TCL Smart Home(SZ:002668) Southwest Securities·2025-03-12 02:59Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) with a target price of —— yuan over the next six months [1][3]. Core Views - TCL Smart Home achieved a revenue of 18.36 billion yuan in 2024, representing a year-on-year growth of 21% [7]. - The net profit attributable to the parent company was 1.02 billion yuan, up 29.6% year-on-year, with a non-recurring net profit of 1 billion yuan, increasing by 39.8% [7]. - The company continues to see strong growth in exports, with significant contributions from its two main business units, Oma Refrigerator and Hefei Appliances, which reported revenues of 13.41 billion yuan and 5.04 billion yuan, respectively [7]. - The company is focusing on digital transformation to enhance operational efficiency and profitability, with both main units showing substantial profit growth [7]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 18,360.80 million yuan, with expected growth rates of 20.96% for 2024, 11.59% for 2025, and gradually decreasing thereafter [2][8]. - The net profit attributable to the parent company is forecasted to reach 1,019.25 million yuan in 2024, with a growth rate of 29.58% [2][8]. - Earnings per share (EPS) are expected to be 0.94 yuan in 2024, increasing to 1.39 yuan by 2027 [2][8]. Business Segments - The report highlights that the refrigerator segment sold 16.54 million units, a 17% increase, while washing machines saw a 39% increase in sales [7]. - The overseas revenue for 2024 reached 13.5 billion yuan, marking a 31.8% increase, with significant growth in exports to France and Brazil [7]. Profitability and Cost Management - The overall gross margin for 2024 is reported at 23%, with a slight decrease attributed to accounting changes [7]. - The net profit margin improved to 10.6%, reflecting a 0.4 percentage point increase year-on-year [7]. - The company has successfully reduced its expense ratios across various categories, contributing to enhanced profitability [7].