TCL智家：季报点评：订单增长明显，盈利能力提升

Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy" [3] Core Views - The company reported significant growth in orders and improved profitability, with total revenue for Q1-Q3 2024 reaching 13.945 billion yuan, a year-on-year increase of 22.95%, and net profit attributable to shareholders of 0.825 billion yuan, up 29.56% year-on-year [1][2] - The growth in export orders and the expansion of ODM (Original Design Manufacturer) business contributed to the performance improvement, focusing on the core businesses of refrigerators and washing machines [1][2] Financial Performance Summary - For Q3 2024, the company achieved a single-quarter revenue of 4.984 billion yuan, representing a year-on-year growth of 19.86%, and a net profit of 0.266 billion yuan, up 23.49% year-on-year [1] - The gross margin for Q1-Q3 2024 was 23.36%, with a slight increase in net profit margin to 5.92% [2] - The company expects net profits for 2024-2026 to be 1.029 billion, 1.237 billion, and 1.417 billion yuan, respectively, with growth rates of 30.8%, 20.2%, and 14.6% [2][6]