TCL智家：2024Q2大超预期，产品结构优化

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [4][2] Core Views - The company reported a significant performance in Q2 2024, with total revenue reaching 4.764 billion yuan, a year-on-year increase of 24.86%, and a net profit of 334 million yuan, up 36.12% year-on-year [1] - The optimization of product structure has led to a high increase in sales of refrigerators and washing machines, with revenues for these segments growing by 21.73% and 46.27% respectively in H1 2024 [1] - The company’s gross margin for H1 2024 was 23%, a slight decrease of 0.21 percentage points year-on-year, attributed to last year's depreciation of the yuan affecting the base [1] Financial Performance Summary - For H1 2024, TCL Smart Home achieved total revenue of 8.962 billion yuan, a year-on-year growth of 24.74%, and a net profit of 559 million yuan, up 32.65% year-on-year [1] - The company expects to achieve net profits of 1.025 billion yuan, 1.172 billion yuan, and 1.315 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting growth rates of 30.3%, 14.3%, and 12.2% [2] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.95 yuan, 1.08 yuan, and 1.21 yuan respectively [3] Business Segment Performance - The revenue contribution from high-end frost-free refrigerators reached 64.0% in H1 2024, an increase of 2.5 percentage points year-on-year [1] - The sales volume of refrigerators in H1 2024 was 8.34 million units, a year-on-year increase of 22.9%, while the average price slightly decreased by 0.95% to 913 yuan [1] - The sales volume of washing machines increased by 46.5% year-on-year to 1.659 million units, with an average price of 774 yuan, down 0.16% [1] Profitability Metrics - The net profit margin for H1 2024 was 6.2%, an increase of 0.4 percentage points year-on-year [1] - The company’s operating expenses in Q2 2024 showed a slight increase in management costs due to expanded sales scale and increased warehousing costs [1] - Non-recurring gains, including government subsidies and investment income, contributed to the net profit performance, accounting for 0.6% and 2.4% of the net profit respectively [1]