大商业保持稳健发展，大南药业务短期承压：①大商业板块为公司收入基石。2020-2024 年间大商业板 块收入CAGR 约6%，2024 年大商业板块收入达545.5 亿元（同比+3%），2025H1 大商业板块收入增速 仍超4%，收入规模达290亿元。考虑近年来大商业业务一直处于稳健发展，叠加公司在华南等地具备较 强竞争力，我们认为公司的大商业板块收入将实现稳健增长。②大南药方面，2025H1 中药收入占比约 60%。2020-2024 年间大南药板块收入CAGR 约-1%，其中中药收入CAGR 约8%，而化药收入CAGR 约-11%。2024 年大南药板块收入97.56 亿元（同比-10%），其中中药收入60.66 亿元（同比-3%），而 化药收入36.9 亿元（同比-20%）。中成药业务近年处于去库存的周期，而化药业务由于行业竞争加 剧、限抗令、集采等因素影响有所下降，大南药业务短期承压。③大健康方面，2020-2024 年间大健康 板块收入CAGR 约5%，2024 年大健康板块收入达97.05 亿元（同比-13%），2025H1 大健康板块收入增 速仍超7%，收入规模达70 亿元。公司目前正推行多个新 ...

Core Viewpoint - Hisense Home Appliances reported a strong performance in Q1 2025, driven by governance dividends and product structure improvements, indicating a positive outlook for the future [1] Financial Performance - In Q1 2025, the company achieved operating revenue of 24.838 billion (up 5.76%) and a net profit attributable to shareholders of 1.127 billion (up 14.89%), with a non-recurring net profit of 1.008 billion (up 20.27%) [2] - The revenue growth was supported by a robust performance in overseas markets, despite a slight decline in domestic sales due to seasonal factors [2] Business Segments - The central air conditioning segment is expected to show slight growth, reversing previous declines, while the home appliance segment achieved double-digit growth, particularly in exports [2] - The washing machine segment is projected to see high single-digit growth domestically, with strong export performance, while the three-electric segment is expected to continue its decline [2] Profitability Improvement - The gross margin for Q1 was 21.41%, a slight decrease of 0.22 percentage points year-on-year, attributed to structural changes [3] - The sales expense ratio decreased to 9.55% (down 0.45 percentage points), benefiting from enhanced digital marketing and optimized logistics [3] - The net profit margin improved to 4.54%, an increase of 0.36 percentage points year-on-year [4] Market Outlook - The central air conditioning business is expected to stabilize and improve in 2025, aided by a shift in the real estate market towards higher quality [5] - The company is expanding its product categories and enhancing brand marketing efforts, particularly for the Hitachi brand, to capture market share [5] - Continued growth in overseas markets is anticipated, particularly in Europe, driven by improved brand value and refined operations in key regions [5] Investment Recommendations - The comprehensive product matrix and clear growth trajectories position the company favorably for valuation recovery and sustained performance growth [6] - Projected revenues for 2025-2027 are 100.1 billion, 108.2 billion, and 116.5 billion, with corresponding net profits of 3.882 billion, 4.472 billion, and 5.137 billion [6]