Homa(002668) 国盛证券·2025-03-08 18:39Investment 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 year-on-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: - 2024 revenue: 18.361 billion yuan, up 20.96% YoY [1] - 2024 net profit: 1.019 billion yuan, up 29.58% YoY [1] - Q4 2024 revenue: 4.415 billion yuan, up 15.06% YoY [1] - Q4 2024 net profit: 194 million yuan, up 29.67% YoY [1] - Product Performance: - Refrigerator revenue increased by 19.45% and washing machine revenue by 33.19% in 2024 [2] - Refrigerator sales volume reached 16.54 million units, up 17% YoY, with an average price of 938 yuan, up 2.09% YoY [2] - Washing machine sales volume reached 3.56 million units, up 39% YoY, with an average price of 759 yuan, down 4.18% YoY [2] - Profitability Metrics: - Gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points YoY [3] - The company maintained strong cost management with sales, management, and R&D expense ratios showing minor declines [3] - Future Earnings Forecast: - Expected net profit for 2025-2027: 1.173 billion yuan (2025), 1.314 billion yuan (2026), and 1.454 billion yuan (2027), with growth rates of 15.1%, 12.0%, and 10.7% respectively [3]