TCL Smart Home(SZ:002668) Southwest Securities·2024-08-14 05:06Investment 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 revenue of 8.96 billion yuan, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 560 million yuan, up 32.7% year-on-year [1] - The growth was driven by the external ODM business, with significant increases in sales of refrigerators and washing machines, outperforming industry growth rates [1][2] - The company is positioned for future growth with a focus on smart home appliances, expecting EPS of 0.87 yuan, 1.04 yuan, and 1.20 yuan for 2024-2026 [2] Financial Performance Summary - Revenue for 2024 is projected at 17.72 billion yuan, with a growth rate of 16.75% [3] - Net profit attributable to shareholders is expected to reach 945.68 million yuan in 2024, reflecting a growth rate of 20.22% [3] - The company's gross margin for the first half of 2024 was 23%, a decrease of 5.2 percentage points year-on-year, primarily due to changes in product mix [1][2] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth [2] - The company has maintained a leading position in technology, design, product quality, manufacturing costs, and operational efficiency [2] Future Outlook - The company aims to continue expanding its product categories in smart home appliances, which is expected to contribute to growth momentum [2] - The report anticipates stable financial performance with a focus on maintaining competitive advantages in the market [2][3]