China Merchants Research Reports point out that HISENSE HA (000921.SZ) has slowed growth, with the first year-on-year decline in nine quarters since Q3 2022, and market confidence is weak. The company is clearly undervalued, with a thick safety cushion. In horizontal comparison, the valuations for HISENSE, Midea, and Haier in 2025 are 10/13/13 times; in historical dimensions, the company's stock price has deeply adjusted since May of this year, and its current valuation is at one of the lowest percentiles since the reforms in 2022. Referring to the global valuation system, Johnson Controls/Carrier/Trane have stable PE averages of 30/25/20 times, which is higher than the valuations of Whirlpool and Electrolux as representatives of white goods enterprises. As a symbol of centralized Air Conditioner in the A-share market, HISENSE HA should enjoy a higher valuation than white goods companies. Improvements in the company's underlying governance promote efficiency and cost reduction, and its global operation competitiveness is continuously strengthening. Against the backdrop of domestic substitution for centralized Air Conditioner, the company's leading position is solid, and there is sustained bullish sentiment toward the company. It is expected that the company's revenue will grow by +8%, +9%, and +10% from 2024 to 2026, with earnings growing by +15%, +14%, and +16%, respectively. A 'Strong Buy' rating is given.