CICC: Cuts Hisense Home Appliances (00921.HK) Target Price to HK$21.5; Q3 Results Below Expectations

Zhitong Finance APP has learned that CICC released a research report stating that Hisense Home Appliances (00921, 000921.SZ) recorded revenue of RMB 67.014 billion in the first three quarters of this year, down 6.3% year on year; net profit attributable to the parent was RMB 1.849 billion, down 34.2% year on year. Third-quarter revenue was RMB 20.248 billion, down 8.8% year on year; net profit attributable to the parent was RMB 191 million, down 74% year on year, below the bank's expectations. The bank maintained its "Outperform" rating, cut the H-share target price by 15.7% to HKD 21.5, and also cut the A-share target price by 12.4% to RMB 25.5.