TCL智家（002668）：生产链条优化+产品结构改善，盈利能力显著提升

Investment Rating - The report maintains a "Buy" investment rating for the company [2][5] Core Insights - The company reported a total revenue of 14.346 billion yuan for Q1-Q3 2025, a year-on-year increase of 2.87%, and a net profit attributable to shareholders of 977 million yuan, up 18.45% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 4.869 billion yuan, a decrease of 2.30% year-on-year, while the net profit for the same period was 339 million yuan, reflecting a year-on-year growth of 27.51% [1] - The gross margin for Q3 2025 increased by 3.12 percentage points to 27.16%, indicating improved profitability [1] - The company has shown strong expense management capabilities, with sales, management, R&D, and financial expense ratios demonstrating a decrease [1] - The net profit margin for Q3 2025 increased by 3.03 percentage points to 13.21%, attributed to ongoing optimization of the production chain and enhancement of operational efficiency [1] Financial Performance Summary - The company is projected to achieve net profits of 1.2 billion yuan, 1.33 billion yuan, and 1.457 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.8%, 10.8%, and 9.6% [2] - The financial indicators for 2025E include total revenue of 18.765 billion yuan, a net profit of 1.2 billion yuan, and an EPS of 1.11 yuan per share [4] - The company’s return on equity (ROE) is expected to decline from 32.3% in 2025 to 22.4% in 2027, reflecting a decrease in profitability over time [4]