家得宝（HD）：（.N）2025年一季度业绩点评：可比销售额同比-0.3%，HMI和扩建许可等高频数据疲软

Investment Rating - The investment rating for Home Depot (HD.N) is maintained at "Neutral" [6][20]. Core Views - The company's Q1 2025 performance met expectations, with comparable sales down 0.3% year-over-year. Revenue increased by 9.4% to $39.86 billion, primarily due to the acquisition of SRS, while net profit decreased by 4.6$3.43 billion [6]. - The company maintains guidance for a comparable sales growth of approximately 1% for 2025, with plans to open about 13 new stores [6]. - Despite a challenging high-interest-rate environment affecting the housing market, Home Depot's operational data showed improvement, with customer transactions up 2.1% year-over-year [6]. Financial Forecasts - Revenue projections for Home Depot are as follows: - 2024A: $159.514 billion - 2025E:$163.502 billion (growth of 2.5%) - 2026E: $167.099 billion (growth of 2.2$175.153 billion (growth of 4.8%) [6][12]. - Net profit forecasts are: - 2024A: $14.806 billion - 2025E:$14.284 billion (decline of 3.5%) - 2026E: $14.855 billion (growth of 4.0$15.500 billion (growth of 4.3%) [6][12]. - The projected earnings per share (EPS) are: - 2024A: $14.90 - 2025E:$14.37 - 2026E: $14.95 - 2027E:$15.59 [6][12]. Valuation Metrics - The price-to-earnings (P/E) ratios are projected as follows: - 2024A: 24.89 - 2025E: 25.80 - 2026E: 24.81 - 2027E: 23.78 [6][12]. - The target price for Home Depot is set at $371.89, based on discounted cash flow (DCF) analysis [6].