the company is expected to maintain stable domestic sales performance, with white goods performing better than central air conditioning, while exports face short-term pressure [1]

Investment Rating - The investment rating for the company is "Accumulate" [3][2] Core Views - The company's domestic sales in core categories have shown signs of recovery, and with the gradual improvement in domestic demand, the revenue performance is expected to improve [2] - The company reported a revenue of 2 billion yuan in Q1 2025, a year-on-year decrease of 3.17%, and a net profit attributable to the parent company of 1.01 billion yuan, down 21.91% year-on-year [1] - The gross margin for Q1 2025 was 26.33%, an increase of 0.32 percentage points year-on-year, while the net profit margin was 5.05%, a decrease of 1.27 percentage points year-on-year [1] Financial Performance Summary - In Q1 2025, domestic sales of key products such as soybean milk machines and health pots increased significantly, with online sales growing by 21% and 37% respectively, while offline sales grew by 73% and 30% respectively [1] - The company’s investment income decreased by 88% year-on-year, primarily due to reduced investment income from joint ventures [1] - The company’s total market capitalization is approximately 7.29 billion yuan, with a total share capital of 767.02 million shares [4] Financial Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 239.65 million yuan, 320.81 million yuan, and 405.43 million yuan respectively, with corresponding dynamic P/E ratios of 30.41x, 22.71x, and 17.97x [2][8] - The expected revenue growth rates for 2025-2027 are 4.93%, 4.64%, and 4.63% respectively [11]