轻工制造：家得宝Q4营收超预期，家庭改造需求提升

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - Home Depot's Q4 revenue exceeded expectations, driven by increased demand for home renovations and outdoor refurbishments following a typhoon. The company reported Q4 revenue of $39.7 billion, a year-on-year increase of 14.1%, with a net profit of $3 billion, up 7% year-on-year [2][3]. - For FY24, Home Depot achieved total revenue of $159.5 billion, a 4.5% increase year-on-year, although comparable revenue declined by 1.8%. The company opened 10 new stores in the U.S. and 2 in Mexico during the fiscal year [2][3][4]. - The company anticipates a conservative outlook for FY25, projecting a revenue increase of 2.8% year-on-year and a comparable revenue increase of 1%. Despite a recovery in housing transactions, demand for large projects is expected to remain weak due to high mortgage rates [4]. Summary by Sections Q4 Performance - Home Depot's Q4 revenue was $39.7 billion, with a comparable revenue increase of 0.8%. The performance was influenced by seasonal factors and a strong demand for home improvement products, particularly in appliances, garden supplies, and building materials [3][4]. - The company experienced a gross margin of 32.8% in Q4, a slight decrease of 0.25 percentage points year-on-year, primarily due to acquisition impacts [4]. FY24 Overview - For FY24, Home Depot's total revenue reached $159.5 billion, with a net profit of $14.8 billion, reflecting a year-on-year decline of 2.2% in net profit. The overall gross margin for the year was 33.4%, an increase of 0.5 percentage points year-on-year [2][4]. FY25 Outlook - The management's outlook for FY25 is cautious, with expectations of a 2.8% revenue growth and a gross margin target of 33.4%. The company does not foresee a significant increase in housing transaction volumes or a substantial drop in mortgage rates, which may affect large project demands [4].