海信家电第三季度增收不增利，期末在建工程增85%，合同负债减少43%

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日前，海信家电（000921）公布2025年三季报，公司营业收入为715.33亿元，同比上升1.35%；归母净利润为28.12亿元，同比上升0.67%；扣非归母净利润为23.27亿元，同比上升1.65%。　　海信家电三季报主要会计数据　　其中第三季度，公司营业收入为221.92亿元，同比上升1.16%；归母净利润为7.35亿元，同比下降5.40%；扣非归母净利润为5.09亿元，同比下降...

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At the end of the period, construction in progress increased by 85% and contract liabilities decreased by 43%.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00921":1.5,"000921":1.5},"content_text":"日前，海信家电（000921）公布2025年三季报，公司营业收入为715.33亿元，同比上升1.35%；归母净利润为28.12亿元，同比上升0.67%；扣非归母净利润为23.27亿元，同比上升1.65%。\n\n　　海信家电三季报主要会计数据\n　　其中第三季度，公司营业收入为221.92亿元，同比上升1.16%；归母净利润为7.35亿元，同比下降5.40%；扣非归母净利润为5.09亿元，同比下降13.08%。\n　　公开资料显示，海信家电主营业务是冰箱、家用空调、中央空调、冷柜、洗衣机、厨房电器等电器产品以及汽车空调压缩机及综合热管理系统的研发、制造和营销，公司的主要产品是暖通空调、冰箱、冷柜、洗衣机、厨房电器、汽车空调压缩机、汽车综合热管理系统。\n　　在三季报中，海信家电对公司部分财务指标发生变动的情况及原因作了说明。报告期末公司在建工程较期初增长84.97%，主要系报告期内公司推进新园区项目建设所致；长期待摊费用增加31.37%，主要系报告期内子公司新增待摊费用所致；短期借款增加31.11%，主要系部分子公司为满足日常生产经营所需资金借款所致；合同负债减少43.40%，主要系预收账款减少所致。\n　　10月30日，对于海信家电的三季报，太平洋证券给予了最新点评并维持“买入”评级。研报称，海信家电2025前三季度公司实现总营收715.33亿元（+1.35%）；归母净利润28.12亿元（+0.67%）；扣非归母净利润23.27亿元（+1.65%）。\n　　研报称，2025Q3，海信家电收入实现稳健增长，利润端小幅下滑。收入端方面，2025Q3公司营收达221.92亿元（+1.16%），在行业整体承压的背景下实现了稳健增长；2025年前三季度洗碗机和厨电业务收入增速分别达30%+、50%+，均实现较快增长。利润端方面，2025Q3公司归母净利润7.35亿元（-5.40%），市场竞争加剧叠加原材料价格上涨使得公司业绩端出现个位数下滑。2025Q3盈利能力短期承压，期间费用率整体控制合理。毛利率方面，2025Q3毛利率为20.20%（–2.72pct），或系受到原材料价格上涨等因素的影响。净利率方面，2025Q3公司销售净利率为4.88%（–5.76pct），盈利能力持续承压。费用端方面，2025Q3公司销售/管理/研发/财务费用率分别为9.97/2.56/3.77/0.36%，分别同比-0.03/-0.08/+0.02/-0.06pct，期间费用率均较为稳定。\n　　投资建议方面，太平洋证券称，行业端，伴随国内新一轮“以旧换新”政策催化，出口链恢复性增长，白电需求有望持续复苏；乘新能源汽车发展东风，上游压缩机等零部件行业有望增长。公司端，白电产品中高端布局持续深化，新能源热管理业务积极拓展，公司收入业绩有望持续增长。预计2025-2027年公司归母净利润为34.24/38.25/42.57亿元，对应EPS为2.47/2.76/3.07元，当前股价对应PE为10.17/9.10/8.18倍。维持“买入”评级。\n　　来源：读创财经\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张恒星","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2580269914","isCrawlerRequest":true}