国投证券：海尔智家(06690)Q3内销增长提速外销稳步提升数字化变革成效持续凸显

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智通财经APP获悉，国投证券发布研报称，海尔智家(06690)发布2025年三季报，公司2025年前三季度实现收入2340.5亿元，YoY+10.0%，实现归母净利润173.7亿元，YoY+14.7%；经折算，公司Q3单季度实现收入775.6亿元，YoY+9.5%，实现归母净利润53.4亿元，YoY+12.7%。该行认为，Q3海尔内销收入增长提速，海外收入持续快增，整体收入稳健增长；公司数字化变革...

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href=http://www.zhitongcaijing.com/content/detail/1364113.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国投证券发布研报称，海尔智家(06690)发布2025年三季报，公司2025年前三季度实现收入2340.5亿元，YoY+10.0%，实现归母净利润173.7亿元，YoY+14.7%；经折算，公司Q3单季度实现收入775.6亿元，YoY+9.5%，实现归母净利润53.4亿元，YoY+12.7%。该行认为，Q3海尔内销收入增长提速，海外收入持续快增，整体收入稳健增长；公司数字化变革...</p>\n\n<a 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highlighted","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1.5,"600690":1.5,"06690":1.5},"content_text":"智通财经APP获悉，国投证券发布研报称，海尔智家(06690)发布2025年三季报，公司2025年前三季度实现收入2340.5亿元，YoY+10.0%，实现归母净利润173.7亿元，YoY+14.7%；经折算，公司Q3单季度实现收入775.6亿元，YoY+9.5%，实现归母净利润53.4亿元，YoY+12.7%。该行认为，Q3海尔内销收入增长提速，海外收入持续快增，整体收入稳健增长；公司数字化变革和高端品牌战略持续凸显成效，Q3单季盈利能力同比改善。国投证券主要观点如下：事件：海尔智家发布2025年三季报，公司2025年前三季度实现收入2340.5亿元，YoY+10.0%，实现归母净利润173.7亿元，YoY+14.7%；经折算，公司Q3单季度实现收入775.6亿元，YoY+9.5%，实现归母净利润53.4亿元，YoY+12.7%。该行认为，Q3海尔内销收入增长提速，海外收入持续快增，整体收入稳健增长；公司数字化变革和高端品牌战略持续凸显成效，Q3单季盈利能力同比改善。Q3单季收入持续快速增长：Q3海尔国内/海外收入YoY+10.8%/+8.3%（H1增速分别为+8.8%/+11.7%）。国内市场方面，公司打造爆款与套系产品竞争力，加速渠道触点拓展，发挥全链路和多品牌优势，Q3国内收入增速有所提速，其中家用空调产业Q3收入增长超30%。海外市场方面，Q3公司在南亚、东南亚、中东非等新兴市场保持快速增长，北美、欧洲等发达市场经营稳健，盈利质量持续提升。展望后续，海尔深化多品牌、跨产品、跨区域的全球化布局，内外销收入有望保持快速增长。Q3单季毛利率同比提升：海尔Q3单季毛利率为27.9%，同比+0.1pct。公司在国内市场推动采购、研发及制造端的数字化变革，在海外市场坚持高端品牌战略、强化全球供应链协同、搭建采购数字化平台，极致成本策略带动毛利率持续改善。Q3期间费用率优化，盈利能力同比提升：Q3海尔期间费用率同比-0.1pct，其中销售/管理费用率同比-0.1pct/-0.1pct。受益于国内市场的数字化变革和海外市场的终端零售创新、全球资源整合带来的运营效率提升，公司期间费用率持续优化。综合影响之下，Q3海尔归母净利率为6.9%，同比+0.2pct。Q3单季度经营活动现金流同比增加：Q3海尔经营活动现金流量净额为63.5亿元，同比+2.9亿元。公司经营现金流同比提升，主要因为收入规模扩大，Q3销售商品、提供劳务收到的现金同比+76.2亿元。本期末公司合同负债规模41.5亿元，YoY+17.9%，显示经销商提货意愿较积极。投资建议：海尔激励机制趋于完善，管理层和员工积极性不断提升。公司持续深化全球化布局和数字化变革，有望发挥多品牌、跨产品、跨区域的多元均衡布局优势，推动收入规模和盈利能力持续提升。风险提示：人民币大幅升值，海外市场竞争加剧，原材料价格大幅上涨。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"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 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国投证券：海尔智家(06690)Q3内销增长提速 外销稳步提升 数字化变革成效持续凸显

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国投证券：海尔智家(06690)Q3内销增长提速外销稳步提升数字化变革成效持续凸显