Bank of America Securities has issued a research report stating that HISENSE HA (00921) failed to meet revenue expectations in the second quarter, leading to a downgrade from "Buy" to "Neutral" with the target price reduced from HK$30.4 to HK$24.9.
The report indicates that the main drag factors from the second quarter are likely to persist into the second half of the year, impacting revenue growth, though the impact may be less severe than in Q2. This is because some factors are one-time in nature, such as early shipments of export orders and inventory reduction in the 2C channel for central air conditioning systems.
However, other factors will continue to pressure growth prospects, including export normalization and uncertainties in central air conditioning growth. Additionally, the higher domestic revenue base starting from September may create additional pressure.
The firm expects second-half revenue and after-tax profit growth rates of 2% and 5% respectively, compared to the first half's 1% and 2%.
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