Homa(002668) 国盛证券·2025-03-08 12:23Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [6] Core Views - TCL Smart Home achieved a total revenue of 18.361 billion yuan in 2024, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1][3] - The company's net profit margin improved to 10.57% in 2024, an increase of 0.44 percentage points compared to the previous year [3] - The report highlights significant growth in overseas self-branded business, with a 51% increase in revenue, and a 56% growth in overseas business for Hefei appliances [2] Financial Performance Summary - Revenue and Profit: In 2024, TCL Smart Home's revenue was 18.361 billion yuan, with a net profit of 1.019 billion yuan. The fourth quarter alone saw revenue of 4.415 billion yuan, a 15.06% increase year-on-year, and a net profit of 194 million yuan, up 29.67% [1][3] - Segment Performance: Revenue from refrigerators and washing machines increased by 19.45% and 33.19% respectively. Refrigerator sales reached 16.54 million units, a 17% increase, while washing machine sales surged by 39% to 3.56 million units [2] - Regional Performance: Domestic sales saw a slight decline of 1.55%, while international sales grew by 31.82% [2] - Profitability Metrics: The gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points, while the net profit margin improved to 10.57% [3] Future Earnings Forecast - The report projects net profits for TCL Smart Home to reach 1.173 billion yuan in 2025, 1.314 billion yuan in 2026, and 1.454 billion yuan in 2027, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% respectively [3]