Homa(002668) 国信证券·2025-03-11 01:33Investment Rating - The investment rating for TCL Smart Home is "Outperform the Market" [5] Core Views - The company achieved a revenue of 18.36 billion with a year-on-year growth of 21.0%, and a net profit attributable to shareholders of 1.02 billion, reflecting a growth of 29.6% [1][3] - The fourth quarter revenue was 4.42 billion, showing a growth of 15.1%, while the net profit attributable to shareholders reached 190 million, up by 29.7% [1] - The report highlights the continuous improvement in operational quality and significant enhancement in non-recurring profit [1][3] Financial Performance Summary - In 2024, TCL Smart Home's revenue was 18.36 billion, with a net profit of 1.02 billion, and a non-recurring net profit of 1.00 billion, marking a growth of 39.8% [1][4] - The company’s gross margin for 2024 was 23.0%, a decrease of 0.6 percentage points year-on-year, while the net margin improved to 5.6% [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.13 billion, 1.24 billion, and 1.34 billion respectively, indicating a growth of 11%, 10%, and 8% [3][4] Market Trends - The refrigerator export market in China saw a growth of 21.8% in 2024, with TCL's refrigerator and washing machine revenue reaching 5.04 billion, up by 15.5% [2][3] - The average price of refrigerators increased by 2.5% to approximately 938 yuan per unit, while washing machines saw a decline in average price by 4.2% to about 759 yuan per unit [3][4] - The report notes a strong demand recovery in Europe and North America, contributing to the overall growth in exports [2][3]