TCL Smart Home(SZ:002668) Tai Ping Yang Zheng Quan·2025-09-01 14:43Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with a target price based on the last closing price of 10.68 [1][6]. Core Insights - TCL Smart Home reported a stable operation in Q2 2025, with significant overseas brand performance, achieving a revenue of 94.76 billion yuan in H1 2025, a year-on-year increase of 5.47%, and a net profit of 6.38 billion yuan, up 14.15% [3][4]. Summary by Sections Financial Performance - In H1 2025, TCL Smart Home's revenue was 94.76 billion yuan (+5.47%), with a net profit of 6.38 billion yuan (+14.15%) and a non-recurring net profit of 6.23 billion yuan (+11.51%). In Q2 2025, revenue was 48.77 billion yuan (+2.36%), net profit was 3.37 billion yuan (+0.78%), and non-recurring net profit was 3.29 billion yuan (-1.76%) [3][4]. Product and Market Performance - The overseas self-owned brand revenue increased by 66% year-on-year in H1 2025. Revenue from refrigerators and washing machines was 80.47 billion yuan and 13.61 billion yuan, respectively, with year-on-year growth of 5.71% and 5.98%. The external sales growth outperformed the industry average [4][5]. Profitability and Cost Management - In Q2 2025, the gross margin was 24.20% (-1.15 percentage points), influenced by intensified industry competition and exchange rate fluctuations. However, product structure optimization contributed positively to the gross margin [5][6]. Future Outlook - The company is positioned as a leader in the refrigeration sector, with ongoing capacity expansion and plans for new production bases. The forecasted net profits for 2025-2027 are 11.58 billion yuan, 12.85 billion yuan, and 13.79 billion yuan, respectively, with corresponding EPS of 1.07, 1.19, and 1.27 yuan [6][7].