TCL智家：集团白电整合协同，外销ODM业务高增

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved a revenue of 8.96 billion yuan, representing a year-on-year growth of 24.7%. The net profit attributable to shareholders was 560 million yuan, up 32.7% year-on-year, while the net profit after deducting non-recurring items also reached 560 million yuan, reflecting a 42.2% increase [1][2] - The growth was primarily driven by the increase in ODM (Original Design Manufacturer) orders for exports, with domestic sales showing a slight decline [1][2] - The company is expected to continue expanding its product categories in smart home appliances, contributing to future growth [2] Summary by Sections Financial Performance - For Q2 2024, TCL Smart Home reported a revenue of 4.76 billion yuan, a year-on-year increase of 24.9%, and a net profit of 330 million yuan, up 36.1% year-on-year [1] - The overall gross margin for the first half of 2024 was 23%, down 5.2 percentage points year-on-year, attributed to changes in product mix [1][2] - The company’s sales, management, and R&D expense ratios were 3.6%, 3.5%, and 3.2% respectively, showing a slight decrease compared to the previous year [1] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth. The company also maintained strong positions in international markets, particularly in Thailand and the Philippines [2] - The sales volume for refrigerators and washing machines in the first half of 2024 reached 8.34 million units and 1.66 million units, respectively, with growth rates of 22.9% and 46.5% year-on-year [1][2] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.04 yuan, and 1.20 yuan respectively, indicating a positive growth trajectory [2][3] - The report anticipates revenue growth rates of 16.75% in 2024, 11.21% in 2025, and 10.00% in 2026 [3]