Homa(002668) Tai Ping Yang·2024-10-31 13:48Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with a target price based on the last closing price of 11.83 [1][6]. Core Views - TCL Smart Home reported a significant increase in non-net profit for Q3 2024, benefiting from the booming refrigerator export industry. The company achieved a revenue of 139.45 billion yuan, up 22.95% year-on-year, and a net profit of 8.25 billion yuan, up 29.56% year-on-year [4][6]. - The Q3 2024 revenue reached 49.84 billion yuan, reflecting a 19.86% increase, attributed to the high demand in the ice washing industry and favorable external conditions [4][5]. - The gross profit margin improved to 24.04%, an increase of 1.93 percentage points, indicating better product mix and cost management [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, TCL Smart Home's revenue was 139.45 billion yuan, with a year-on-year growth of 22.95%. The net profit attributable to shareholders was 8.25 billion yuan, marking a 29.56% increase, while the non-net profit reached 8.11 billion yuan, up 39.16% [4]. - In Q3 2024, the company reported a net profit of 2.66 billion yuan, a 23.49% increase, and a non-net profit of 2.53 billion yuan, up 32.99% [4]. Profitability Metrics - The gross margin for Q3 2024 was 24.04%, an increase of 1.93 percentage points, driven by product structure improvements [5]. - The net profit margin for Q3 2024 was 5.33%, reflecting a slight increase of 0.16 percentage points [5]. Future Outlook - The company is expected to benefit from the growth in the refrigerator export market and the synergy from its Hefei appliance operations. The "old-for-new" policy in domestic sales is anticipated to provide additional support [6]. - Forecasts for net profit from 2024 to 2026 are 9.85 billion yuan, 10.97 billion yuan, and 12.19 billion yuan, respectively, with corresponding EPS of 0.91, 1.01, and 1.12 yuan [6].